SEBI to submit report on May market crash

KOLKATA, AUG. 21. The Securities and Exchange Board of India (SEBI) will submit its report on the May 14 and 17 stock market crash to the Government `as soon as possible', Chairman, G. N. Bajpai, said.

Talking to the press after inaugurating the third national seminar on `Wealth creation with mutual funds', he said, "We are working very fast on it, but there is no deadline as such. We cannot give you a timeframe but efforts are on to submit it as soon as possible".

It may be mentioned that between May 14 and 17 the Indian stock market took its biggest-ever hit with nearly Rs. 2.33 crores of market capitalisation and a matching amount of shareholder wealth being lost over a few days. On demutualisation of the Indian stock markets he said this was being delayed as some amendments were necessary in the Securities Contract Regulation Act (SCRA).

Earlier in his special address at the seminar, A. P. Kurien, Chairman of the Association of Mutual Funds of India, said there was need on the part of the MFs to reach out to greater number of households.