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R C Mathur, BSE ED, resigns

Bombay Stock Exchange Executive Director R C Mathur today resigned from his post. According to a BSE media statement, the governing board of the country's premier exchange which met in Bombay today has accepted Mathur's resignation.

Mathur's resignation came after the Securities and Exchange Board of India had issued show-cause notice to him along with former BSE president J C Parekh and vice-president Rajendra Banthia for their alleged involvement in price rigging in BPL, Sterlite and Videocon International during April and May 1998.

The BSE statement, signed by Dr Manoj Vaish, director (training and research) stated that the governing board appointed a management committee consisting of senior officers to look after the administration of the exchange.

The BSE officials said that both Mathur and Vaish were busy in a meeting and could not be contacted.

Last week, Mathur was required to present himself before the SEBI for questioning. However, he abstained from the scheduled meeting for inexplicable reasons.

The release further stated that the copies of the show-cause notice issued to Parekh and orders passed by the SEBI chairman against him as well as the copies of various court orders passed by the high court and the Appellate Authority were placed before the governing board.

The governing board felt that the matter is sub-judice and avoided to take any view on this matter at this stage.

The regulatory board has held Mathur responsible for the administrative lapses in the episode.

Meanwhile, the governing board of the BSE in its meeting today approved Mission 2000 and Beyond, one of its project document.

This document incorporates the plans of the stock exchange for the current year to make the exchange investor-friendly, self-regulated and efficient.

The governing board has also decided to engage the services of renowned consultants for this purpose and also decided to strengthen the organisation set-up of the exchange.

BSE president Anand Rathi is scheduled to make a detailed presentation on April 13 to the media.

UNI

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