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BSE declares Kirti Shah as defaulter

Our Bureau

MUMBAI, March 7

THE Bombay Stock Exchange (BSE) today said it has declared Mr. Kirti J. Shah, member of the exchange, as a defaulter.

Mr. Shah was restrained from doing any further business on the exchange with effect from August 5, 1999 by deactivating his BOLT terminals. This action was taken as a disciplinary measure.

BSE, in a press release, said that Mr. Shah has not rectified the bad deliveries raised against him by various members. These unrectified bad deliveries had to be auctioned or closed-out by the exchange.

He has also not paid clearing house dues, the release said.

BSE has asked members and investors, who have outstanding claims against Mr. Shah, to file their claims in arbitration and obtain awards in their favour. They can put up their claims supported by the arbitration awards to the Defaulters' Committee for it s consideration.

Those members who have already obtained such arbitration awards in their favour but have not put up their claims are required to put up their claims supported by the arbitration award before the Defaulters' Committee for its consideration immediately, th e release said.

``This declaration will not have any impact on the Trade Guarantee Fund since the transactions for which Mr. Shah has been declared defaulter are not covered by Trade Guarantee Fund Scheme,'' the release said.