SEBI chief appeals investors to remain calm

Mumbai, Sep 30: As the US market plummets the Indian side is also facing its effect though in a miniature level. But the Market regulator Securities&Exchange Board of India (SEBI) Chairman C B Bhave has asked investors to remain calm. ''There is no panic in Indian bourses,'' he said.

The Chairman is currently in a meeting with the Finance Ministry. He said he would be monitoring the stock markets closely.He feels India will come out stronger once the global crisis end. He said SEBI would take action if entities were found breaking short sale rules. He feels the Indian markets are resilient and do not see selling by the institutions. The market settlement system is safe and sound.

Mr Bhave said he did not have concerns that institutional investors were short-selling stocks and added that no change in the rules governing short-selling was expected.

''The market surveillance system is already in place. There are no worries on that front. We have no apprehension that institutional investors are short-selling,'' he added.

UNI