BHARAT FORGE-Focus on Export

This will be a test for SEBI's chairman. Will Rao respond in the same manner as he has to keeping the stock markets and its functionaries in check? Here Rao will be required to deal with quite a different set of people, like those in the management of companies and others connected with them. It may be relatively easy for him as chairman of SEBI to bring stockbrokers, sub-brokers and even authorities of stock exchanges under his sway, to have his way with the underwriters, managers and merchant bankers and also to lay down for companies the requirements of capital issues. But to call managements of companies to face will be quite different. He had the opportunity to start with the allegations of insider trading in TISCO shares as the company announced its six months' results recently. The stock exchanges in Bombay and Calcutta are already investigating these allegations. Again, in ACC, a few days ago a false FAX message was received by the authorities of the Bombay Stock Exchange of a board meeting of the company being convened to consider a rights issue. The BSE authorities satisfied themselves with establishing the falsehood of the message with the company later. But SEBI ignored the matter while it has shown no interest in looking into the case of alleged insider trading in the TISCO scrip.