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BSE chief Parekh moves Appellate Authority against SEBI

Bombay Stock Exchange president J C Parekh today moved the Appellate Authority of the ministry of finance, appealing against the order of the Securities and Exchange Board of India asking him to step down from his post, following investigations into alleged price-rigging in the BPL, Videocon and Sterlite scrips in May, 1998.

Parekh said that he had so far not received an intimation about the date of hearing into his case from the finance ministry.

Parekh became the first president in the history of the country's oldest exchange to be sacked while in office. The BSE president has, however, obtained an interim stay against the SEBI order on March 24, the day he was told to relinquish office, which allows him to continue in his post till 1100 hrs of March 31. Parekh's one-year term as the BSE president ends on that day.

Parekh has been prohibited by the regulatory body from holding a post on the BSE governing board or as an office-bearer of the exchange or any capital market related public institution for a three-year period.

UNI

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