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CSE to make statement on payment crisis

The Calcutta Stock Exchange will make a statement at 4:00 p.m. on its payment crisis, CSE president Kamal Parekh said.

The CSE has been grappling with a serious payment crisis and defaults by some member-brokers, triggering a sharp drop in Indian shares over the past 10 days.

Parekh had called an emergency meeting of brokers on Monday and warned them that strict action would be taken against defaulting brokers.

Brokers said they expected Parekh to formally name defaulters and announce measures the exchange was taking to ensure smooth settlement of trades.

Traders said the mood in the exchange was gloomy and many had lost fortunes in the crisis.

The benchmark index of the Bombay Stock Exchange was down 2.07 percent at 12:45 p.m. on Tuesday after falling more than 8 per cent in the previous ten days.

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