Indian regulator delays derivatives trading on six stocks

The Securities and Exchange Board of India (Sebi) has asked the country's two major exchanges to delay derivatives trading on six stocks, following an investigation into an alleged stock market "scam" in 2001.

The six companies from the technology, media and telecommunications sectors were named in a Joint Parliamentary Committee report investigating the matter, according to the National Stock Exchange of India. All six stocks - Infosys, GTL, Himachal Futuristic Communications, SSI, Silverline Technologies and Zee Telefilms - experienced a fall in their share prices today.

The National Stock Exchange of India said last Friday that derivatives trading in 25 additional securities will commence from January 31, 2003 - subject to them meeting a number of compiance issues laid down by Sebi.

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