Business Recorder would like to clarify that its lead story of Monday, may have created an erroneous impression about the role of Jehangir Siddiqui in helping the stock market players reach a consensus on settlement of March Contracts. Siddiqui was called by the SECP Chairman, on Saturday, for discussion with other major financers to overcome the shortfall in March Futures Contracts. He was asked by other financers to lead a team to talk to financial institutions for enlisting their co-operation in rolling over or providing margin financing.
It is said that he not only played a vital role in bringing the banks into the discussions with the exchange on Sunday, but also obtained firm commitments amounting to Rs 17 billion to finance the settlement of March Futures Contracts due on Wednesday.
The question of withdrawing any funding from the market by him and then re-lending on COT did not arise.