Friday, January 7 2005 19:06 Hrs (IST) - World Time -

Mumbai: The Centre today (Jan 7, 2005) said the Securities Exchange Board of India (SEBI) will name the four entities to whom showcause notices were issued for alleged involvement in May 17, 2004 stock market crash, while SEBI chairman G N Bajpai declined to reveal names now saying it will be done only after probe is complete and action is taken.

"Action has been initiated against four entities whose name would be disclosed by the market regulator", Finance Minister P Chidambaram told reporters at the sidelines of launching BSE IndoNext platform at the Bombay Stock Exchange (BSE).

However, later at SEBI headquarters after Finance Minister's review of market regulator's working, Bajpai said, "He (Finance minister) said the regulator could give names but I would not disclose the name of the entity till the enquiry is over and an order is passed." On May 17, 2004, in the worst ever bloodbath in the history of Indian bourses, the Sensex hurtled down to a low of 4227.50 with a record intra-day swing of 793 points following uncertainty over the economic reforms forcing the BSE to suspend trading twice to contain abnormal volatility wiping out a market cap of over Rs 1,24,000 crore.

The BSE Benchmark 30-share Index opened at 5020.89 and plummeted to the intra-day low at 4227.50 before ending the day at 4505.16, a net loss of 564.71 points or 11.14 per cent.

The Sensex's steep decline is the second largest after 1992 stock scam when it collapsed by 570.42 points or 12.77 per cent.