SEC evidence in stock rigging case belittled (As bourse bides time on bylaws revision).

"Keep cool."

This seems to be the stance of the Philippine Stock Exchange (PSE) board as it bides its time to amend its bylaws. A PSE governor, requesting anonymity, said there is "an inclination to try to do a lot of things and make things transparent."

Meanwhile, stockbrokers linked to the alleged anomalous trading of BW Resources Corp. shares may escape indictment at the Department of Justice (DoJ) after a ranking Securities and Exchange Commission (SEC) official admitted "there is not enough evidence" to bring them to court.

An official of the SEC privy to the investigation told BusinessWorld the criminal complaint to be submitted to the DoJ this week may "only include personalities" who had a hand in the price manipulation of the gaming firm's shares last year.

The source said despite the earlier claim of SEC chairman Perfecto R. Yasay, Jr. that the commission will seek the prosecution of at least 11 brokerage houses and individuals in connection with the BW Resources scandal, "the quoted number is too many."

"How could the good chairman say a definite number when he does not have a direct hand in the investigation?" …