Subject: File No. 4-500
From: Garry Grewal
May 6, 2005
I understand that PinkSheets LLC has filed a petition with the SEC calling for the amendment of NASD Conduct Rule 3360. This rule clearly discriminates between over-the-counter (?OTC?) stocks on the one hand and those traded on Nasdaq or an exchange on the other hand The former does not require protection to the investor in OTC stocks of the protection of the disclosures of short sales required by Nasdaq or an exchange. There is no justification or advantage (other than to a stock manipulator) of this discrimination. It is easily rectified by the agenda set forth by PinkSheets LLC.
In the OTC short selling or naked short selling is blamed by some companies for the tumbling stock price. This rule change will bring transparency for the investor to make an informed decision to buy or not to buy that security, as the investor will get a clear picture of manipulation of the security by hedge funds, or diluting of the stock value by the company(ies) flooding the market with their shares.The protection of the investor by, in large part, the protection of the integrity of the markets, is the mission of both the SEC and the NASD.
Please do the right thing for the investing public.