Financial Daily from THE HINDU group of publications
Friday, Aug 29, 2003
Financial Daily from THE HINDU group of publications Friday, Aug 29, 2003 |
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Markets
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Stock Exchanges DSE may okay demutualisation — Sans provision to restart trading Ambarish Mukherjee
New Delhi , Aug. 28 AN extraordinary general meeting (EGM) of the Delhi Stock Exchange (DSE) on Friday is likely to approve a demutualisation scheme that does not include any provision to restart trading on the exchange. The scheme has already been approved by the DSE board. Trading on DSE has come to a halt since last year following which DSE members have been trading on the BSE and NSE for which a separate subsidiary company was formed, namely, DSE Financial Services Ltd. The scheme envisages that even after the demutualisation exercise is over, DSE members will continue to trade on the BSE and NSE through the subsidiary company and not on the DSE platform. The scheme, however, suggests that the DSE may join Indonext, a common trading platform being put in place by the regional exchanges along with the Interconnected Stock Exchange (ISE). It has also been recommended that the exchange may participate in commodity futures markets after necessary regulatory approvals, particularly in view of the recommendations of the Forward Markets Commission (FMC). It has also recommended that the exchange may be merged with the BSE. Interestingly, the scheme, as approved by the DSE Governing board, also recommends derecognition and winding up of the exchange.
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