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Sanjiv Shankaran

Chennai , Nov. 2

INDONEXT, the joint effort of stock exchanges to create a trading platform for small companies, is expected to kick off by February 2005. The venture has received in-principle approval from the SEBI.

Currently, the participating exchanges have created a committee to give shape to operational details. The Madras Stock Exchange Executive Director, Mr P.J. Mathew, said that the committee would submit a blueprint on Indonext's operations to the SEBI by the end of this month.

All the major stock exchanges, except for the NSE and the Calcutta Stock Exchange, are part of the Indonext venture.

Indonext would open up nationwide trading opportunities for small companies (with a paid-up capital of up to Rs 20 crore).

Mr Mathew said that trading opportunities in 600-1,000 companies would be open to 4,000-5,000 stockbrokers.

The BSE would play a key role in Indonext. It is to host the trading platform and settle transactions that take place between stockbrokers in different exchanges.

Indonext's sponsors have chosen to provide it a monopoly on companies that are traded there. A company traded on the Indonext would not be traded on the stock exchanges. The monopoly is considered necessary to ensure Indonext's success.

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