Financial Daily from THE HINDU group of publications
Thursday, May 12, 2005
Financial Daily from THE HINDU group of publications Thursday, May 12, 2005 |
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Markets
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Stock Exchanges Marketing - Market Shares SEBI chief exhorts BSE to regain market share Our Bureau
Mumbai , May 11 THE Bombay Stock Exchange (BSE) should aim to increase its market share in securities trading in order to build a competitive stock market in India, the SEBI Chairman, Mr M. Damodaran, said today. "The BSE is losing its market share in terms of trading in the last few years to a competitor stock exchange. It should regain its market share in order to have two strong stock market entities," Mr Damodaram said at a function organised by the BSE. Until late 1990's the BSE was the biggest stock exchange in the country in terms of stock trading. However after on-line trading picked up, the BSE has been losing its market share to rival exchange the National Stock Exchange (NSE), which commands a market share of more than 70 per cent. The BSE, which was the first stock exchange in India to start derivatives trading in 2000, has not been able to bring volume in this segment so far while the NSE's trading volume in derivatives segment is twice of the cash market volume in a span of five years. "The two stock exchanges should have 50:50 market share in order to diversify risk for the investors," he added. Meanwhile, the BSE's on-line trading system has become the world's second stock exchange to be awarded with information security management system standard BS7799 from Det Norske Vertisas. "It is a proud moment for the BSE as an exchange and as a financial institution to achieve this feat and set a benchmark for others. This certification also reflects the high standards adopted by the BSE in discharge of its regulatory functions," said Mr Rajnikant Patel, CEO, BSE, at the function. This certification brings confidence to all clients, investors and business partners who entrust their financial information in the BSE custody by maintaining information confidentiality and integrity, a BSE statement said. It would also bring in internationally recognised best practices in maintaining information security.
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