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Our Bureau

Kolkata , Feb. 20

CALCUTTA Stock Exchange, which hopes to carry out a demutualisation programme, will for the first time have a CEO. The exchange, currently managed by a SEBI-appointed Administrator, has initiated a search.

The CSE demutualisation scheme, approved by the market regulator in August 2005, had been referred to a Chief Executive who would have to be an ex-officio director of the exchange.

The scheme also alluded to the constitution of the governing board of the exchange in line with its articles of association. This would imply that the representation of trading members does not exceed one-fourth of the total strength of the board. The remaining directors are to be appointed by SEBI from time to time.

In a demutualised set-up, the CSE would have to list its securities on any recognised stock exchange.

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