The Hindu Business Line : NSE members plan to rope in BSE brokers

Members of the National Stock Exchange plan to bring BSE brokers into their fold. The Association of NSE Members of India (ANMI) said it was awaiting clearance from the registrar of companies for a name change whereby it could start inducting BSE members.

Post clearance, the organisation will be known as Association of National Exchanges' Members of India. According to Mr Vijay Singhania, President, ANMI, western region, by April, the association will have members from both exchanges.

"Already 60-70 per cent of members have dual membership. However, this move would help us to liaise with BSE just as we do with NSE," said Mr Anil Bagri, Chairman, ANMI, western region. The association currently has more than 800 members, and with the name change, the number could go up to 1,500, he said.

The ANMI officials maintain the move is independent from its efforts towards attaining the status of Self Regulatory Organisation.

Tie-up with LSE arm

In its efforts to raise the bar for knowledgeable professionals in the industry, the association is also looking at collaborating with the Securities and Investment Institute, the education arm of the LSE. ANMI is to host its second ANMI international convention 2007 on January 13 that will explore greater international integration of the Indian capital market.