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K.R. Srivats

Strategic partners names likely in July; SEBI reviews progress

New Delhi June 26 The Delhi Stock Exchange Ltd (DSE) hopes to submit to the Securities and Exchange Board of India (SEBI) by the first week of July the names of the strategic partners/investors who will pick up stake in the company under its demutualisation scheme.

It is also confident of complying with the demutualisation scheme within the specified timeline of August 28. The demutualisation exercise seeks to ensure induction of non-trading shareholders to the extent of 51 per cent of the aggregate equity capital of the exchange post-demutualisation.

A team from the SEBI visited DSE on Tuesday and held meetings with the representatives of the regional stock exchanges in North India to review the progress of the demutualisation schemes approved for those exchanges.

SEBI has made it clear to the exchanges that there would not be any further extension on the timeline for complying with the demutualisation schemes.

"We have been told that the names of the investors should be forwarded to SEBI only after a board approval from DSE and with consent of the public interest directors in the exchange. We hope to forward the names by July first week," said Mr Bharat Bhushan Sahny, Chairman, DSE Demutualisation Committee.

Prospective investors

He said that already seven prospective investors, including two foreign stock exchanges, a US-based asset management company and two public sector banks, have shown interest in picking up stake in DSE.

DSE had on May 29 issued advertisement inviting interested parties to submit their `expression of interest' to participate as investors, with each investor acquiring (either individually or as a consortium) a maximum of 5 per cent.

Prior approval of SEBI would be required for such investments. However, no approval is required if the participating investor intends to acquire up to 1 per cent of equity shares of DSE.

Indications are that the last date (currently June 30) for submitting expression of interest may be postponed by few days.

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