Business Daily from THE HINDU group of publications
Tuesday, Jul 10, 2007
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Business Daily from THE HINDU group of publications Tuesday, Jul 10, 2007 ePaper |
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Stock Exchanges Markets - Stock Exchanges
Mr Damodaran was speaking on BSE’s 133rd foundation day. Says BSE must draw on its experience to identify challenges.
Our Bureau Mumbai, July 9 The Securities and Exchange Board of India Chairman, Mr M. Damodaran, on Monday asked the Bombay Stock Exchange to price its services competitively and develop newer products. He put forth the point saying BSE has lost its pre-eminent position to a recently developed younger exchange in the country in terms of market share. It may be mentioned in the context that the National Stock Exchange of India Ltd , which was set up only in 1994, reports a much higher volume of daily turnover. Mr Damodaran was speaking on the occasion of the 133rd foundation day of the BSE. The SEBI Chairman asked the BSE to draw on its experience of 133 years, and identify challenges in the securities markets. Among the challenges, Mr Damodaran said the exchange needed to clean up a large number of listed companies which had no reason to continue as listed entities on the exchange. Mr Damodaran said the demutualisation and corporatisation process completed recently by the BSE should be seen as a means for investors to share the prosperity of the markets and of the nation and should deliver value to the common man. This was the reason for the demutualisation process for stock exchanges. The SEBI Chairman also said that it should be the duty of the exchange to ensure the business fees and regulatory fees were not charged in excess. Profits are important for any organisation and they should drive you, but it is essential to carry the vast regulatory responsibility as an exchange, he added. On the occasion, the BSE launched a quasi-academic quarterly journal titled ‘Indian Journal of Capital Markets’, addressing the various issues facing capital markets.
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