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For the first time in nearly two decades, the National Stock Exchange (NSE), India’s largest equity bourse, has embarked on a re-branding exercise, two sources told BusinessLine . The bourse may announce a new logo for the exchange on its silver jubilee on August 8 at a function that will be attended by Ram Nath Kovind, President, India.
The NSE may also launch a coffee table book that will contain the history of the exchange since its inception, and the various milestones that it has achieved to be among the world’s largest trading venue for equity derivatives. NSE’s rival the BSE, too, recently launched a coffee table booked authored by its MD and CEO Ashish Chauhan and co-writer Archana Jain. The book,BSE, The Temple of Wealth Creation, recreates the history of capital markets revolving around the bourse.
When asked about its re-branding story, NSE declined to comment. It is not clear as to what amount of money the NSE will spend on re-branding. Experts say it could help the exchange move over legacy issues as it was emerging from co-location and algo-trading controversy.
Vikram Limaye, NSE’s MD and CEO, who recently completed a year inoffice, has been racing on all fronts to give the exchange an image makeover. Some of his recent attempts include putting up a fight against Singapore bourse SGX for bringing back trading volumes to onshore market, and announcing a restructuring of NSE’s clearing and settlement technology in partnership with Nasdaq, which could stretch over 2-3 years.
NSE’s re-branding will also take place at a time when it is conducting an initial due diligence for a merger deal with commodity bourse MCX. Like NSE, MCX is a leader in the commodity segment.
Some large shareholders of MCX have been eager for a merger deal due to the fact that competition could intensify once equity exchanges launch commodity trading on their platform late this year, which, in the long-run, could weigh on valuations of MCX. NSE has not accepted or denied its merger talks with MCX. While BSE has said it was not in the race for MCX, sources told BusinessLine that the exchange could jump in at a latter stage.
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