Singapore Stock Exchange eyes stake in BSE

The country's leading bourse Bombay Stock Exchange, which is currently in process of finalising a strategic partner as per its demutualisation scheme, is in talks with Singapore's stock exchange to explore various business opportunities together.

The Singapore Exchange on Tuesday said in a statement it was "in preliminary discussions with BSE on a number of possibilities".

"SGX is open to work with like-minded exchanges that will enhance our market place," the Singapore Exchange said.

While sources close to the development said SGX was one of the potential suitors for acquiring 26 per cent stake in BSE, the exchange officials declined to comment any further on the talks. A BSE spokesperson also declined to comment.

Besides, SGX, the other potential strategic partners are believed to be Nasdaq and New York Stock Exchange, UK's London Stock Exchange and Germany's Deutsche Boerse.

While NYSE officials declined to comment, representatives from Nasdaq and Deutsche Boerse were not available. An LSE spokesperson had told PTI recently that India was "a very important market for the London Stock Exchange".

"As a dynamic, fast-growing economy, we are interested in attracting Indian companies seeking international capital. However, we are unable to comment any further at this stage on any possible discussions," the spokesperson had said.

BSE's board of directors had held a meeting earlier this month, presumably to discuss its strategic partnership with various foreign bourses.