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June 11, 2001
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Money > Business Headlines > Report June 11, 2001 |
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CSE brokers to bear cost of BSE/NSE membershipBS Bureau The CSE Brokers' Association has decided that its 400-odd members would bear the cost of seeking membership of the Bombay Stock Exchange or the National Stock Exchange, without putting any additional burden on the fund-starved CSE. The Calcutta Stock Exchange management sub-committee, which met on Saturday, yielded to the brokers' demand by deciding to seek membership of a larger bourse like BSE or NSE through the subsidiary route. The bourse's management sub-committee, which had distanced itself from the broking community, also decided to bridge the gap by forming a six-member consultative committee comprising senior brokers for the smooth running of the bourse. CSE management sub-committee chairman Dipankar Basu said, the bourse would be seeking membership of the derivatives segment of BSE or NSE, after examining which bourse would be more suitable. The brokers association feels that the BSE would be the better choice since the trading platforms of CSE and BSE are similar. The brokers, however, are upset that the exchange would not be seeking membership of the cash segment of a larger bourse. Though brokers are concerned that the volume on CSE would shrink with the coming of rolling settlement and ban on badla, Basu said: "There is no point in scrapping the CSE platform. We will aggressively market our bourse rather than seek membership of BSE or NSE for the cash segment as well." In addition to the consultative committee of six brokers, comprising Ajit Kumar Day, Sevantilal A Shah, Shyam Sundar Dalmia, Suresh Kumar Jalan, J C Gandhi and Dilip Khandelwal, the bourse will form a task force of three executives to do the necessary ground work for the membership of the BSE or the NSE, Tapas Datta, CSE executive director, said. Alongside, the brokers' association would form two teams to work independently on the same issue: one examining the pros and cons of seeking BSE membership, and the other, of NSE, Ajit Day said. At the full-board meeting of CSE on Saturday, the Budget for 2001-02 was adopted but not finalised. Basu said, "We have asked the executive director to furnish more details on how to increase income and reduce costs." Powered by YOU MAY ALSO WANT TO READ:
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