SEBI nod for 2nd stock exchange in Kerala
Nadnu:
This exchange is for you it looks like.
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Our Bureau
THIRUVANANTHAPURAM, June 16
THE Securities and Exchange Board of India (SEBI) has decided to grant final recognition to the Capital Stock Exchange Kerala Ltd (CSEKL), based here, as Kerala's second stock exchange and the 24th in the country.
A decision to this effect was taken at the SEBI meeting held on June 8, Mr. Thomas P. Thomas, President, CSEKL, told newspersons here on Wednesday.
An in-principle approval had been granted to the exchange in September, 1997. The final approval was recommended by an expert committee from SEBI which conducted an on-site approval to ensure that the stock exchange had completed the necessary formalities prior to placing a claim with the regulator for final recognition.
The necessary modification in the software package, as directed by the regulator, had been effected and steps for an enabling notification in the Gazette had been commenced, Mr. Thomas said. Mock trading will commence from next week.
The exchange can accommodate 300 persons at a time for trading through the screen-based trading system. The figure is sought to be raised to 1,000 in future.
The software has been developed by Shivam Consultancy, Bhubaneswar, and the network system by Crompton Greaves. CSEKL boasts the most modern and inexpensive computer system among all the stock exchanges in the country. Total expenses under this head, including those necessitated by the installation of the IBM AS/400 system, have been limited to Rs. 1.25 crores. Mr. Thomas cited this as a major cost-effective factor which gave CSEKL a decisive edge over its contemporaries elsewhere.
The exchange has a strength of 248 members and the SEBI has given permission to admit 52 more. Twenty-five companies have expressed interest to get listed on the exchange. It is expected that more companies will come forward to get listed, according to Mr. Thomas.
Modern facilities for trading directly with the National Stock Exchange, Bombay Stock Exchange and the Inter Connected Stock Exchange will be provided in the exchange. An investor centre offering facilities such as a corporate databank and library, among others, will be an added feature.
CSEKL intends to make most of the depository and demat modes to offer secure and credible trading practices to the investors, Mr. Thomas said. |
