CSE gets SEBI approval to adopt NSE trading platform
September, 12th 2011
The ailing Calcutta Stock Exchange (CSE) has finally received approval from the Securities and Exchange Board of India (SEBI) for its members to share the National Stock Exchange's (NSE) trading platform.
"We have received SEBI approval for NSE trading and we are working on a roll-out as soon as possible," CSE Chairman Dipankar Chatterji told media.
The NSE trading facility for the CSE members would help the exchange augment trading volumes and generate higher revenue.
The local bourse already has a similar tie-up with the Bombay Stock Exchange and this has helped in generating additional average daily business of Rs 30-35 crore.
Though the exchange was aiming to start NSE trading from Diwali, it might not be possible due to paucity of time.
"The entire backbone and infrastructure of connectivity would have to install separately in line with the NSE's guidance and specifications. It will take some time. It will, however, be operational within the calender year for sure," said a board member.
Some 250 trading members of the CSE had expressed an interest in NSE trading platform connectivity, while there were 130 members that opted for BSE terminals.
The exchange officials hoped average daily trading volumes would go up by another Rs 70-100 crore following the establishment of connectivity with the NSE.
Meanwhile, B Madhav Reddy has been appointed as managing director and CEO of the Calcutta Stock Exchange.