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April 17, 2001
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Money > Reuters > Report April 17, 2001 |
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Bourse's board not asked to quit, says ASE chiefThe head of Ahmedabad Stock Exchange denied on Tuesday media reports that the country's stock market watchdog had asked the bourse's governing board to quit to pave the way for its corporatisation. The government has announced plans to corporatise all regional stock exchanges to create greater transparency and accountability. Corporatisation is also aimed at putting an end to brokers serving on the board of these exchanges. "There has been no directive from the Securities Exchange Board of India on the resignation so far," exchange president Deepak Shah said. Media reports said Sebi had informally asked the exchange's 14-member governing board to step down to make corporatisation of the exchange easier. Sebi officials were not immediately available for comment. The government has announced plans to corporatise all regional stock exchanges to create greater transparency and accountability. Corporatisation is also aimed at putting an end to brokers serving on the board of these exchanges. "There has been some communication gap...ASE is one of the few exchanges which has already initiated the corporatisation process," Shah said. A meeting of the exchange's governing board on Monday decided to speed up the bourse's corporatisation and demutualisation. A delegation of the exchange will brief Sebi chairman D R Mehta on Wednesday on the progress towards corporatisation, Shah said. The exchange's governing board has seven brokers, four public representatives, two Sebi representatives and an executive director as members. Sebi suspended the board of the Bombay Stock Exchange following allegations of insider trading and the Calcutta Stock Exchange because of a payment crisis. "It's not fair to club Ahmedabad Stock Exchange together with the BSE and CSE as there have been no problems at all," Shah said. The ASE has an average daily turnover of Rs 800-900 million and trades in about 40,000 shares, he said. YOU MAY ALSO WANT TO READ:
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