By IANS,
Mumbai : Delhi Stock Exchange (DSE) has received 110 membership applications from brokers for deposit-based trading and plans to launch an online trading platform, said a top official here Friday.
One of India’s premier demutualised stock exchanges, DSE will become operational soon and trading is expected to commence by Diwali festival as part of a revival strategy, said DSE executive director H.S. Sidhu.
The DSE’s new deposit-based trading membership has received good response from brokers in the capital as well as cities like Lucknow, Varanasi, Moradabad, Amritsar, Chandigarh, Ludhiana, Agra, Jaipur, Kolkata, Ahmedabad, Indore and Nanded.
Well-known stock broking houses of the National Stock Exchange and the Bombay Stock Exchange are likely to participate, Sidhu said.
“We expect the membership numbers to cross the 150-figure mark by the launch date,” he said, and termed it as an indication of “brokers’ confidence in DSE”.
The stock exchange is also setting up a new online trading platform – Delhi Online Trading System – for case, derivatives and debt segments.
The membership, offering trading rights, is available for a non-refundable deposit of Rs.500,000 and a one-time admission fee of Rs.100,000.
DSE is also implementing an amnesty scheme to revive trading in inactive stocks and encourage compliance among companies, Sidhu added.
Under the scheme, existing companies would have to comply with the exchange requirements for two years and will be given a concession of up to 50 percent on listing fees.
New companies listed with some other recognized stock exchange and opting to list its shared with DSE shall not be levied any initial listing fee, processing fee and annual listing fee for the current fiscal.
The DSE amnesty scheme has also received an overwhelming response, with over 300 companies opting for it, Sidhu said.
DSE was launched in 1947 as a listed company under the Indian Companies Act, 1913 with 2,833 listed companies, of which 1,800 are exclusively listed on the exchange.