Pradeep Kar, Microland group chairman, V Babuji, IL&FS's group telecom head, N V Iyer, noted chartered accountant, and Ajay Shah, assistant professor at the Indira Gandhi Institute of Development Research, have been inducted to the board of NSE.IT, the newly formed information technology subsidiary of the National Stock Exchange (NSE).
R H Patil, NSE managing director, will be the chairman of the subsidiary, which has already struck three alliances for software products in the financial services sector, while the bourse's deputy managing director, Ravi Narain, will be a director on the board with NSE's IT head, Satish Naralkar, being appointed as the executive director.
The board of the subsidiary held its first meeting recently and will be shortly expanded, said NSE sources. In another development, senior officials of Computer Associates and Citicorp Informational Technology India Ltd (Citil) have in their discussions with NSE officials informed them that they would be leveraging the brand strength of NSE for marketing the financial services products developed jointly in the international markets.
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The sources said that the first product of the new subsidiary, the Computer-to-Computer-Link (CTCL), would be ready for demonstrations next week.
"With the board having been put in place, we are ready to take the company forward. Three alliances have already been sewn up and there are several more on the anvil," said a top NSE source.
"The interesting thing for us as an exchange is that the two multinational allies have indicated to us that they intend pushing the products developed in the international markets on the back of NSE's brand name. This augurs well for the Indian securities industry and us as well," said the source.
"NSE.IT has struck an alliance with Elind Computers to develop the CTCL product, with Internet trading compatibility, which will be unveiled next week. It will be highly cost-competitive.
At the same time, an alliance has been struck with Computer Associates to harness various technologies developed by them and with Citil for data warehousing and brokerage plaza products.