Calcutta Stock Exchange (CSE) has moved a step forward towards getting the membership of the National Stock Exchange (NSE) to use the latter's derivatives and cash market platforms.
The Calcutta Stock Exchange Brokers' Forum (CSEBF) today ratified a CSE board decision of floating a subsidiary to get NSE membership.
S K Kaushik, a CSEBF member, said the brokers were hopeful to begin derivaties trading through the NSE platform within three months.
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As per the scheme, CSE will form a subsidiary, which in turn will become a member of NSE thereby providing facilities to local brokers to trade in derivatives as well as cash segment of the Mumbai exchange.
The required funds of Rs 5 crore for floating the subsidiary would be provided by the members as CSE was not in a position to cough up fund, Kaushik added.
Industry observers said only technical problem was the outstanding of brokers to Sebi in the form of turnover tax. "The NSE membership would be provided unless the brokers' dues to Sebi is cleared," a senior Lyons Range broker said.