VSE fails to submit exit application, writes to Sebi

The VSE president said they will now ask Sebi to take a final call on it

Failing to meet the deadline set by the Sebi to submit exit application on the voluntary closure of the Vadodara Stock Excahnge (VSE) on July 7, VSE president today said they will now ask Sebi to take a final call on it.

The two groups, VSE Sharebrokers' Forum and investor shareholder, did not sign on the agreement to submit exit application for the voluntary closure of the bourse, owing to discrepancies between them.

Earlier, VSE had agreed for voluntary closure due to to failure to comply with a SEBI directive that it must reach a turnover of Rs 1,000 crore by May 30, 2014.

A meeting investor shareholder and sharebrokers' forum was convened here on Friday. Since, both the parties failed to reach an agreement, it was decided that a letter will be submitted to Sebi on Monday, president of VSE Sushil Samdani, told PTI today.

According to VSE Sharebrokers' Forum president Vishnu Patel, investors shareholder did not agree to their demand that brokers will continue to operate from their office at the exchange office, which led to the standoff.