USE targets Costs and Works Accountant as potential members
The Institute of Cost and Works Accountants of India (ICWAI), a premier professional body in the country and United Stock Exchange of India (USE), India’s newest stock exchange today signed an MOU for the exchange of information, consultation and cooperation.
The MOU which was signed at the Kolkata office of ICWAI entails sharing research materials, publications, educational literature, demonstration material and information. It will also include the organization of joint conferences, exhibitions & seminars and joint research programs.
Commenting on the MOU Mr. G.N. Venkataraman, President, ICWAI said, “The signing of the MOU with United Stock Exchange is an important platform to enhance and update knowledge of the financial market, a move which will be beneficial to both the parties. The series of planned educational activities will create vital opportunities for discussing and sharing market related information.”
Speaking on the development, Mr. T.S. Narayanasami, Managing Director & CEO of United Stock Exchange said, “We are delighted to be associated with ICWAI and this marks the beginning of various collaborative initiatives. The aim of this MOU is to empower people with knowledge and develop skill sets pertaining to financial markets and sophisticated instruments. I am sure both ICWAI and USE would learn from each other and develop a very fruitful relationship. I am happy that we are signing the MOU on the same day as the beginning of Investor Awareness Week organized by MCA (Ministry of Corporate Affairs)”
Commenting on the tie-up, Mr. Balasubramaniam, Chief Operating Officer, USE said, “We are glad to have tied up with the ICWAI for a series of educative seminars, panel discussions and workshops which are aimed at enhancing knowledge about financial markets within the member community. Through this MOU we have a new forum for dialogue and a new source of information..” Mr. Balasubramaniam, an ICWAI member himself signed the MOU on behalf of USE.
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As part of the ongoing MOU, United Stock Exchange will conduct awareness programs for members of ICWAI across India. These programs will comprise seminars, workshops and research programs in all major Indian towns and cities. Trading membership would also be free for ICWAI members and other cross section of investors till the launch of the exchange.
About United Stock Exchange of India:
The United Stock Exchange of India Limited (USE) is India’s newest stock exchange for currency derivatives. The exchange offers a better platform to corporates and SMEs for managing forex risk as spread rates in an exchange are better and it does not involve any counter party risk.
USE has a unique Public-Private partnership with equity participation by both PSUs and the private sector banks. All 21 Indian public sector banks which have participated in the formation of United Stock Exchange with an equity participation include Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra,Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sind Bank,Punjab National Bank, State Bank of India, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank). In addition to public sector banks another 4 private sector banks have also an equity participation in USE, they include Axis Bank, Federal Bank, HDFC Bank and J&K Bank.
Apart from banks, Jaypee Capital, MMTC and Indian Potash have also participated in the formation of United Stock Exchange with an equity participation to build an institution that is on its way to becoming an enduring symbol of India’s modern financial markets. Bombay Stock Exchange is also a strategic partner with USE as it holds a 15% stake and all its members are connected to the new USE platform.