UP bourse to seek investment from govt

Faced with the deadline of August for completion of demutualisation and with little chance of its extension, the UP Stock Exchange authorities are planning to approach the state government to seek its investment to save the exchange.

KD Gupta, an administrator at the exchange, said the last date by which demutualisation was to be completed, according to which 51 per cent equity had to be brought by outside entities, was the end of August for all regional stock exchanges.

Unconfirmed reports suggest that the government may not give an extension to the exchanges. If demutualisation is not complete by the deadline, these exchanges will cease to exist.

"We have approached 45 entities for buying 51per cent of the equity in the exchange, including industrial houses, banks and financial institutions, but so far we have drawn a blank," he said.