The Board of Vadodara Stock Exchange Limited (VSEL) has approved a proposal of reviving the trading platform in the exchange after a gap of ten years.
"Now we will approach SEBI for its approval and a special software is also being designed for this purpose," Dipak Raval managing director of VSEL told PTI .
As part of reviving of trading platform activities, the VSEL asked 486 listed companies on it to get ready for the revival of trading platform.
These companies have been asked to provide details of their activities , business turn over and other relevant matters for enabling the VSEL to start trading platform, Sudhir Shah, President, VSEL said.
The platform trading was stopped on this exchange in 1999 after SEBI came out with a circular whereby Regional Stock Echanges (RSEs) had floated their subsidiary companies Which acquired membership rights of BSE/NSE to fecilitate trading terminals to the members of RSEs.
Due to expansion on NSE (National Stock exchange) and BOLT terminals of BSE (Bombay Stock Exchange) all over India, the trading volume at all the regional stock exchanges (RSEs) started dwindling and to revive the fortunes of members of stock exchanges, SEBI in November 1999 issued a circular permitting the regional stock exchanges to acquire membership of NSE and BSE by floating a subsidiary company. Pursuant to this, VSE securities limited (now VSE Stock services limited) was incorporated which is 100 percent subsidiary of VSEL.
The VSEL has initiated measures for the revival of trading platform where the companies listed on BSE and NSE, will also be permitted to trade, Raval said .
Meanwhile, about 80 listed companies on VSEL have been delisted after their failure in Providing their required relavant information to this stock exchange which was sought for updating the list of Listed companies on VSEL, Raval said.
The existence of many of deslisted companies was not found at their given address, he said.
