Business Standard

Hyderabad Stock Exchange To Go On-Line Soon

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BSCAL

According to outgoing HSE president Hari Narayan Rathi, orders have been placed with CMC Ltd for software, Microland for networking and Tata Elexi for the central server.

The department of telecommunications (DoT) has been considering laying the necessary lines to provide connection to all members for data transfer and screen based trading will be operational by October-end.

It was also decided that each member should be provided the necessary trading infrastructure ( computer, modem, leased line, printer, UPS) free of cost at the places opted by the member. This will, however, be confined to the twin cities of Hyderabad and Secunderabad.

 

A decision was also made to guarantee trades that have taken place on the floor of the exchange, excluding spot transactions for effecting pay-outs on due dates.

Several members wanted a trade guarantee fund with an initial corpus of Rs 50 lakh to be contributed by the exchange. It was also suggested that members should contribute to the said fund every year a sum equivalent to 0.005% of the member's turnover of the immediately preceding financial year subject to a minimum contribution of Rs 500 per annum.

However, it was decided that the governing council should constitute a committee to go into the quantum of the corpus and lay down the modalities.

The AGM elected Prasanna Chandra Shrimali and Ravi Shanker in place of Hari Narayan Rathi and Ganshamdas Gilada who retired. Rathi said during the year under review, the turnover has been very low due to weak sentiments. He hoped with the new incentives provided in the current year's budget and with the adoption of automation, things will improve in the coming years.

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First Published: Aug 24 1996 | 12:00 AM IST

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