Volumes soared on the Calcutta Stock Exchanges (CSE) online trading system Cstar, as trading for the fourth day yielded a turnover of more than Rs 315.76 crore.
This is a remarkable improvement over yesterdays turnover of Rs 183 crore.
Critics of the Cstar system had argued that computerised trading would kill the exchange and volumes would nosedive due to the huge speculative trades that were apparently taking place on the bourse.
The first day, which yielded a turnover of only Rs 94.5 crore, seemed to support the detractors claims. However, the turnover has been steadily increasing from Rs 94.5 crore on April 4 to Rs 183 crore on April 8.
Dinesh Singhania, president, CSE, said: The going is good and the turnover will rise steadily on CSE. But this is just the tip of the iceberg. We are hoping that turnover figures will shoot up to Rs 1000 crore given some more time.
Members on the CSE board were optimistic about the bourses future and said that if the turnover continued its upward trend, the huge capital expenditure by the bourse for going online would be vindicated.
The number of active users of the Cstar system rose from 343 on the first day to 386 on the fourth day. CSE board members said that as the number of users increased so would the turnover.
The Cstar screen shows the prices at which scrips are traded on the BSE as well as the NSE.
Some brokers said that even though this is beneficial for the ordinary investor, the volumes are lower than what they would have been had this information not been so readily available.
The small brokers are disgruntled at the computerisation of trading at the bourse, while the brokers assistants have filed a case in the Calcutta High Court which will come up for hearing today.
However, the bourse seems to be going ahead despite the odds. The exchange, which has been much maligned because of speculative trades and other illegalities, seems to be proving its detractors wrong with the ever increasing volumes.
The new committee seems determined to go ahead with its modernisation plans and the exchange is being steadily steered to survive in the competitive environment.
The bad delivery cell will be handed over to a professional agency.
Talks are on with ABC Computers for the same, said a source.
