Virendra Verma

Our Markets Bureau

Mumbai, April 11: THE extra-ordinary general meeting (EGM) convened by the Bombay Stock Exchange (BSE) on Wednesday, in connection with corporatisation and demutualisation of the exchange, unanimously passed the resolution to set up a core committee to look in to this matter and also asked the committee to submit its report within two weeks.

The EGM was chaired by the acting president of the exchange Ms Deena Mehta. The core-committee members include BSE trustee Mr Priyakant Dalal, director Mr Himanshu Kaji, Mr Vallabh Bhansali, Mr Mohan Vijan and MS Mehta.

The committee will have the powers to co-opt the members who have expertise in the different fields like taxation, capital market related experience and corporate law.

The scope of the committee was also decided at the EGM and was entrusted the responsibility of suggesting various alternatives for corporatisation and demutualisation. The committee will also suggest the road map to achieve these goals with keeping in mind the main concern of trading and ownership rights of the brokers keeping intact.

Earlier at the meeting when the name of the members of the committee were decided by the voice vote Mr Bhansali disagreed with his name being included as one of the committee member. His contention was that he has prior engagements and would not be able to devote the necessary time for the committee as the it is entrusted to submit its report within a fortnight.

However, about 150-175 broker members present at the meeting unanimously requested Mr Bhansali to accept the responsibility. Even the chairperson of the meeting Ms Mehta also assured Mr Bhansali that his expertise is more valuable,and he won’t be bothered to allot more time. Mr Bhansali was then convinced and then he gave his consent to be a member on the committee.