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Calcutta Stock Exchange meets Sebi chief U K Sinha to resolve crisis

Dec 04 2013, 18:54 IST
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Calcutta Stock Exchange officials met the Securities and Exchange Board of India (Sebi) chief to resolve the crisis which kept trading in C-star suspended since April. Calcutta Stock Exchange officials met the Securities and Exchange Board of India (Sebi) chief to resolve the crisis which kept trading in C-star suspended since April.
SummaryCSE is ready with infrastructure to carry out the settlement with ICCL but Sebi has not yet approved the tie-up.

Calcutta Stock Exchange (CSE) officials today met the Securities and Exchange Board of India (Sebi) chief to resolve the crisis which kept trading in C-star suspended since April.

"We had a fruitful meeting with Sebi chairman U K Sinha and we are hopeful to resolve the crisis," CSE Chairman Dipankar Chatterji said in a telephonic conversation.

The trading in C-Star, the own trading platform of the local bourse, is suspended since April after the regulator sought compliance on clearing house for settlement of trades of the bourse.

CSE decided to join BSE promoted Indian Clearing Corporation Ltd (ICCL) for settlement activity and the board under the chairmanship of Dipankar Chatterji had approved the same on April 5.

CSE is ready with infrastructure to carry out the settlement with ICCL but SEBI has not yet approved the tie-up.

Sources said the market regulator was seeking gurantee from ICCL in case of any windfall payment crisis and in turn the settlment firm was ready to offer guarantee it has received from the local bourse.

However, CSE officials were hopeful to resolve the issue shortly.

CSE currently continues to offer its member¿brokers to trade on National Stock Exchange and Bombay Stock Exchange.

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