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Bangalore, Nov 18: A keen contest is likely for the two directors' slots at the Bangalore Stock Exchange (BgSE). The election slated for November 28 has been necessitated following the expiry of the terms of the current BgSE president U B Maiya and vice president Jagdish V Ahuja. According to BgSE officials, three nominations have been received for the two slots. The candidates who have so far filed nominations are Girish N M of Sharavu Securities Pvt Ltd, S M Sanjay of Sanjay & Co and B V N Murthy. What could, however, make the race interesting would be the presence of Mayya and Ahuja also in the fray as both are eligible for re-election.
The 13-member BgSE council has six representatives from the broking community. Apart from the four vacancies, the other broker representatives are Pankaj J Shah, M G Dattatreya, T S Gopalakrishna and K Ishwara Bhat. The six public representatives and the executive director make up the rest of the council. What is surprising this time around is that apart from electing a new council, the BgSE will also have a new executive director in place of Ramamchandra who has relinquished his post.
Meanwhile, the bourse will also take up some amendments to articles at its forthcoming AGM on November 28. The Securities and Exchange Board of India (Sebi) had during its inspection recommended that annual subscription be enhanced to Rs 5,000 from the existing Rs 3,000. Article 9(A) of the bourse is being amended with the words ``such sum as may be prescribed by the council from time to time.''.
The BgSE is also amending Article 49 (A) following Sebi directions that voting by proxies has to be discontinued. Accordingly no vote by proxy shall be allowed in respect of any matter or resolution at a general meeting of the bourse.
The exchange has also decided to adopt the WDV method for depreciation of assets. This according to BgSE officials has resulted in huge excess of expenditure over income. The bourse has ended the year with a negative figure of Rs 1.63 crore for the period ending March 31 compared to Rs 1.19 crore in the previous year.
During the period, the total turnover in Bangalore city was as much as Rs 15,211.70 crore. Of this, the business through BgSE was Rs 8,637.03 crore constituting 57 per cent, while the business done through NSE at Bangalore was Rs 6,574.67 crore (43 per cent). The increase in turnover has catapulted the bourse the seventh position among the top ten bourses in the country, up two places from ninth last year.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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