In fact, the National Stock Exchange has gone a step further and has said it will carry out mock trading sessions to ascertain its Year 2000 readiness from April 24. Apart from the trading members, other external entities like clearing banks and custodians willalso test the Y2K readiness at their end. Says Narain, ``All problem dates of Y2K will be simulated during these mock trading sessions. We plan to release the Y2K compliant software in the live environment after successful runs of the mock tests in May-end. We have also been conducting surveys through Sebi and our own questionnaires to review the Y2K preparedness of our members. The monthly reports of the findings are submitted regularly to Sebi.''

Adds Narain, ``NSE's Year 200 project has five stages, namely - awareness, assessment, code conversion, testing and implementation. We have achieved 100 per cent completion in the first three phases of component inventory, initial assessment and code conversion. All systems and sub-systems are now in the phase of user-acceptance and certification. All the mission critical systems are undergoing the third round of user-acceptance testing and are expected to complete the phase of internal acceptance by April 30.'' According to Mathur, ``BSE has a Y2K compliantsoftware for its BOLT trading and settlement. The bourse has entrusted Tata Infotech with the task of carrying out the Y2K audit of the internal and broker back-office systems. We have six empanelled software vendors, who have developed the members' back-office system (these six vendors constitute 90 per cent of the total active members on BSE) and these should be Y2K compliant by April-end. The total Y2K compliance is scheduled to be completed by June-end.'' So far, 445 out of the 550 plus BSE members have intimated to the bourse that they will be Y2K compliant by June 30. In NSE, 505 members have replied to the questionnaire circulated by the bourse for reviewing the Y2K preparedness.According to a Sebi official, the Chennai Stock Exchange is the first bourse in the country to be Y2K compliant - however, this does not include broker back-offices. ``Our directive on terminal disablement has been sent to all stock exchanges so as to avoid the collapse of the Indian financial market,'' the official added.

Infact, Sebi had kicked off the Y2K awareness programme in August last year with a detailed questionnaire which was to be circulated among the broking community. ``We are in constant touch with the exchanges and will continue to monitor the developments,'' he added.

Meanwhile, some of the smaller stock exchanges, who have been unwilling to incur additional cost in upgrading their systems in view of the infrequent trading on their floors, have been given the option of tying up with the Inter-Connected Stock Exchange through a software being written by CMC Ltd. However, it is not yet known how many bourses have responded to the Sebi offer so far.