HCL Comnet, part of the $650-million HCL Group, is giving finishing touches to the infrastructure of the project. The exchange owes its idea and shape to the National Stock Exchange (NSE) set-up, which was built by HCL Comnet. But, according to company president Vineet Nayyar, there will be multiple technologies to offer wider platforms and more functionality. "We will offer both VSAT and internet links to buyers to be comfortable in doing business," he said.

The company has pinned high hopes on the exchange as it thinks that such virtual exchanges will be the order of the day especially with the spread of the internet.

The exchange functions through links to buyers of all categories including exporters and importers,who will have to be registered on the bourse. The price quote for a particular item will be available to the buyers on the screen on which he can order or suggest an alternate price. If the deal is matched, the order will be through and ready for delivery.

Nayyar said the exchange would be more useful to exporters and importers since they are spread across the globe.

The `buyers' can use any technology to link up with the exchange as HCL Comnet's network platforms enable use of any system. "We can provide the users with infrastructure, applications and service. They will be charged for each transaction as per invoice and megabytes they use," Nayyar said.

HCL Comnet launched a new concept, e-convergence combining multi-media, multi-technology and multi-vendor aspects for corporates. "HCL's business proposition is to connect people and network is business in the time to come and we are preparing for it," Nayyar said.

He said the e-convergence concept looks at integrating satellite communication,enterprise-wide networking, wireless communication, virtual private networks, security solutions, e-commerce and enterprise management.

Nayyar said successes like the NSE and UTI's decision to allow trading in Unit-64 from anywhere through networks have brought down physical barriers.

However, he felt that security remains a critical aspect since a networked environment can have its risk factors.

HCL is seeking to become a partner of choice to many corporates doing e-commerce. Nayyar felt that the top 500-700 companies will go for a reliable e-commerce infrastructure very soon while the next layer of around 2,000 companies will take some steps in this direction in the next months.