``We are looking to introduce MCSF and will apply to the Securities and Exchange Board of India (Sebi) for permission to introduce it along with a rolling settlement,'' ISE chairman M R Mayya said. ISE, which began operations in February from its Vashi headquarters in New Mumbai, hopes to achieve a turnover of around Rs 200 crore by the end of the current fiscal, he said, adding that the exchange was expanding its dealership from the present 55 in Mumbai.

``We are looking at 200-250 more dealers apart from the 1,000 brokers on the 11 active stock exchanges in the ISE and two more bourses which are likely to start active trading in a month or so, ISE managing director Joseph Massey said.

Under the dealership scheme known as `iaccess', ISE is offering a consolidated market made up of 15 exchanges asalso the National Stock Exchange and the Bombay Stock Exchange to the broking community, Mayya said.He also disclosed that ISE had already set in motion the proposal to set up a subsidiary that will seek membership of the NSE and the relevant papers had been filed with registrar of companies in Mumbai.

Asked if the move to seek NSE membership was not contrary to the aims and objectives of ISE, Massey said the move would re-direct some of the trading business which had gone to NSE back to the small bourses.

Though several brokers at small exchanges closed shop in the wake of poor volumes, they were in effect sub-broking for NSE brokers by diverting business there. Now we hope to lure them back through this venture, he said. Under the new scheme, the ISE will offer dealership through iaccess at an investment of Rs five lakh and membership of Rs 25,000 annually and once appointed, these dealers will be registered as brokers by Sebi.

Massey said demand for multi-exchange participation had come not only fromsmaller cities, but from people having both BSE and NSE cards, various bank subsidiaries, fund managers, non-banking financial institutions and professionals.

Dealers will have decentralised infrastructure support as against a centralised network available with large bourses for their intermediaries, Mayya said adding that this would make it a very cost-effective service for investors.

On ISE's future plans, he said the exchange was tyingup an agency to start internet-based trading while efforts were on to market initial public offerings (IPOs) through member stock exchanges. Mayya also indicated that ISE was considering having a debt market in government securities aimed at retailers.