The last date for sending in such bids is February 15. This invitation forcombined membership is available only for corporate entities - that is,those who are eligible to become corporate members as per the byelaws andregulations of the exchange. In a circular to its members, BSE has said thatthe existing corporate members, composite corporate members and the newcompanies formed by the existing individual members can also apply for themembership.

The bids will be vetted by the selection committee, to be appointed by theexchange's Governing Board. The highest bidders will be shortlisted by theCommittee and the applicants accordingly informed. The shortlistedapplicants will then have to comply with the required procedure foradmission of members - this would encompass scrutiny of financial statementsof the applicants by the committee, interviews of the designated directorsand in some cases, the applicants would even have to take a writtenexamination and the directors may have to undergo training. The names of thesuccessful applicants (those who fulfil the requisite criteria) will then beput up for election. For election, the applicant will have to secure atleast two-thirds of the votes cast at the meeting of the Governing Board,according to the rules.

The applicant whose offer is accepted by the selection committee will haveto make a payment of Rs 75 lakhs within one month from the date of theoffer, while the remaining amount of the total bid would have to paid withinone month from the date that the applicant receives initimation of election,from the governing board.

BSE, it may be recalled, is planning to commence derivatives trading onFebruary 15 and in this endeavour, has been going all out to conducttraining sessions not only for brokers but also for investors.