Vijay Bhushan is new DSE chief, vows to boost trading volumes

Our Markets Bureau

New Delhi, Oct 30: The board of directors of the Delhi Stock Exchange (DSE) has unanimously elected Mr Vijay Bhushan as the president and Mr Ramesh Goel as the vice-president of the exchange in their meeting held on October 30.

The board has also constituted an eight-member committee to supervise the consolidation process with The Stock Exchange, Mumbai (BSE).

The committee will have Mr IC Singhal, Mr SK Uboveja, Mr LN Shroff, Mr Bharat Bhushan Sahny, Mr Sanjay Kaul and Mr Sudhir Joshi besides the new president and executive director PK Singhal.

Speaking to The Financial Express about his plans for the exchange Mr Bhushan said, “I would work towards hastening the merger of the DSE with the BSE. Since this is expected to take some time, I would like to take steps to improve volumes at the exchange in the mean time and look at various options through which the DSE members may trade on the BSE.” He added that his immediate task would be to collect feedback from all the interested parties to understand the issues and take measures accordingly.

“My first priority is to get BSE trading rights for our broker members. I will weigh all available options and narrow down on the most acceptable one within the legal and regulatory framework,” Mr Bhushan said.

Mr Bhushan, who replaces Mr Sudhir Joshi as the president of the exchange, is an MBA and the son of Mr Bharat Bhushan, the late DSE president. He was happy to step into his fathers’ shoes, but finds the job very challenging.

Four new members namely Mr NC Jain, Mr Vijay Bhushan, Mr ML Goel and Mr MC Gupta had joined the board after being elected during the annual general meeting held on October 27.

The other elected directors include former vice-president MM Chugh, Mr Rahul Malik, Mr SL Gupta and Mr Ramesh Goel, besides three nominees of the Securities and Exchange Board of India (Sebi) and five public representatives.

The board has also sent names to five prominent personalities of the Sebi to be nominated to the DSE board as public representatives. According to a board member, the list includes the names of Mr Pithvi Haldea of Prime Database, Mr ND Gupta, president of Institute of Chartered Accountants of India, Mr NS Gujaral, chairman of Punjab and Sind Bank, and Mr SK Vasudeva, a note chartered accountant and Mr Purushottam Goel.