CSE Brokers Willing To Revive Bourse

Kolkata, Sept 17: | Updated: Sep 18 2003, 05:30am hrs
Notwithstanding the show-cause notice sent by the Securities and Exchange Board of India (Sebi), a section of prominent brokers of the Calcutta Stock Exchange (CSE) expressed willingness to revive the exchange through infusion of fresh funds which could be utilised for introducing other trading platform.

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New Delhi, Sept 17: Finance minister Jaswant Singh said on Wednesday a Supreme Court ruling freezing the sale of HPCL and BPCL would not have an impact on foreign investment, adding high growth would still lure investors.
There is no hindrance to foreign investment. I am sure they will continue to invest because of high growth in the economy, Mr Singh said.
The Supreme Court said the government required Parliamentary approval to sell stakes in HPCL and BPCL. Mr Singh said the Centre would examine the verdict. PTI
It is not that we want CSE to close down, but the attitude of officials and also the nominated directors, who had done little during the past 18 months, was a major dampner, a former CSE director and a prominent broker said.

Not only they did nothing on their own for revival, they even failed to communicate with those brokers who could be of some help, he said.

The broker said there was no denying the fact that the exchange needed money for introducing other segments of trading, including derivatives, for revival which could be brought in only by sound members.

It is disheartening to note that since their appointment almost 18 months back, there was no attempt whatsoever from the directors to start talks with any of the brokers, who were considered big and who had resources to contribute, the brokers said.

Once they start talking to us, only then, something could be charted out for revival after which funds would start coming in. It is not that we are not trading after the March 2001 fiasco, but right now we are afraid of trading through C-star because of its fund crisis and are trading through NSE. Once the matter was sorted out there are many who would resume trading at CSE, he added.