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August 2, 2000
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BSE eyes pacts with NYSE, NASDAQ

The Bombay Stock Exchange is holding talks with the New York Stock Exchange and NASDAQ to have terminals in each others' bourses, BSE president Anand Rathi has said.

Talking to mediapersons after delivering a lecture on 'Indian economy and capital markets', organised by the Birla Institute of Management Technology in Bombay, Rathi said that the bourse is also planning to have an alliance with the Hong Kong Stock Exchange.

However, he refused to give any time-frame in this connection. The BSE currently has such an alliance with the London Stock Exchange only. In the country, subsidiaries of 11 exchanges are members of BSE.

About future strategy of the exchange, Rathi said the bourse is planning to float a company this fiscal and members' nod has already been received. However, he evaded direct reply on the equity of the proposed company.

He said the exchange would install centralised Internet mechanism from the next month. The hardware has already been acquired and the software is being developed for the purpose.

He lamented that absence of participation by provident and pension funds is hindering the growth of the capital market. The BSE president reiterated that he had suggested to the prime minister that the task force for integrated development of the capital markets be set up.

Rathi said banks should have long-term policy for participation in the equity market and be permitted to lend money in the carry forward trading.

Besides, banks should be encouraged to increase lending against demat shares.



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