BSE, NSE to have single self-regulatory body
Two of the country's biggest stock exchanges - NSE and BSE - will soon have a single self-regulatory body.india Updated: Dec 27, 2006 16:19 IST
Two of the country's biggest stock exchanges - NSE and BSE - will soon have a single self-regulatory body as BSE members will be included in the Association of National Stock Exchange Members (AMNI).
The organisation will be called the Association of National Exchanges' Members of India and will take off soon after approval by the registrar of companies, AMNI chief Vijay Singhania told reporters in Mumbai.
"We have already made amendments in the Memorandum of Association of AMNI to include members of BSE and the approval could come any time," Singhania said.
Already, a large number of members are common between both the exchanges. He added that even the regulator supported a single SRO representing the two exchanges.
With the induction of BSE members, the total number of members will go up to 1,500-1,700 from the existing 800.
"However, we have told Sebi that while we can include brokers and depository participants, it will be difficult to induct large number of market intermediaries like merchant bankers and registrars in the SRO," he said.
It will be a non-profit organisation, which tries to ensure sound business practices, code of conduct and standard principles between members engaged in broking activities.
We are not merely a platform of brokers but also take care of the welfare of investors, Singhania said.