Cochin, Ludhiana bourses confident of getting Sebi renewal

Cochin Stock Exchange and Ludhiana Stock Exchange — two of the 11 regional stock exchanges whose recognition would expire in coming months, have said they are 'compliant' to regulations and are confident of their recognition being renewed by Securities and Exchange Board of India (Sebi).

Sebi recognition will expire for 11 stock exchanges over the next one-year period, as per the market regulator's latest update on status of the country's bourses.

The recognition expires during 2010 for nine bourses, including Cochin Stock Exchange and Ludhiana Stock Exchange. Besides, the recognition of Jaipur Stock Exchange and Vadodara Stock Exchange expires in January 2011.

Reacting to reports about these bourses facing risk of losing recognition, Cochin Stock Exchange's Executive Director (ED) V Srinivasan said the exchange has been getting annual renewal every year and was a recognised stock exchange for over three decades.

The exchange last got a renewal in November 2009 and said that "before November 2010, we expect to get the next renewal," he said, adding that there was "no new development or policy decision in Sebi or Government of India to do away with this practice of renewing recognition for the exchanges."

Ludhiana Stock Exchange's ED Pooja M Kohli also said that the bourse was a "well compliant stock exchange".

"Its subsidiary LSE Securities Limited has a daily average turnover of about Rs 425 crore and about 42,000 clients were trading through it," she added.