Dse Faction Not Keen To Be Sub-Brokers

A section of members of the Delhi Stock Exchange (DSE) has called for an extraordinary general meeting opposing the board's plan to provide connectivity to its members for trading as 'sub-brokers' in the Bombay Stock Exchange (BSE).

DSE president Vijay Bhushan, in his recent meeting with BSE functionaries in Mumbai, had managed a deal, wherein BSE would provide connectivity free of cost at DSE premises.

DSE members would be able to trade on the BSE as sub-brokers of by paying a monthly fee of Rs 700.

The arrangement with the BSE was an interim measure pending the consolidation of the two exchanges. The boards of the two bourses have already approved 100 per cent acquisition of DSE by BSE.

According to sources, a section of DSE brokers have however questioned this interim arrangement claiming it would kill the existing business in the DSE.

They, however, said the members opposing the move were already trading on the BSE through their v-sat connectivity, which costs them Rs 7,500 per month and impinged on their margins.

Sources said the interim arrangement would help about 200 members to trade on the BSE from their cabins in the DSE premises.

Further, it was a foolproof system with a leased-line connectivity, acting as a back-up to the v-sat connectivity provided by BSE.