Inter-connected stock exchange of India extends brokerage sale deadline

A board meeting will be held on 7th June to decide

The Inter-connected Stock Exchange of India has pushed a decision on the sale of its brokerage subsidiary to the first week of June.

A board meeting will be held on the 7th of June to decide on the same, according to the exchange’s managing director PJ Mathew.

“The entities are still conducting their due-diligence. They have requested for a 20 day extension,” he said.

ISE’s broking subsidiary was set up as a means for allowing brokerages on regional exchanges to access nationalized ones like the BSE and the National Stock Exchange (NSE). The regional exchange would create a broking subsidiary, of which they could become sub-brokers. This entity in turn would take membership of national exchanges.

The brokerage has 456 registered sub-brokers and authorized persons on the National Stock Exchange and 280 on the BSE, according to company figures.

ISS has commenced operations in the NSE segment from May 3, 2000 and the BSE segment from December 24, 2004, said its website.

ISE extends deadline for broking subsidiary sale

Had set May 15 as deadline for completing sale

Short-listed bidders ask for more time for due-diligence

June 7 new deadline,

Board meeting on June 7 to finalise sale

Board also to discuss options before regional exchanges to meet Sebi norms

Interconnected stock exchange is promoted by twelve regional stock exchanges. The exchange has been trying to restart operations for some time now. The Securities and Exchange Board of India (Sebi) recently asked the exchange to sell-off its brokerage subsidiary as a per-condition to starting operations, according to Mathew.