A'bad bourse elects Mukesh Patel as chairman

Second oldest exchange plans IPO.

The board of Ahmedabad Stock Exchange, country's second oldest, elected tax consultant Mukesh Patel as its chairman last week. The board also considered a proposal to come up with an IPO.

Though constituted in December last year, the board met only last Thursday due to Dhanaraka Kamuhrta, or the inauspicious period.

Patel is a well-known income tax consultant and IT advocate as well as former president of the Gujarat Chamber of Commerce and Industry (GCCI).

ASE's executive director KK Mishra said that after completing the demutulisation process, the new board had met to sort out certain administrative issues.

Apart from the IPO, the newly-elected board discussed several proposals including an SME stock exchange platform.

Sources said the ASE may float an IPO by the end of current calendar year if all formalities are over. The exchange has been scouting for a strategic partner to offload 26 per cent equity but this has not been finalised yet.

Patel said ASE would play an important role in the capital market and investment. Gujarat has a significant role in the Indian capital market. Around 14 per cent of the total market capitalisation comes from the state.

"The ASE should have its own identity. I hope it would live up to its own brand image," he said.