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ISE makes fresh attempt to sell-off subsidiary

Invites merchant bankers, investment consultants, entities interested in purchasing stake in the company to contact ISE

Sachin P. Mampatta  |  Mumbai 

The Inter-connected Stock Exchange of India (ISE) has begun efforts anew for the sale of its broking subsidiary, a regulatory pre-condition to starting operations.

It has invited merchant bankers and investment consultants as well as entities interested in purchasing stake in the company to get in touch with the exchange.

It has set a deadline of September 30th for the same, according to a notification on the exchange website.

The Securities and Exchange Board of India had asked ISE to sell-off ISE Securities & Services Ltd. (ISS) in order to start operations. The exchange had earlier called for bids in May.

The process seems to have been started again, according to a newspaper advertisement issued earlier in the month.

Interconnected stock exchange is promoted by twelve regional stock exchanges.

The exchange has been trying to restart operations for some time now. Interestingly, the exchange is also missing a managing director. It called for applications for the same through an advertisement earlier in the month.

“The Managing Director shall be the Chief Executive Officer (CEO) of the stock exchange and will be responsible for promoting long term direction, day-to-day management and for ensuring compliance with the applicable rules and regulations. He will be reporting to the Governing Board,” it said.

The broking subsidiary is present in 81 locations and had a profit after tax of Rs.1.61 crore, according to company figures.

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First Published: Fri, September 27 2013. 12:22 IST