Sebi, BSE at odds over CDSL board seats

Deadline for BSE to divest its holding in CDSL from 50% at present to 24% ends the coming Friday.

The Securities and Exchange Board of India (Sebi) is at odds with the BSE stock exchange over board representation in Central Depository Services (CDSL).

BSE owns around 50 per cent in CDSL and has to bring this down to 24 per cent, to comply with Sebi norms. According to sources, BSE wants at least two seats on the CDSL board of directors, even after bringing down its stake to 24 per cent through an initial public offer (IPO) of equity.

BSE asked the markets regulator to agree but Sebi is not willing to give any such assurance. It wants the exchange to