VSE Stock Services to begin NSE F&O operations tomorrow

VSE Stock Services Ltd, a wholly-owned subsidiary of Vadodara Stock Exchange Limited (VSEL), will start its NSE F&O (Futures and Options) operations from tomorrow. 

The company has got approval from market regulator Sebi for NSE Futures & Options, MCX and SC currency derivatives segment, Sudhir Shah, President, Vadodara Stock Exchange Limited told PTI. 

"The F&O segment will enhance the turnover of the company in a big way and the sub brokers of this company who are brokers of Vadodara Stock Exchange will get opportunity to trade in this segment in addition to existing cash segment of NSE/BSE," Shah said. 

Dipak V Raval, Managing Director, VSEL said the investors of this region will also get an opportunity to trade in F&O through the company. 

 

VSEL received recognition as stock exchange from the government of India on January 5, 1990 and had become the country's 19th recognised stock exchange. 

It had 150 members earlier, which has gone upto 290 now. In order to revive the Registered Stock Exchanges (RSEs), SEBI came out with a circular whereby RSEs floated its own subsidiary company which acquired membership rights of BSE/NSE to facilitate trading terminals to the members of RSE.

Accordingly, Vadodara Stock Exchange Limited (VSEL) floated its 100 per cent subsidiary named VSE Stock Services Limited (VSSL).     

At present there are about 97 active sub brokers in VSSL and its current average daily turn over is Rs 100 crores in the cash segment of BSE/NSE.     

VSEL had started Depository Participant services of CDSL in the name of VSE Clearing house in the year 2000-01. Today there are over 65,874 beneficiary accounts, Raval said.     

After constructing its own building, VSEL chose CMC as a solution provider and VSEL went live on 17 July 1996. VSEL had also signed an agreement with CMC limited for implementing fully automated trading in 1995.      

The services provided by VSSL are: trading at BSE/NSE cash segment, strong risk management features, electronic control notes, direct billing of clients, efficient payout of securities and funds, auto play in for VSSL clients having DEMAT Accounts in VSE CDSL, DP for the depository operations, Shah said.     

VSEL has branches in Surat, Bharuch and Anand and it plans to expand its depository participant business immediately in all towns of Gujarat and later on all over India, he said.     

It has plans to tie up with banks to provide DP services from their branch premises, which shall be beneficial for all the parties, Ashok Kumar Dixit CEO VSSL said.