Cse Meet To Okay Cstar-Bolt Deal On March 26

The Calcutta Stock Exchange (CSE) has decided to convene an extra-ordinary general meeting (EGM) on March 26 to seek the approval of member-brokers for entering into a reciprocal expansion with the Bombay Stock Exchange (BSE) enabling the extension of C-star and BOLT to Mumbai and Calcutta respectively and for setting up of a clearing corporation at the exchange.

According to a committee source, the EGM will also seek members approval for amendments in the rules and regulations of the local bourse which will be needed to give effect to the memorandum of understanding (MoU) with BSE and various other issues.

 

This follows CSEs decision at the seventy-third annual general meeting to convene EGMs to endorse changes on bourses rules, regulations and operations instead of merely issuing circulars. On the modalities of the reciprocal extension of BOLT to Calcutta and C-star to Mumbai, a CSE official said: we have decided to put the terms of the agreement before the board to be ratified by the committee members to obtain the members opinion on the matter.

Though Sebi has cleared the exchanges proposal to link up CSE and BSE through BOLT, it has said that it will be implemented only after the setting up of a clearing corporation with trade guarantee at the local bourse as per the directives of the securities watchdog.

We intend to draft and sign the MoU with BSE now, but will be implemented only after the setting up of a clearing corporation with trade guarantee at the local bourse, the source said.