The management of Calcutta Stock Exchange has ordered software for its bad delivery cell without waiting for the Bombay Stock Exchange (BSE) to it the same.
The contract has been awarded to Focal Systems, which is developing the software for CSE for Rs 20,000.
Focal has given bad delivery cell a temporary software to manage till the final product is developed.
Sources said if the contract had been awarded to CMC Ltd, which has developed the software for BSE, then the cost would have escalated substantially.
However, a source said the software being developed by Focal may give problems in a multi-user environment.
But since the number of bad deliveries in a year are not expected to be more than one lakh, better technology will be simply not needed and multi-user problems can also be worked out, it was pointed out.
The one-time drive launched by CSE last Saturday to receive bad deliveries reportedly yielded 2,235 pouches.
The initial scanning has been done and these pouches will be handed back to the concerned members. They will be given twenty one days after which the exchange will again organise a special drive to return the rectified scrips to the members.
Meanwhile, fourteen member-brokers of CSE have been suspended and a penalty of Rs 2,000 slapped on them after they failed to submit their audit reports for year ending March 31, 1996.
This was done after repeated reminders to them to submit their audit reports. The member-brokers failed to meet the latest deadline of February 13.
