Damani Likely To Head Bse Once Again

Brokers on the Bombay stock exchange (BSE) yesterday elected four new directors to the governing board.

Deena Mehta, Mahendra Kampani, Anand Rathi and Ramesh Damani were elected to the governing board, while the fifth candidate Neel Dalal lost out.

At yesterday's elections, Mehta received about 382 votes of the 416 ballot papers cast while Anand Rathi, Mahendra Kampani and Ramesh M Damani received 374, 365 and 337 votes, respectively. Neel Dalal, the candidate who could not make it to the governing board, received 194 votes.

The elections were held as Mahendra Kampani, Ashok Khandwala, J G Shah completed three-year terms and M P Vora resigned from the board in the course of the year on medical grounds. Kampani sought re-election to the board.

 

Senior member Mahendra Kampani felt that the BSE bye laws need to be amended to ensure that more brokers corporatise their membership. He told Business Standard, "There is a need to ensure that one corporate can hold more than one card. Today, the order of the day is to consolidate, amalgamate and become strong. We will concentrate on the matter."

Kampani extended a whole hearted support to Damani stating that if Sebi approves, the term of the president can be extended to three years instead of the existing two years. Ramesh M Damani emphasised on the need for reworking daily margins.

The four newly elected directors are said to be close to the BSE president MG Damani. Exchange sources said Damani is almost certain to get re-elected for a second term as BSE president.

Hemendra Kothari, president of the exchange during 1991-92, observed that setting up of the BOLT and its gradual expansion beyond the parameters of Mumbai is the highlight of Damani's presidentship. He said, "Several steps were taken in the right direction which included planning to usher in paper-less trading, ushering in transparency in the works of the exchange, and reducing bad deliveries."

Bhagirath Merchant, who was the president during 1994-95, said that the process of computerised trading was initiated during his tenure and important amendments in listing agreements were also undertaken. He, however, declined to comment on the happenings on BSE during the past one year.

Kamal Kabra, who was president of BSE during 1995-96, did not wish to comment on the happenings at the exchange during Damani's tenure.

He said the reform process on the exchange which involved setting up of BOLT and bringing in transparency was initiated during his tenure.