Delhi Bourse Poll Panels Evenly Poised

The two panels of eight candidates each appear to be evenly poised as the Delhi Stock Exchange (DSE) goes to polls tomorrow to elect eight new directors. Curiously, the agenda of the rival factions is almost identical.

The two protagonists, incumbent president Deepak Chowdhry and two-time former president Ashok Agarwal, sought to play down the competitive edge while talking to Business Standard yesterday.

Chowdhry and Agarwal are heading the rival panels and are in running for the post of the president, chosen by the elected directors from among themselves within a week of the election results.

Agarwal, in particular, dismissed predictions that the elections will be a messy affair and insisted that it was only a friendly contest. Asked to comment on the negative campaigning being done by some sections, he said: These things will die down on the election day.

 

According to Agarwal, what will make the voters choose one candidate over the other, since the agenda is similar, will be the track record and the efficiency to implement the agenda.

The main issues in the campaign have been the expansion of the stock exchange network to all parts of the country; setting up of the trade guarantee fund; increasing the liquidity and volumes; introduction of carry-forward, options and futures; making custodians and financial institutions members of the exchange; making the exchange cost-competitive; increasing the number of companies listed on the exchange; and rationalisation of the administrative staff.

Apart from these, the issue close to Chowdhrys heart is shifting the DSE offices to Hoechst House, bought recently for Rs 6.37 crore. At present, the offices are located in Indira Gandhi Stadium, for which the bourse has to shell out Rs 2.2 crore a year as rent.

When the bourse had moved to the stadium, it was mandatory for brokers to take up space there as the trading software was based on local area networking.

However, in Hoechst House, this will be made optional as the exchange is now using very small aperture terminals now. Whoever wants space in Hoechst House will get it, said Chowdhry.

Chowdhry is also focusing on collection of listing fees. Sometime ago, the bourse started sending listing bills through courier, instead of mail, for certified delivery.

As a result, collections have shot up, he says. Out of the 3,800 listing bills despatched, 400 came back as the companies addresses had changed. Legal notices have already been issued to 180 of those 400 companies.

The companies which are not paying the listing fee will be taken to task, said Chowdhry.

Agarwal is putting a lot of emphasis on broad-basing the list of A-group shares. He expects the volumes in this segment shoot up upon the re-introduction of carry-forward, which will be restricted to the A-group of shares.The main issues in the campaign have been the expansion of the stock exchange network to all parts of the country; setting up of the trade guarantee fund; increasing the liquidity and volumes; introduction of carry-forward, options and futures and making custodians and financial institutions