Dk Singhania Elected Cse President

It also made an official announcement of the successful nominees -- Vivek Mahajan, Mahesh Bajaj and Girish Mehta -- for three vacancies on the governing board of the exchange.

"Our immediate concern is to eliminate problems and complete the proposed on-line trading programme at the bourse at the earliest," Singhania said. "We plan to conduct muharat trading, scheduled for November 10, on-line," he added.

Singhania has been on the governing board of the exchange for the past four consecutive years.

According to sources, Singhania has been operating in the market since 1978 and became an active member himself since 1984, when he obtained CSE membership.

 

He is also a member of the National Stock Exchange. The day-to-day operations of his firm will now be looked after by his brother, who is also a broker.

However, it is the post of the vice-president which recently attracted a lot of attention, and has come under the scrutiny of the Securities and Exchange Board of India.

Market sources say, the newly elected vice-president, Mahesh Bajaj, and his activities, will be closely watched.

Bajaj, however, seems to be unruffled and has decided to concentrate on the development and progress of the local bourse.

"Besides the immediate task of executing the expensive C-STAR project and the setting up of a clearing corporation, the daily activities of the exchange will have to be monitored more carefully to boost investor sentiments and try to gain lost business volumes, Bajaj said.

It is believed that the exchange authorities have received proposals from the United Bank of India and the Canara Bank for commencing clearing house operations. "The matter is under consideration and we are planning to come to a decision by end-1996," he added.

Bajaj has been a committee member for three