The term of the governing board of Delhi Stock Exchange has been extended by three months to December 31, 1998.
According to DSE president Deepak Chowdhry, the registrar of companies has already accorded his requisite approval to the move. With the extension, the annual general meeting of the bourse -- which marks the end of the tenure of the board including the president, vice-president and elected directors -- is likely to be held by the end of November or early December.
Chowdhry had put a proposal before the governing board to hold the annual general meeting of the exchange on September 26. "However, the board favoured an extension of the term since a number of crucial projects undertaken by us are likely to be completed in the next three months," Chowdhry told Business Standard.
Such projects include nation-wide expansion of DSE On-line Trading System (DOTS), start of dematerialised trading, computerisation of the listing system and the shift of the DSE's administrative offices and operations of many brokers -- now situated in Indira Gandhi Stadium -- to Hoechst House on Asaf Ali Road. The expansion of DOTS begins on September 24 with Securities & Exchange Board of India chairman D R Mehta scheduled to inaugurate DSE's trading terminal in Ghaziabad. Simultaneously, DSE terminals will start operating at 10 other centres including Amritsar, Karnal and Meerut.
Sebi had recently given its permission for the nation-wide expansion of DOTS, beginning with setting up of DSE terminals in 57 cities of North India.
This has paved the way for DSE to become the third stock exchange with a national presence after the National Stock Exchange and Bombay Stock Exchange.
The Sebi permission came in the wake of DSE operationalising its trade guarantee fund with effect from July 27. The TGF -- which guarantees transactions under the aegis of the exchange -- is mandatory under Sebi norms for the nation-wide expansion of a bourse.
The 57 cities for which Sebi clearance has been received do not have a stock exchange. To set up a terminal where a stock exchange already exists, reciprocal tie-up is mandatory under Sebi laws.
DSE has also joined the National Securities Depository Ltd for starting dematerialised trading.
