James Capel B & K To Pick Up Cse Membership

An application to become a member of the exchange has already been made and is currently under consideration of the governing body of the exchange, confirmed senior CSE officials.

Although James Capel B&K officials refused to divulge the equity capital of the broking outfit which will operate on the CSE, the route to be followed will be the same followed by James Capel B&K in the case of the Delhi Stock Exchange.

An individual ticket in the name of the Murarka family, which is a promoter of Batlivala & Karani, will be converted into a corporate card in the name of James Capel B&K.

 

According to CSE sources, the minimum networth requirement on CSE is Rs 30 lakh. Besides meeting the net worth requirement, the corporate firm will also have to deposit additional securities worth Rs 5 lakh as per the corporate membership norms of the exchange.

HSBC James Capel had entered into a joint venture agreement with the Indian stock broking house Batlivala & Karani in early 1995.

The joint venture, operating as James Capel B&K constitutes an equity holding of 51 per cent by an HSBC group subsidiary and the balance 49 per cent by the Murarka family, which owns the stock broking house Batlivala & Karani.

Engaged mostly in delivery-based trading, James Capel B&K is already operating on BSE, DSE and the NSE.

Once the CSE card comes under its fold, James Capel B&K would become one of the leading broking houses of the country. According to a senior firm official, the broking outfit was last month one of the most active broking firms in the country, and the attempt to trade on CSE as well, shows the commitment of James Capel to the Indian capital

market.

The joint venture would find a firm footing on the major bourses of the country, and be able to combine the capital base and local presence of James Capel along with the domestic market experience and research facilities of the Indian partner B&K, said sources close to Manoj Murarka, the Indian partner.