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Anand Rathi, Dina Mehta elected president, VP; BSE to have good relations with regulators, media; derivatives imminent

The governing board of the Bombay Stock Exchange has unanimously elected Anand Rathi as the president for the year 1999-2000.

Anand Rathi would be the 22nd president of the country's premier stock exchange.

The only lady member on the governing board, Dina A Mehta, was elected as vice-president and Jayesh K Sheth as treasurer at a meeting held on Thursday morning. (Rathi and Mehta are in the foreground of the photograph alongside.)

The board has also inducted Bhagirath B Merchant, Motilal Oswal and Himunshu N aji as its new members.

Apart from these newly inducted members, there are three other members on the board including Ramesh Damani, Kirit Bhagwandas and former BSE president J C Parekh.

The governing board of the BSE comprises 19 members. Among them, nine are elected directors and nine public nominees and an executive director.

Soon after his election as BSE president, Rathi said he will give priority to improving relations between the premier stock exchange and regulatory authorities including the Securities and Exchange Board of India.

"I'd like to make the exchange the world's number one bourse and to improve its image among the investors and public and restore it to its former glory," Rathi said.

He has taken over from outgoing president J C Parekh who was asked to step down by the SEBI on March 23 for his alleged involvement in price rigging of BPL, Sterlite and Videocon International scrips in May and June 1998.

Rathi added that he will try to introduce derivative trading on the bourse as early as possible. "The relations with the media need to be improved and I will look into it," he said.

Anand Rathi -- a profile

The 52-year-old gold medalist in chartered accountancy of the November 1966 batch, has over three decades of rich and varied experience in corporate and project management, financial and capital markets and management consultancy. He is currently the chairman of Anand Rathi Securities Private Limited and Rathi Global Finance Limited, firms promoted by him.

As a member of the BSE, Rathi is actively involved in activities of the exchange and capital market reforms in India.

Besides being a member of the governing board of the BSE, Rathi is also a member of corporate development committee and reception committee of the exchange.

He has played a key role in the introduction and implementation of BOLT -- the on-line trading system of the excahnge, expansion of BOLT network, setting up of the Trade Guarantee Fund and negotiating the broker insurance scheme.

Rathi was senior president of Indian Rayon and Industries, a large conglomerate (part of the Aditya Birla group) till 1994, when he set out on his own.

Prior to his long stint with the Aditya Birla group, he was heading finance, accounts, commercial and the secretarial department at Swadeshi Polytex Limited (October 1971 - March 1974).

Rathi started his career after qualifying as chartered accountant as a senior management trainee with DCM Limited, another Indian conglomerate and was the head of accounting and costing department of the largest textile unit of the company at the time of leaving.

Photographs: Jewella C Miranda

UNI

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