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Rathi, Dina Mehta re-elected BSE president, VP

Anand Rathi, 53, was today re-elected as the 22nd president of the 125-year old Bombay Stock Exchange for the year 2000-2001.

Rathi, who underlined Mission-2000 and drew Vision-2005 during his one-year term, was the unanimous choice of the 19-member Governing Board of the BSE which met in Bombay today to elect the new president and other office-bearers.

The elections, held in the morning at the BSE's board-room at Jeejeebhoy Towers in South Bombay also saw the re-election of Dina Mehta, the lone lady member among the nine elected directors as vice-president.

The board also elected Himanshu Kaji as treasurer for 2000-2001.

Before the scheduled meet, the elected directors held an informal meeting to elect new office-bearers and their decision was later approved unanimously by the entire board members, sources at the BSE said.

Rathi said that the dematerialisation of the bourse is on the cards and we are currently working on it.

He recounted the achievements of the bourse under his leadership during the last year. He said that at the beginning of the year, the BSE has unveiled its Mission 2000 document that touched upon issues like protection of investors' interest, regaining highest volumes, improving the image of the bourse.

According to him, the BSE succeeded in increasing compensation to investors arising on account of default of members from Rs 300,000 to Rs 500,000 as against SEBI prescribed norms of Rs 150,000.

The corpus has risen to Rs 822 million in March 2000. The BSE introduced 'Z' category to identify companies not complying with listing norms as part of its investor awareness. The BSE has also filed winding up petitions against 30 companies during the year, Rathi said.

On the technological front, the number of trading terminals of the BSE has gone up from 2,310 to 3,802 (65 per cent increase) in last 12 months, number of cities covered increased from 205 in March 1999 to 253 in March 2000. The BSE has signed MoU with Dun & Bradstreet and an MoU with the London Stock Exchange during the year, Rathi said.

He said visits to the BSE by the likes of US President Bill Clinton, Finance Minister Yashwant Sinha have improved the image of the bourse.

UNI

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