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March 25, 2000
BUDGET 2000 |
BSE in expansion mode; Net-based trading in three monthsThe Bombay Stock Exchange, which has a presence in 300 centres in India, would expand its trading network to 2000 centres. A separate section within the BSE for commodities trade and Internet trading are expected to be launched within three months. This was disclosed by BSE president Anand Rathi at a workshop on the future of forward trading in commodities. The event was organised by the Bombay Oilseeds and Oil Exchange in Bombay on Saturday. The BSE Online Trading System or BOLT currently has a network of 1,000 very small aperture terminals or VSATs under different transponders. BOLT would be linked to India's satellite INSAT-3B and its hub would have an expected 5000 VSATs by the end of next year. The BSE is free to set up its trading terminals in cities and towns that do not have a local stock exchange. India's premier stock exchange has agreements with 11 other stock exchanges for providing its trading terminals to their members. Rathi said the BSE is interested in and equipped to launch facilities for commodities trade. A separate exchange for commodities is not ruled out. "The BSE would be able to make a success of this because it has the widest reach and can attract the highest number of participants. It would give the market the necessary liquidity," Rathi said. The BSE could launch trading via the Internet by June/July. Orders could be executed in a second, Rathi said. Market regulator, the Securities and Exchange Board of India or SEBI, has given its permission to the BSE for Internet-based trading. Some brokerages have already launched such services. No Indian exchange has launched Internet-based trading but both the BSE and the National Stock Exchange or NSE have drawn up e-plans.
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