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24 January 1998

Inter-connected exchange to start operations in May 

MUMBAI, January 23: The Inter-connected Stock Exchange of India Limited (ISE), being promoted at the national level by 14 regional stock exchanges across the country, was incorporated on Thursday under the Companies Act 1956 and is scheduled to start operations in May 1998.

ISE will inter-connect the 14 exchanges so as to enable any member of any of the participating exchanges to trade with another member through the common infrastructure being established under ISE.

Inter-connected Stock Exchange has been promoted by Bangalore, Bhubaneshwar, Cochin, Coimbatore, Gauhati, Hyderabad, Jaipur, Ludhiana, Madhya Pradesh (Indore), Magadh (Patna), Mangalore, Saurashtra Kutch (Rajkot), Uttar Pradesh (Kanpur) and Vadodara stock exchanges.

ISE has acquired premises at the International Infotech Park housed in the commercial complex above Vashi station in neighbouring Navi Mumbai and is now busy finalising the central clearing bank, insurance company and courier agencies to ensure commencement of operations as scheduled, P C Shrimal, chairman of the steering committee for implementing ISE, said in a release on Friday.

ISE has already awarded Rs 7.07 crore contract for on-line trading system to a consortium of Indigo Technology/ Tandem/Compaq and another contract for communication system to HCL Comnet at a cost of Rs 68.65 lakh.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.

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