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Delhi, Ludhiana SEs set to merge
The country's stock exchanges are poised to witness a revolution following the Ludhiana Stock Exchange's proposed merger with the Delhi Stock Exchange. This is the first merger move in the history of Indian stock exchanges. The DSE is also exploring the possibility of bringing within its fold the Jaipur and Kanpur exchanges.
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BSE in talks with private, foreign banks to speed up fund transfer
The Bombay Stock Exchange has initiated a dialogue with private banks like HDFC Bank, Standard Chartered Bank, IndusInd and TimesBank to help speed up inter-city money transactions. The move, necessitated by the expansion of the BOLT network to 140 cities, will help brokers as the banks can offer inter-city services like transfer of funds, etc.
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HDFC Bank, Global Trust may be clearing banks for NSE gilt trades
HDFC Bank and Global Trust Bank have been earmarked by the National Stock Exchange (NSE) as its clearing banks for settling trades in government securities. The gilt trades will be settled through NSE's subsidiary general ledger (SGL) facility with the Reserve Bank of India. The NSE will also begin settlements in gilts on a T+2 or above rolling settlement cycle.
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Reliance tops BSE's investor woes list
Reliance Petroleum and Reliance Industries have topped the Bombay Stock Exchange's list of investor complaints in December 1997. BSE received 4,411 complaints against 906 listed companies in December, out of which Reliance Petroleum itself accounted for 154 complaints while Reliance Industries had 95 complaints against it.
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