MUMBAI, November 4: The steering committee of the Inter-Connected Stock Exchange (ICSE) will meet for the first time on Wednesday after receiving SEBI's approval to set up a national market.

The steering committee, which will constitute the board for the proposed exchange, will decide on major issues like the time schedule within which the exchange should be functional.

Other issues which are likely to come up for discussion include determining the eligibility criteria for the stock exchanges and brokers in order to be a part of the national market, the risk management system and vendors for the system. These issues will require the regulator's approval.

Stock exchanges which wish to become a part of the national market will have to satisfy the criteria prescribed by SEBI. The committee is also thinking over the possibility of insisting that each of the participating exchanges should have a trade guarantee fund of its own in order to be a member-exchange of the national market.

The committee is also expected to moot the concept of a uniform trading and settlement cycle. This is the result of SEBI's requirement that the regional exchanges and the national market should have a common settlement.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.