HYDERABAD, Dec 23: The newly formed Inter-Connected Stock Exchange of India Ltd (ISE), is all set to set up its shop in Mumbai. To connect the 14 member-bourses of ISE, ICMS has decided to station its network hub at Navi Mumbai, a Mumbai suburb. While trading, the members on ISE will have the advantage of latest screen based systems.

The newly elected FISE president and the convener ICMS, P C Shrimal told The Financial Express that ISE is negotiating for a 10,200 square feet plot in the International Infotech Park (IIP) at Navi Mumbai. He said to get the possession of the plot, ISE will have to augment about Rs 3 crore for the timebeing. ``We have to pay 20 per cent of the total price of the land before taking possession of the premise. Thereafter, the remaining 80 per cent will be paid in equal monthly installments'', Shrimal said. The exchange will also have to pay 16 per cent interest on the due amount, he added.

Shrimal added that by opting for IIP, which is promoted jointly by CIDCO and Department of Space, ISE will enjoy a well laied communication systems and infrastructural facilities provided by CIDCO and DoT. The park will have a 2000-line electronic exchange, 64 kbps satellite earth station, high speed data communication facilities provided by VSNL and uninterrupted power supply with stand-by high capacity generators, Shrimal elaborated.

Further, he said that at IIP the employees will have residential facilities in close proximity to the building housing the hub, and will also be well connected to railway stations and shopping complex. Hence, Shrimal felt this would be an ideal location for the exchange to function smoothly without any interruption due to infrastructure lapses.

About FISE, Shrimal said that in its recent meeting in Delhi, the federation has decided to shift its operations to Mumbai. However, the registered office of the organisation will be at Delhi only. He said that FISE will be given some space in ISE premises at IIP building to carry on its activities. Very soon a full time senior official will also be appointed at the FISE secretariat, Shrimal said.

Apart from facilitating ISE's takeoff,,Shiramal also intends to strengthen the financial health of the weaker exchanges. Further, he felt the need to build investor confidence in the country to increase business volumes.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.