| |
On-line trading boosts ASE business
Our Bureau
Ahmedabad, Jan 20: On-line trading has turned out to be a boon for the Ahmedabad stock exchange (ASE). The screen based trading introduced in the 104-year-old bourse in December 1996 has helped its members trade securities worth Rs 41,065.32 crore during the last fiscal. This is an 105.5 per cent increase over the corresponding figure of Rs 20,626.16 crore in the previous year.According to ASE president A C Doshi, the system has resulted in daily turnover crossing the Rs 200-crore mark on several occasions, with the introduction of Ahmedabad computerised trading system (ACTS), resulting in greater transperancy, efficiency and goodwill among the investors. However, ASE's profits (excess income over expenditure) nosedived by one-tenth to Rs 47 lakhs in 1996-97 from Rs 5.68 crores in the previous year. One of the factors being phasing out of expenses incurred on computerisation. As per the annual report, the number of new companies listed also dropped to 659 during 1996-97, from 827 and 775 in the
preceding two years respectively. What is more significant was the steep fall in the capital involved to mere Rs 4,854 crore in 1996-97, from Rs 15,639 crore in 1995-96 and as compared to an annual average of Rs 9,000 crore in the preceding three years. Addressing the 103rd annual general meeting here on Monday, Doshi said, it was during the year that the ASE had moved into its spacious new building at Kamdhenu Complex, signed an MoU with BSE for expansion of BOLT terminals to Ahmedabad and ACTS terminals to Mumbai, as well as as to Delhi stock exchange on DOTS. The ASE now proposes to join the inter-connected markets systems of FISE (ISESC), besides the National Securities Depository Ltd (NSDL).
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
|
 |
