MUMBAI, February 10: In a move which is being seen as an effort to "protect" employees of stock exchanges from the wave of reforms sweeping across the financial markets, a national stock exchange employees association has been mooted.The proposal by the employees union of the Bombay Stock Exchange (BSE) is fast gaining ground. The BSE union's representatives have already held meetings with their counterparts at the stock exchanges of Delhi, Bangalore, Calcutta, Chennai and Jaipur and are expected to approach some more in the near future.
"The move to form the federation of stock exchange employees union has been appreciated by employees of all the stock exchanges we have visited so far," said a BSE employees association source. "We have had some teething problems in terms of failure to speak a common language more so in case of employees of stock exchanges of southern India. But we have overcome these and are progressing on a common path," the source said. One of the reasons for the anxiety among theemployees is the growth of the depository. The depository environment which is fast gripping the market is being feared as one that would lead to large-scale retrenchments. "The ongoing process of automation in the absence of any training for the employees has created a fear of retrenchment of the present employees, especially those who are at the clerical and lower executive staff levels," said the source.
Sources also hint at the fact that the immediate impact of the introduction of the paperless environment would be felt on the employees of the clearing house and brokers' back offices.
The other major issue which is bringing the employees across the country's stock exchanges together is that of the curtailment of holidays. With competition hotting up, stock exchanges have decided to cut down on holidays and employees feel that they are being deprived of a "well-earned rest". But to top it all, the BSE employees association is also keen to go international. In a rather ambitious suggestion to themanagement, the association has asked for a junket to the markets in western countries to get a feel of how these exchanges got over employee-related problems in the wake of dematerialisation.
"We have some common problems. We have discussed the issue with the BSE employees association representatives. The aim is to set up a national body to take up these problems," said a source at Delhi Stock Exchange.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
