BANGALORE, March 5: The Coffee Futures Exchange India Ltd (Cofei) is mulling over the possibility of utilising the infrastucture facilities at the Bangalore Stock Exchange (BgSE) including software and hardware.According to executive director BgSE Ramachandra, "the negotiations with Cofei is still at an early stage." However, he maintained that BgSE is unlikely to pick up a equity stake in the futures exchange, which is expected to commence operations by next month.
"If the members of the bourse are willing to do so, they can pick up either membership or partnership according to their discretion," added Ramachandra. He further opined that BgSE will be able to provide the Futures Exchange with the best infrastructure facilities from a single location. "If Cofei plans to opt for on-line trading in near future, they can use our trading floors," he added.
Cothas Prakas, member, Cofei, said next meeting with the BgSE officials will be held at Coffee Board premises on March 13. "The company has not taken afinal decision as its earlier plan was to have a facility at the Board premises itself," says Prakas.
Meanwhile, two companies - Dyna Internet Business Services and HCL - have submitted their bids for supply of software and hardware for the futures exchange. Cofei is also on the hunt for suitable persons to man its affairs.
It has already started the process of appointing a chief executive officer by next month. Vice-president Hindustan Lever J H Mehta is the chairman of the committee appointed by Cofei to recruit the top brass. The bourse already has a chairman in Ashwin Shah, a leading coffee exporter.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
