BANGALORE, April 6: The Inter-Connected Stock Exchange of India Ltd (ISE) has fixed April 20 as the last date for the regional stock exchanges (RSEs) to clear their dues. ``The RSEs who fail to make the first installment payments will be charged interest at the rate of 21 per cent. Further, they will be able to rejoin the system only after they have cleared the dues,'' said ISE director Pankaj J Shah.The bourses which are yet to pay their dues are Vadodara, Magadh, Bhubaneshwar, Jaipur and Ludhiana. Of these, the first three have informally communicated to the ISE that they will make the payment by April 20. Shah said they were in touch with the other two exchanges viz, Jaipur and Ludhiana, and are hopeful that they too will follow suit. Bourses which have paid their full contribution are Bangalore, Hyderabad, Coimbatore and Kanpur.
He added that by May 15 all the participating bourses should have made a payment of Rs 35 lakh. If they do not stick to this schedule they will risk losing the RSE-promoterstatus when the ISE becomes operational. Further, these bourses will have to make their payments with a 25 per cent premium and it would have to be a single payment of all dues which will be fixed by the ISE board.
Shah said that work on the new ISE premises at Vashi in Navi Mumbai is fast progressing and will be completed as per schedule. The Chennai-based Indigo Technologies, which is supplying the risk-management system, trading, clearing and settlement and auction systems, is likely to conduct its first mock trading session next month.
The ISE steering panel is meeting on April 16 in Mumbai to finalise the insurance packages. According to Shah, the meeting will be attended by representatives from Jardine Fleming and Oriental Insurance. Both these firms will make detailed presentations to the board on covering various risks.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
