The exchange will gradually start trial runs of the entire system from July 22 at various regional exchanges which have tied up with ICSE. It is currently in the process of scrutinising applications from about 100 members who are keen to trade on the exchange. The final registration will begin on July 15. Another 200 applications from brokers are being examined by the concerned regional stock exchanges.

The mock trading session will be open to all members of the regional stock exchanges. This will give an opportunity to get fully acquainted with the entire process which includes the trading system, software, the clearing process, the banking system and therisk management process. During the mock sessions, training will be imparted to all the members and a live demonstration of the entire clearing process will be executed.

This will include the time schedule of pay-in and pay-out of shares and funds and the process of movement of shares between regional exchanges. Members of regional stock exchanges will be permitted to trade on the ICMS, provided they have a capital adequacy of Rs 4 lakh and pay an admission fee of Rs 25,000. They will be called as Traders and a final clearance will have to be given at both the regional exchange level and the ICSE level. The application will then be sent for Sebi approval and will undergo the Sebi registration process.

Institutions who will trade on the exchange in the capacity of dealers have to pay an admission fee of Rs 10 lakh as infrastructural fee. They must also keep additional deposit of Rs 10 lakh, to be considered as capital-adequacy fee. They will be inducted to the exchange in the second phase of implementationonce ICSE is fully operational.

ICSE had carried out a demonstration of its trading system at the recent inauguration of its office at Vashi. They are currently installing the V-Sats, the work station terminals and trading software at various exchanges.