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UNITED NEWS OF INDIA
New Delhi, Dec 18: The two groups led by former presidents Ashok Agarwal and Arjun Kapur are contesting Saturday's election to the Delhi Stock Exchange board on the plank of streamlining DSE operations as well as bringing back investor confidence.
Kapur said that his panel's agenda is to bring back confidence of investors, who have not received care in the past. However, he did not give specific details of his programmes, stating that he will unveil them some time after the elections.
Agarwal said DSE will have to carve out niche for itself as there is a tough competition among the exchanges. Unless that is done, DSE cannot be described as a big exchange. To achieve the objective, his team would introduce a scheme of market specialists, currently in vogue in the New York Stock Exchange, who will be required to give two-way quotes.
Both the contendors for the post of DSE president said they will be in touch with the Securities and Exchange Board of India and the government officials to make the localcourse more effective as and when need arises.
Kapur said his panel will build on the foundation set up by the present team, led by Deepak Chowdhry, while Agarwal said he does not want to comment on the work of others. Agarwal said his team will tone up the exchange to make it more competitive and responsive to the situation. Besides, his panel would begin preparation for future and options scheme as and when it is introduced.
Kapur said DSE has already got the approval for on-line trading outside Delhi in more than 70 cities. While 35 terminals have already been activated, his team would complete the task in the remaining cities.
Agarwal said his team would expand wide area network to other centres of the country. Besides, his panel's agenda include signing of MOUs between DSE and other neighbouring exchanges for online trading, he said. At present DSE has not inked any MOU, he said.
Agarwal said he will endeavour to make Stock Holding Corporation a member of the clearing house. Besides, his teamwould set up a broker contingency fund to take care of temporary monetary requirements of brokers. Besides, dispute resolution mechanism would be made more transparent and efficient, Agarwal said.
On the DSE employees' union threat to go on hunger strike next week to press for their demand for a wage hike, Agarwal said his team would tackle the issue as per requirement. He expressed hope that there would not be any strike at the local bourse. Kapur said during his presidency, he had given employees interim relief two years ago. He would look into the demands of the Union, he said.
As many as seven directors would be elected to the DSE board tomorrow, besides a president.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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