The Exchange is also planning to kick off modified carry forward system soon in a bid to bring more liquidity in the market. The exchange has also decided to allow its members to transfer their Base Minimum Capital to the ISE.

CSE president Chacko J Kallivayalil said the top brass of the exchange had opened discussion with the premier stock exchanges in the country last week for taking up membership in them.

"We have had a lengthy discussion with BSE authorities in this connection. We will soon meet the NSE top brass to take up the issue", CSE president told The Financial Express.

He said the move comes close on the heals of recent changes scripted by the market regulator in a bid to help the tiny regional stockexchanges to survive. Earlier, Sebi guidelines allowed only individual brokers and institutions to pick up membership on stock exchange.

However, Sebi has recently changed the rules of the game and allowed smaller exchanges to join larger ones like BSE and NSE. "This would help our members to service the investing public better", the CSE president has said.

CSE is the third among the regional stock exchanges to seek membership in bigger exchanges like NSE and BSE. Already Guwahatti and Magadh Stock Exchanges has approached the Calcutta Stock Exchange seeking membership.CSE has also decided to kick off the modified carry forward system on the bourse soon.

This follows the Sebi decision to give its green signal for the Rs 50 lakh Trade Guarantee Fund set up by the bourse.

In a related development, the Cochin Stock Exchange has allowed its members to transfer their Base Minimum Capital (BMC) to the Interconnected Stock Exchange (ISE).

The Sebi in its last week meeting has permitted members of theregional stock exchanges to transfer their capital base to ISE. CSE is the first among the regional stock exchanges to allow their members to transfer their capital base to ISE. The move is aimed at bringing in more liquidity to ISE and more revenue to CSE.

According to MR Mayya, chairman, ISE, the Sebi decision to transfer the BMP of members of the regional SEs to ISE would help the nascent exchange to achieve a turnover of over Rs 100 crore by the turn of the current financial year.

"We expect the strength of active trading members to go up to 500 by September and consequently volume would grow by leaps and bounds", Mayya said.

He said ISE has lined up a slew of projects in the pipeline including membership for Special Category Dealers as approved by Sebi recently, internet trading, issuing of IPOs through its national network, corporate database services, trading facility for open-ended MFs and expansion to non-services areas.