Financial mismanagement and total collapse of the exchange had forced the Sebi to takeover management of MESA. Under SS Dhanoa (Administrator) and Charanjeet Singh (deputy administrator), the exchange's functioning seems to be back on the rails. The exchange has also started on-line trading with BSE. The Bombay Online Trading System (BOLT) with three terminals instaled at the exchange is registering a turnover of over Rs 2 crore per day, while the trading on Inter Connectivity System generates a turnover of between Rs 12-15 lakh per day. Similarly, in the MESA segment, the turnover has turned Rs 3 lakh per day. All these turnovers have been evolved in last 40 days and observing the results, a team from Bombay Stock Exchange has planned a visit to MESA by the second week of November to initiate a match-making.

"In another development, the MESA is all set to establish links with Calcutta connectivity (C-Star) using Vsat terminals next week", said the deputy administrator of MESA Charanjeet Singh to The Financial Express on Thursday. Singh added that enthused with the activity in the exchange, 10 more applications for new registrations have been received, of which five of them have already been sent to Sebi for registration. Currently, out of 196 registered members, only 46 are eligible and active on the ring. "We have eight functional terminals, of which three each are being used for BOLT and ISE, while the rest two are being used for trading on MESA," said Charanjeet Singh. On the other hand, the Magadh Stock Exchange has requested the president of the BSE for the granting of BSE membership through a subsidiary, as suggested by Sebi to save the regional exchanges from decay. "In fact, we have requested them to grant us a free of cost membership. They can earn through the turnover we will generate. There has to besome parity with the commercial and social viability too," said Charanjeet Singh.

"We are very pleased with the way MESA has shown signs of revival. We only wish the Sebi " said a member of the exchange. The second term of supersession is due to expire on December 8 this year.