NSE expels seven members

NSE expels seven members
ENS ECONOMIC BUREAU

MUMBAI MAY 16: The National Stock Exchange (NSE) has expelled seven of its trading members with immediate effect due to their failure in meeting the requirements for continued membership of the exchange as well as their failure in abiding by the directives of the exchange and clearing corporation for a prolonged period.

NSE has also declared its trading member, Valampuri and Company as defaulter with effect from May 16 due to its failure in meeting their obligations and liabilities to the exchange and clearing corporation. The trading facility of the member had been withdrawn by the clearing corporation for a prolonged period.

According to an NSE release, the members who were expelled from today were Diamond Securities Pvt Ltd, Sushant Capitals Ltd, Digital Leasing and Finance Ltd, R Kesavan, Investment Point India Ltd and Ami Securities Ltd.

Trading facility of these members had been withdrawn by the clearing corporation for a prolonged period for non-compliance with the requirements of the exchange and clearing corporation.

Meanwhile, the NSE has suspended Premier Securities Ltd with effect from May 16 due to their failure in meeting the requirements for continued membership of the exchange and clearing corporation. Trading facility of Premier Securities had been withdrawn by the clearing corporation for a prolonged period, the NSE release said.

BSE DERIVATIVES:The Bombay Stock Exchange (BSE) Director-Corporate Development Dr Manoj Vaish has been appointed as the CEO of the exchange's derivatives segment. As director in-charge of business development and marketing & training, Vaish played a key role in the strategic initiatives and developmental activities of the exchange for the last one year, BSE Executive Director A N Joshi said in a release here.

BSE is planning to shortly launch stock index futures as the first derivatives product. Vaish had worked in various capacities in ANZ Grindlays Bank PLC and Deutsche Bank AG before joining the BSE in 1998, he said.