Magadh bourseback on rails

PATNA, NOV 6: The Magadh stock exchange has said that it will hold muhurat trading on the occasion of the Diwali. The activity on the ring will be observed after two years as the Magadh Stock Exchange Association (MESA) is under the supersession of the Securities Exchange Board of India (SEBI) since December 8, 1997.

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.