Regional bourses to talk on merger plans today

Based on Sebi’s proposal, the country’s regional stock exchanges will draw up a roadmap today to either form a consolidated larger entity ‘indonext’ or merge the trading platform with bigger bourses like the BSE. The steering committee constituted by Federation of Indian Stock Exchanges (FISE), having representations from 20 regional bourses, along with officials from BSE, OTCEI and Sebi would discuss the issue at a meeting in Mumbai Saturday.

‘‘We would like to have a common order book, trading platform, settlement cycle and depositories to set up ‘indonext’. BSE and inter-connected stock exchange have already offered their trading platforms for ‘indonext,’’’ FISE president Vijay Bhushan said here. The National Stock Exchange (NSE) has not come to the rescue of the regional stock exchanges, which now look towards the other big brother, BSE. The meeting assumes significance in view of Sebi chairman G.N. Bajpai’s proposal of consolidation of bourses, in his last meeting with top FISE officials here in June first week.