BSE decides to admit fresh members to the stock exchange
By Our Markets Bureau | 10 Oct 2003
Mumbai:
The Bombay Stock Exchange (BSE) has decided to admit fresh
members to the stock exchange.
According to BSE officials, the exchange plans to issue 27 corporate memberships at Rs 65 lakh each. Already three companies have approached for membership. The exchange is expected to make an official announcement shortly. The move to issue fresh membership is part of its corporatisation and demutulalisation drive.
BSE
members have already approved the proposal to move to
the deposit-based system where after the demutualisation
each member will have Rs 65 lakh as deposit and also get
10,000 shares of the BSE Ltd, the company to be named
after corporatisation. This proposal is subject to government
approval, BSE officials were quoted as saying.
Officials
at the exchange said the new members will have the same
benefits as those enjoyed by the existing members.