T S Narayanaswami to head new United Stock Exchange

T S Narayanasami, former chairman of Bank of India has been appointed as managing director and chief executive officer of United Stock Exchange, a new bourse formed to trade in financial derivatives in India, located in Mumbai.

Narayanasami was earlier head of state-run banks Andhra Bank and Oriental Bank of Commerce before taking over as head of Bank of India.

Narayanasami's appointment has been approved by the USE board and subsequently by regulators Securities and Exchange Board of India, Reserve Bank of India, and the union government, the release said. As chief executive, Narayanasami will be heading USE's operations, which are scheduled to begin shortly.

USE intends to introduce new and modern financial instruments as and when policy-makers open up these markets in the country, the release said.

USE has 16 leading entities in Indian business and finance as its shareholders. These are Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Union Bank, United Bank, Federal Bank, HDFC Bank, the Minerals and Metals Trading Corp, Indian Potash, Jaypee Capital and TCS.

Around 49 per cent of the equity is held by PSUs and the rest by the private sector.