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No decision on common platfrom for small SEs

Mumbai, June 14 (PTI): The regional exchanges today discussed a proposal to set up a company in collaboration with the Bombay Stock Exchange (BSE) to create IndoNext, a trading platform for small bourses and endorsed a move to have exclusive trading in scrips with a capital base of up to Rs 20 crore.

“The first meeting of the steering panel of the Federation of Indian Stock Exchanges (Fise) dwelled on the proposal to set up a company with majority stake for BSE but no decision has been arrived at,” Fise sources said.

This move assumes significance in the light of Sebi’s suggestion for the consolidation of regional bourses. Sebi participated in the meeting in an advisory capacity.

The representatives of regional exchanges have sought a “say” in running of the proposed body, where they would hold a minority stake, sources said.

The Fise panel was likely to hold its next meeting within one month where a clear roadmap for IndoNext may be firmed up, Fise sources said.

The regional exchanges approved a move that would permit exclusive listing of companies up to Rs 20 crore in IndoNext, covering 80 per cent of 10,000 companies listed on the stock exchanges.

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