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VSE all set to get a nod to have commodity exchange

The Vadodara Stock Exchange (VSE) is all set to get a nod from the Security Exchange Board of India (SEBI) for trading in commodities through multi-commodity exchange (MCX) and currency future and options.

Written by Express News Service | Vadodara |
January 24, 2009 12:28:47 am

The Vadodara Stock Exchange (VSE) is all set to get a nod from the Security Exchange Board of India (SEBI) for trading in commodities through multi-commodity exchange (MCX) and currency future and options. The VSE had applied last year for the approvals.

VSE Chairman Sudhir Shah said: “We will get the approval for trading in commodities from SEBI in a month’s time. The approval for future and options will take around three months.” 

The VSE had also sought permission to enter into the market with initial public offering (IPO). The proceeds of this IPO were to be used for purchasing new software for online trading,building renovation and security arrangements and also to expand business of depository participants.

The VSE has also allotted 1:1 bonus share to its shareholders to raise money. With this move,the VSE equity of Rs 1.45 crore entailing 1.45 lakh shareholders has doubled to Rs 2.9 crore by enlisting same number of shareholders.

Asked whether investors would consider the IPO when the markets are grim,Shah said,“We have begun the process. The procedure takes a lot of time. It will take around eight months for the formalities to be completed.”

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