CSE stalls share shifting

Interestingly, all the public nominees and the Sebi nominee had vetoed against the management8217;s move at today8217;s meeting. At the same time, the board approved transfer of 20 group B8217; shares to group A8217; on the basis of trading volumes at the National Stock Exchange. Most of these shares were on the permitted list of CSE.

The shares included HPCL, Tata Chemical, Balrampur Chini, MTNL, LML, HDFC, Hero Honda, Bajaj Auto, Satyam Computers, Infosys Technologies, BHEL, RPL, VSNL, India Hotels, Castrol, Asian Paints, ITC Bhadrachalam, Colgate Palmolive, Ranbaxy, Glaxo, BSES and Oriental Bank of Commerce.

With upgradation of these shares to group A8217;, it is expected that trading activity in the equities would receive a boost on the CSE.

Meanwhile, the Securities and Exchange Board of India, the capital market watchdog, has said that it would soon grant in-principle approval to the exchange for introducing the modified carryforward system and setting up of the trade guarantee fund.

According to a noted stock broker, if the CSE implements the two within the shortest time, then the exchange would be able to attract foreign institutional investors.