MUMBAI, OCT 12: The National Stock Exchange (NSE) has given in-principle approval for acquisition of its membership by Inter-connected Stock Exchange of India (ISE) through the subsidiary-route.The exchange expects to complete formalities within the next two months, ISE managing director Joseph Massey said in a statement here today. ``Exchanges willing to become member of the NSE will not be required to have four dominant promoters as required for the other members. But vis-a-vis the membership fees and other requisite fees, these members will not enjoy any concession. On the other hand, all these stock exchange members will be permitted to trade only in demat form,'' said an NSE official.The ISE, with eleven exchanges participating as its members, has already sought membership of the Bombay Stock Exchange (BSE). ``We plan to do this in a phased manner and take up BSE membership in the second phase. We are awaiting a final proposal from BSE,'' he said without committing to a time frame.Trading on the NSE would be through a separate window, he said, adding ``we hope that those trading on the NSE window would also use ISE for arbitrage or shifting of positions and thereby improve turnover.''NSE managing director R H Patil said seven or eight exchanges had already approached the NSE for membership but declined to comment as to whether any participating exchanges of the ISE had also applied. According to Massey, ``it is most likely that most exchanges will now go through us rather than go it alone.''ISE was originally set up to revive regional stock exchanges all over the country. Regional exchanges were making losses and their turnover had fallen steeply following the expansion of the NSE and the BSE. Subsequently, the market regulator SEBI mooted the proposal of regional exchanges taking membership of bigger exchanges like the NSE and the BSE.Sensex seen at 5,800MUMBAI: JM Morgan Stanley Securities has maintained its forecast of 5,800 for the top-30 share Bombay Stock Exchange sensitive index (Sensex) in the next six to nine months, a top official said on Tuesday. "I don't think this is the end of the rally, we should still see it going high to a level of 5,800," Mihir Doshi, CEO of JM Morgan Stanley Securities told Reuters Television.JM Morgan Stanley had in July this year set a 12-month target of 5,800 for the Bombay index. "Our perspective is and this is well before the election results, in the mid-year of 1999 when we had published our 12 month target, 5,800 for the index, and we still maintain that. By some time in the next 6 to 9 months we will see those index levels," he said.
