Mumbai, Nov 16: National Stock Exchange (NSE) managing director Dr R H Patil has retired from the top position of the exchange on Thursday. Patil who spearheaded the formation of the NSE in 1993 was instrumental in making the NSE the largest exchange in India, even overtaking the Bombay Stock Exchange in terms of daily turnover in stock trading. ``There is an urgent need of launching an initiative to create awareness among the investors as well as public, and I have decided to work seriously for this purpose," Patil said on his future plan. ``In the US, there are specialised universities to conduct educational programmes for this purpose. However, we have not even taken up these issues for discussion and therefore I have decided to take up this challenge,'' Patil said. Patil who had joined the NSE as the managing director in 1993, established the exchanges as one of the leading bourses in the country within a year of its inception. The exchange introduced sophisticated technology for trading and became the first stock exchange in the world to use satellite communication for trading. Patil referred the introduction of screen-based trading and highest level of transparency, demat, derivatives, drop in the brokerage charges and 100 per cent safety in delivery as the major highlights of achievement of the NSE during his seven years association with the exchange. The NSE has been credited with changing the face of capital markets in India by the introduction of screen-based trading and bringing transparency which was a far cry for the then existing stock exchanges run by what was called `The Brokers' Clubs'. With thrust on adoption new technologies, the exchange has made inroads into hitherto uncharted territories across the country, true to its name, and proved to be more modern than exchanges in many developed countries. ``Besides, the exchange has also pioneered the wholesale debt market. All this and much more had been made possible under the leadership of Patil, who as its founder managing director has nurtured it into a technology driven exchange with the largest reach and highest turnover among the Indian SEs,'' said an NSE dealer. According to Patil, the NSE currently has its reach in 385 cities all over India and hoped that the bourse would expand the network to 400 cities by the end of December 2000. Patil was the senior executive director in charge of IDBI's loan operations and treasury functions when he left IDBI to take up the position as the MD of the NSE. When the NSE was set up, there was a lot of resistance from stock brokers and investors who questioned how a screen-based trading system would replace the existing floor based trading. However as the fundamental doubts were cleared, the players grabbed the changes. The NSE came at a time when the stock market was reeling under the securities scam and reforms were badly needed. The NSE with its transparent, broker-independent system changed the very facade of the capital market. It introduced the depository by promoting National Securities Depository Ltd (NSDL). Even when the NSE started the NSDL there were sections of the market players who were not comfortable with the paperless trading.
