NSE picks up Pune as backup centre

The National Stock Exchange (NSE) has selected Pune to begin a separate backup centre to take care of its operations in emergencies. Nomi...

The National Stock Exchange (NSE) has selected Pune to begin a separate backup centre to take care of its operations in emergencies. Nominal trading took place on Saturday marking the launch of the centre. Market sources revealed that this is the second attempt made by NSE for its transactions. The centre at Pune will function as a substitute and come into the picture in case of a major technical failure at the main NSE exchange. Market sources revealed that the first attempt was a failure.

Meanwhile, the Pune Stock Exchange (PSE) is all set to launch its Wide Area Network (WAN) by August 15. PSE has floated tenders on March 3 and March 5. More than 30 firms have taken the tender forms which are to be submitted by March 27. PSE president Mohan Gujarathi said that a committee has been formed to finalise the tender project. Pune is the first regional stock exchange to have opted for the Wide Area Network. Once the system is in place, brokers can directly operate from their respective offices instead of the central channel of the stock exchange.

The committee members include Vice President (Systems) of the National Stock Exchange (NSE) Satish Naralkar, Jayakumar Paranjape, Retd Chief General Manager of MTNL, PSE President Mohan Gujarati and Executive Director of PSE P L Kadlaskar. A final decision on the project will be taken in the first week of April and network is expected to be in place by the August.

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Brokers in Pune district will be covered in the first phase and in the second stage, WAN will be extended to Satara, Sangli, Kolhapur, Solapur, Ahmednagar, Aurangabad, Nashik and Mumbai. The first will be an intra-city network and the second has been planned as an inter-city network, he explained.“ Regional stock exchanges will grow only if we grow and expand with the times,” Gujarathi said.

The PSE president said that the first stage will involve a total expenditure of Rs. 60 lakh to Rs.80 lakh. Around eight terminals will be permitted to each broker who in turn can offer these to sub-brokers. PSE has opted for dedicated lease-lines for setting up the network. Should the system come into place, PSE will be the first stock regional exchange to opt for this system.

Other national stock exchanges like Delhi already have this system. The WAN system also means that PSE could also move out of its premises to its former office at Shivleela Chambers.

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