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Extermination of Madras Stock Exchange from May 30!
When people hear the term ‘stock exchange’, they will be probably thinking of either of the two epics- the Bombay Stock Exchange and the National Stock Exchange. Many are not aware of the ‘Namma Chennai’s’ stock exchange.
Recent report says
that the Madras Stock Exchange is getting exterminated from May 30
unfortunately.
Madras Stock
Exchange has been the first established stock exchange in the country. It has
been well furnished, since the pre-Independent India times.
Even though, the
MSE is not able to come near the revenue of the National stock exchange, but
until now it will be able to stick its own, said one of its members.
As
per the Securities and Exchange Board of India (SEBI) norms, the stock
exchanges must have a net value of above `100 Crores to function a ‘Clearing
Corporation ’ and also the yield is to be shin up to `300 Crore by the end of
2016.
And this is the condition where the MSE is improbable to comply with by the May 30, 2014 time limit. The regional stock exchange is also in front of a looming power cut due to its incapability to gratify the SEBI directive of May 2012 that indicated the norm to be met in turn to persist its functioning.
All regional stock exchanges have been struggling for its existence due to the low degrees of trade.
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