Maintain sanctity of settlement system: Bhave
Chennai | Thursday, Nov 5 2009 IST
 

Securities and Exchange Board of India (SEBI) Chairman C B Bhave today expressed confidence the Madras Stock Exchange(MSE)-National Stock Exchange (NSE) Tie-up, enabling members of the regional stock exchange to trade on the NSE, will succeed and called for preservation of the sanctity of the settlement system.

Addressing a gathering at the launch of the tie-up, Mr Bhave said lack of technology in the 22 regional stock exchanges (SE) affected their business.

"The lack of the ability to connect to the Central Book in the country acted as a disruption in the SE model. After technology came, regional stock exchanges struggled. The business model was gone.

"All investors wanted to access liquidity in the Central Book," he added.

Speaking on the sanctity of the settlement system, he said, "Investors come to expect from us as regulators to maintain the sanctity of the settlement system.

"The Stock Exchange Settlement System will be like clockwork.

Even if the members become bankrupt or the price of the share comes down, the settlement has to be done."

-- (UNI) -- 05MC5.xml

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