Vadodara, Feb 18 (PTI) The Federation of Indian Stock Exchanges (FISE), the umbrella body of 16 regional stock exchanges, has constituted a three-member panel to submit a detailed road-map to regulator Sebi and seek extension deadline to meet the new minimum networth norms to March 12. The members of the panel are Jagdish Thakkar (FISE Secretary) Ramu Sharma and Nagappan (both former chairmen of FISE). Thakkar is a Vadodara-based member, while Sharma is from Bangalore and Nagappan from Chennai. "We constituted this committee after Sebi officials had asked an FISE delegation last week to submit their demands with concrete proposals. The FISE had met with senior Sebi officials on February 12 and requested Sebi to extend its March 12, 2013 deadline for regional stock exchanges (RSEs) to submit a revival plan for achieving a minimum networth of Rs 100 crore or Rs 1000 crore in volume, by 2015," Thakkar told PTI. Thakkar also said the Sebi officials were positive in their approach and expressed the hope that their demand would be considered. The Sebi in a December 12, 2012 note had asked all RSEs to submit a revival plan by March 12, 2013. Thakkar said they had told Sebi officials that meeting the deadline in such a short notice was not possible. It can be noted that last June a Sebi circular had asked RSEs to achieve minimum networth criteria of Rs 100 crore by 2015. The Sebi had also said an exchange without any trading platform or with an annual trading corpus of under Rs 1,000 crore should apply for voluntary de-recognition and exit. He further said following the recent Sebi decision to allow defunct stock exchanges to close down, several regional exchanges are planning mergers to stay afloat, and noted that the stock exchanges of Ahmedabad, Rajkot and Vadodara were moving in that direction in September last. Last month, the Hyderabad Stock Exchange became the first bourse to formally announce closure. PTI COR BEN DK DK NS SDM
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