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Anand Rathi unveils Vision 2000, seeks to infuse corporate culture into BSE

The Bombay Stock Exchange, Asia's oldest bourse, will seek to recapture its past glory and pride through Mission 2000 and Beyond.

BSE president Anand Rathi presented the long-term plan document to the media at his maiden media conference after his election.

He said in order to become an effective self-regulatory organisation, BSE will establish ethical standards for members of the governing board. The exchange will seek information from leading global-scale exchanges for the same.

The exchange has also decided to adopt international best practices from other exchanges and introduce the first comprehensive online surveillance system in India to avoid any lapses, he added.

Apart from this, the premier bourse will have a professional management, and continuously upgrade and update technology in a cost-effective manner.

The BSE will also maintain good relations with other exchanges in the country.

The BSE will expand the BOLT network to 500 cities by March 2000, set up its own V-SAT network and clearing corporation, and depository services through the BOLT network. This will offer investors low-cost, far-reaching solutions. The exchange will launch derivatives trading as soon as it gets clearances from the regulators.

The BSE will set up a single-point dedicated interface for solving investors' problems. Rathi said the BSE has started to prepare a list of errant companies which do not adhere to the exchange requirements and allegedly harrass investors.

The exchange would like to take up the matter of such companies with the company affairs department, Rathi said.

He said as part of investor protection drive, the exchange has decided to transfer defaulting companies to a separate category called Z category. This will make the investor aware of the risk in dealing in these securities. In some cases, the BSE will also initiate winding up action.

While implementing various reform processes, the BSE will also try to strengthen the confidence between the various regulatory authorities, Rathi said.

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