The Madras Stock Exchange (MSE), which has completed its 75 years of operations, is working on a turnaround plan to reactivate its trading activities. Addressing presspersons here, on Wednesday, V. Nagappan, Member, Advisory Committee, MSE, said as a first step the stock exchange had entered into an arrangement with the National Stock Exchange (NSE), in terms of which the members of MSE were allowed to trade on NSE platform. Already 60 companies had been included for trading on the NSE platform and more companies would be covered, Mr. Nagappan said.
Besides, MSE was in the process of setting up its own trading platform. It had already procured the requisite hardware and software for this purpose and had set up disaster recovery sites. The new trading platform would be operational after getting the approval from the Securities and Exchange Board of India, Mr. Nagappan said.
According to S. Venkateswaran, Director, MSE, there were 1,150 companies listed on the exchange. Out of these 600 were not listed on the NSE or BSE, he said. With the revival of MSE trading platform, shareholders in these unlisted companies would get liquidity for their holdings, Mr. Venkateswaran said.
D. Sudhakar Reddy, shareholder Director of the MSE, said the stock exchange was exploring the possibility of consolidation through merger of like-minded regional stock exchanges. A few of them had already shown interest towards this move, he said.
Meanwhile, MSE will be celebrating its platinum jubilee on September 29 in Chennai. K. Rosaiah, Governer of Tamil Nadu would be the chief guest. Henry Richard, Chairman, MSE, Justice K. P. Sivasubramaniam (Retd.), Public Interest Director and P. R. Ramasubrahmaneya Rajha, Chairman, Ramco Group will participate in the celebrations.
