Shareholders approve closure of BSE

As was widely expected, shareholders of the Bangalore Stock Exchange unanimously approved the ‘voluntary dissolution’ of the 50-year-old institution on Saturday.

The Annual General Meeting, which was attended by 100 out of the 925 members, authorised the management to seek the approval of the Securities and Exchange Board of India (SEBI).

“A formal letter will be sent to the SEBI on Monday,” said a senior BgSE official. Saturday’s authorisation was a mandatory requirement, which would pave the way for the exchange’s eventual exit. C. Subramaniam, Chief Operating Officer, BgSE, told The Hindu that the AGM also decided unanimously to explore various options for the exchange company to enter into ‘non-exchange activities.’

  • Sub-committee to explore options to enter into ‘non-exchange activities’

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