Kotak Mahindra to be the clearing Bank for BSE

Mumbai, May 18: The Kotak Mahindra Bank today formally signed an agreement with the Bombay Stock Exchange as a clearing Bank, to provide quality services to the exchange members.

During the agreement signing ceremony between BSE and Kotak Mahindra, Managing Director and CEO of BSE Rajnikant Patel said, ''BSE has taken many new initiatives to provide quality facilities, and efficient and professional services to our members. We will also leverage Kotak Mahindra Bank's expertise in financial market to provide innovative products and services for the benefit of brokers, market intermediaries, corporates and others.'' Speaking on the occassion, the bank's vice chairman and Managing Director Uday Kotak, said, ''This empanelment will help the the bank in completing the bouquet od services that it can offer to the BSE constituent members and enable the bank to provide a comprehensive and integrated range of products and services to the BSE members.''

UNI