Five SEs may face derecognition from SEBI by year-end

Mumbai, Aug 10 (UNI) Five stock exchanges (SEs), including the Pune Stock Exchange, may face derecognition by market regulator SEBI in case they fail to fulfill compliance norms before their recognition term ends.

According to information divulged in SEBI's official website, the recognition of five SEs expiring in this calendar year 2006 are Pune Stock Exchange (September 01), Coimbatore Stock Exchange (September 17), Cochin Stock Exchange (November 07), Interconnected Stock Exchange of India (November 17) and Magadh Stock Exchange (December 10).

It could not be ascertained whether Pune&Coimbatore bourses which face derecognition next month, had filed for renewal or not.

Eight stock exchanges in the country enjoy permanent recognition and these are the Bombay Stock Exchange, Ahmedabad Stock Exchange, Bangalore Stock Exchange, The Calcutta Stock Exchange Association, The Delhi Stock Exchange Association, Hyderabad Stock Exchange, Madhya Pradesh Stock Exchange and Madras Stock Exchange.

The NSE, established in 1994, has been receiving five-year contract renewal and its third contract renewal ends on April 25, 2008, the SEBI said.

The bourses, whose recognition expires in 2007 are OTC Exchange of India (August 22, 2007), The Uttar Pradesh Stock Exchange Association (June 02, 2007), Gauhati Stock Exchange(April 30, 2007), Bhubaneshwar Stock Exchange (June 04, 2007), Vadodara Stock Exchange (January 03, 2007), Saurashtra Kutch Stock Exchange (July 09, 2007) and Ludhiana Stock Exchange (April 27, 2007).

The Jaipur Stock Exchange has recognition till January 08, 2009, it added.

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