CSE to be modernised and revived: MCX

Kolkata, Dec 06 (UNI) Multi-Commodity Exchange of India (MCX) and ASOCHEM have given a proposal to West Bengal government for reviving the Calcutta Stock Exchange.

Talking to UNI on the sidelines of INFOCOM, MCX Chairman and CEO Jignesh Shah said they have already submitted the blueprint of the project to Chief Minister Buddhadeb Bhattacharjee and expected to get it cleared by January 2007.

Financial Technology, a company owned by Mr Shah, has prepared this detailed project report.

"We also need SEBI's approval for this project and we will get that clearance soon. Then we will prepare investment plans for this project which should be ready by the first half of 2007," he said.

"We will equip it with modern trading facilities. The state government, Calcutta Stock Exchange and MCX will sit together to decide on its future and within how much time will it be completed and how much will be invested," he said.

"We want to make CSE at par with any of teh leading stock exchanges of the world," he added MCX, India's numer one commodity exchange, is an independent and demutualised multi-commodity exchange having recognition from the union government.

Inaugurated in 2003 MCX was setup with the objective to provide state-of-the-art online trading clearing and settlement of comodity futures market across the country.

After the stock exchange is revived and modernised it will bring sea-change in Calcutta Stock Exchange (CSE) which hardly has any trading now.

MCX has also set up a branch in Kolkata recently for commodity futures trading.

UNI JYN BA SS1158