Revival plan for ailing Calcutta Stock Exchange

Kolkata, Aug 30 (IANS) A revival plan for the sick Calcutta Stock Exchange (CSE) will be prepared by the Multi Commodity Exchange (MCX) within a month.

Wednesday, August 30, 2006 | 1:06:30 PM IST (+05:30 GMT)
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Kolkata, Aug 30 (IANS) A revival plan for the sick Calcutta Stock Exchange (CSE) will be prepared by the Multi Commodity Exchange (MCX) within a month.

'We will prepare a report on how to revive the stock exchange in a month's time. We have suggested that CSE would require having commodity future and spot commodity market along with equity market,' MCX CEO and Managing Director Jignesh Shah said.

'Our report will carry details of bottlenecks that require to be sorted out for development of the spot market,' Shah said.

The report would be submitted to the West Bengal government. Chief Minister Buddhadeb Bhattacharya had requested the MCX for reviving the exchange.

MCX officials, however, were yet to meet CSE officials to discuss the detailed plan. MCX plans spot market for potatoes in the state and has tied up with four cold storages in some south Bengal districts.

Shah declined to comment on whether MCX had a plan to acquire a stake in CSE.

Consultant Ernst & Young has advocated that CSE to begin commodity trading to counter dwindling volumes in equity trading.

Copyright : Indo-Asian News Service
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