Inter-connected Stock Exchange plans to go national

The Bombay Stock Exchange and the National Stock Exchange will soon have more competition. The Inter-connected Stock Exchange (ISE) which has platforms for regional stock exchanges is planning to go national. CNBC-TV18 learns that ISE has applied for national level equity trading license to market regulator Sebi.

The Securities and Exchange Board of India is likely to have given an in-principle approval to ISE. Sebi has listed certain conditions that the stock exchange will have to comply with before getting a final approval.

ISE was a platform that provided risk management, settlement, clearing, trading functions for regional stock exchanges until 2003 after which it stopped its operations. It however, floated a subsidiary called ISE Securities for smaller brokers.

The platform is expected to launch by February. Although it will be national level equity trading platform, it is more likely to target the companies that were listed on regional stock exchanges and will be more beneficial for smaller brokers. However, like MCX SX, even this platform is expected to have a permitted category where all big (listed) companies can trade. However, all this is subject to Sebi approval.

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