April 26, 2006
Industrial Development Bank of India Ltd (IDBI Bank) has today become the clearing bank of Bombay Stock Exchange Ltd (BSE).
This initiative by BSE is an attempt to provide more options to the BSE members. The Exchange is committed to offer its members excellent services and admission of IDBI Bank as a Clearing Bank is a step in the right direction. During the last two years BSE has sold around 200 new Memberships and the Exchange has expanded its terminal network to 423 cities across the country.
During the signing ceremony of agreement between BSE and IDBI Bank, Mr. Rajnikant Patel, Managing Director & CEO of BSE said, "It is a matter of great pleasure for BSE to have IDBI Bank as one of its clearing banks. This initiative is part of BSE's efforts to provide the best of facilities, efficient and professional services to our members. We will also leverage the technological expertise of both the organizations to develop new products and services for the benefit of brokers, market intermediaries, corporates and others."
Mr. G.V. Nageswara Rao, CEO, Commercial Banking, IDBI Bank said, "It's an honour to be associated with BSE, the oldest stock exchange in Asia. IDBI Bank through its cutting edge technology will enable simplified payment gateway services and instant fund transfer across its wide network. This agreement opens up new vistas for IDBI Bank and BSE to create potential areas of cooperation."
About Bombay Stock Exchange
Bombay Stock Exchange Limited is the oldest stock exchange in Asia with a rich heritage. Popularly known as "BSE", it was established as "The Native Share & Stock Brokers Association" in 1875. It is the first stock exchange in the country to obtain permanent recognition in 1956 from the Government of India under the Securities Contracts (Regulation) Act, 1956. The Exchange's pivotal and pre-eminent role in the development of the Indian capital market is widely recognized and its index, SENSEX, is tracked worldwide. Earlier an Association of Persons (AOP), the Exchange is now a de-mutualised and corporatised entity incorporated under the provisions of the Companies Act, 1956, pursuant to the BSE(Corporatisation and Demutualisation) Scheme, 2005 notified by the Securities and Exchange Board of India (SEBI). For more information, visit www.bseindia.com
KALYAN S. BOSE
Head - Corporate Affairs
Source: Bombay Stock Exchange
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