Media Release
BSE Shareholders approve BSE-USE merger
Mumbai, October 22, 2014: The proposed scheme of amalgamation between United Stock Exchange of India Limited (USE) and BSE Limited (BSE) and their respective shareholders and creditors under sections 391 to 394 of the Companies Act, 1956 (Scheme) which provides for the amalgamation of USE with BSE was approved by the requisite majority of the equity shareholders of BSE Limited in the Court Convened Meeting held on 20th October, 2014. BSE and USE will now be filing necessary petitions before the Hon’ble Bombay High Court seeking its sanction to the proposed Scheme.
The Competition Commission of India (CCI) and the Securities and Exchange Board of India (SEBI) have given their approval to the proposed Scheme vide their order dated 30th July, 2014 and letter dated 21st August, 2014 respectively.
Popularly known as Asia’s first stock exchange, BSE was established in 1875, BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), is one of India’s leading exchange groups. BSE is a corporatized and demutualised entity, with a broad shareholder-base which includes two leading global exchanges, Deutsche Bourse and Singapore Exchange as strategic partners. BSE provides an efficient and transparent market for trading in equity, debt instruments, derivatives, mutual funds, SME among others. BSE’s popular equity index - the S&P BSE SENSEX - is India's most widely tracked stock market benchmark index. It is traded internationally on the EUREX as well as leading exchanges of the BRCS nations (Brazil, Russia, China and South Africa). Around 5500 companies are listed on BSE making it world's No. 1 exchange in terms of listed members. Recently with the upgradation of new trading software to BOLT+, BSE has become the fastest stock exchange in the country.
It may be noted that USE got its license from SEBI on March 26, 2010. USE is one of the four recognized stock exchange in the country operating specifically in currency derivatives segment. USE represents the commitment of 26 public and private sector banks. USE allows trading in 4 currency pairs - USD-INR, EUR-INR, GBP-INR and JPY-INR USE reflects the high standards and best practices of quality and integrity of its shareholder partners.
ABOUT BSE Ltd:
BSE (formerly Bombay Stock Exchange Ltd.) – Established in 1875, BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), is Asia’s first and fastest Stock Exchange and one of India’s leading exchange groups and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder-base which includes two leading global exchanges, Deutsche Bourse and Singapore Exchange as strategic partners. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, interest rate derivatives, mutual funds and stock lending and borrowing. BSE also has a dedicated platform for trading in equities of small-and-medium enterprises (SME). BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments. Indian Clearing Corporation Limited, the wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on BSE platform and provides full novation guaranteeing the settlement of all bonafide trades executed on the BSE Platform. BSE Institute Ltd, a fully owned subsidiary of BSE, runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), a subsidiary of is one of the two central depository services in India.
For More Information
Yatin Padia – 022 2272 8516 / Ketan Mehta – 022 2272 8321
Marketing Communications
yatin.padia@bseindia.com / ketan.mehta@bseindia.com