ISE to start its operation from october; ISE Trading

Mumbai: The Inter-connected Stock Exchange of India (ISE), promoted by 13 regional stock exchanges has announced that it would launch live trading on its platform in October 2010. With this announcement, the competition in the stock exchange business in India is set to become fiercer.

Apart from 13 regional stock exchanges which hold five percent stake in ISE, the other big shareholders include Bennett, Coleman and Company, Mumbai-based stock broker and bond dealer Darashaw and Co, Religare Technova and leading gold trader Prithviraj Kothari of Riddhi Siddhi Bullion. All of them hold nine percent each in the exchange. The wife of another top stock operator, O M Damani, holds three percent.

ISE has brought in IT major Tata Consultancy Services as its technology partner. TCS will handle ISE's clearing, trading, settlement and other software-related needs. ISE will offer "cost-effective trading, clearing and settlement, risk management and surveillance support to over 800 trading members across 79 cities in India supported by its nine branch offices," said Managing Director of ISE, PJ Mathew. Out of the 13 promoter exchanges, Kochi, Bangalore, Jaipur, Madras, Madhya Pradesh, Guwahati and Uttar Pradesh exchanges are active.