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BSE Shareholders Approve BSE-USE Merger

Ashish Chauhan, MD and CEO of BSE -

Ashish Chauhan, MD and CEO of BSE -

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.

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