NSE, DotEx launch online broking platform

By : |November 30, 2000 0

MUMBAI: India’s National Stock Exchange (NSE) and DotEx, a joint venture
between the exchange’s information technology arm and software firm iFlex
Solutions, on Wednesday launched DotEx Plaza, an Internet trading service.

DotEx Plaza will bring together brokers, depositories, banks and investment
consultants on a common platform, a DotEx statement said.

The service could facilitate initial public offerings and trade in mutual
funds on the Internet, D R Mehta, chairman of stock market regulator Securities
and Exchange Board of India, told a conference at the launch of DotEx Plaza.

"Currently on the Internet (in India) there are 40,000 clients
generating a daily business of Rs 400 million," he said, adding that this
would grow significantly in the next one or two years.

"At some stage, there could be more business transacted on the Internet
than through the normal channels," he said.

Thirty brokers have joined the service and negotiations are on with Citibank,
and private sector UTI Bank and HDFC Bank to get them to join, DotEx chief
operating officer V Srinivasan told the conference.

(C) Reuters Limited 2000.

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