Financial Daily from THE HINDU group of publications
Thursday, Nov 21, 2002
Financial Daily from THE HINDU group of publications Thursday, Nov 21, 2002 |
|
|
|
|
|
Markets
-
Stock Exchanges Nasdaq keen on tie-up with Indian bourses Our Bureau
Mr Alfred R. Berkeley, Vice-Chairman, Nasdaq.
MUMBAI, Nov. 20 NASDAQ, which has decided to close down its exchange in Japan, is looking at other Asian markets, including India, for trading tie-ups in the future. "We are keen to have tie-ups with Indian stock exchanges. Having a set-up in India is our long-term commitment. But before that, we want to bring more US capital to this country," said Mr Alfred R. Berkeley, Vice-Chairman of the Nasdaq Stock Narket. But to start cross-border trading from India, Nasdaq will have to wait till the country decides to have full float of its currency. Until then, it can only have non-trading arrangements with Indian exchanges. "We take a long-term view of things," said Mr Berkeley. Nasdaq currently has a representative office in India. "India needs capital to grow and the US companies with capital are looking for growth opportunities. And Nasdaq is there to help both," said Mr Berkeley, currently in Mumbai to participate in the Banking and Finance Summit 2002, organised by Tata Consultancy Services (TCS). Mr Berkeley will be speaking on the subject of `straight through processing', which SEBI is currently working on to enable stock exchanges to go in for a T+1 settlement system. The Nasdaq Vice-Chairman will be meeting promoters of Indian companies, including the Tatas, to discuss the scope of getting them listed on the Nasdaq. Though the Tatas have plans for an international offer, they are yet to convert TCS into a separate company. "The process may take time," said a Tata official. Though currently the market may not be good to realise the true value of stocks, Mr Berkeley said long-term US institutional investors are interested in Indian stocks. The Indian economy was growing and the market was stable and investors were taking a long-term view, he said. There are several Indian unlisted companies which have the potential to tap the overseas capital market. Comparing the advantages of Nasdaq listing, he said, Infosys, for example, had 17 market-makers (on Nasdaq) as against one or two for ICICI Bank and Wipro listed on the New York Stock Exchange. NYSE entertains mainly big companies, but Nasdaq helps even smaller companies raise capital and grow, he said. Referring to the new trading platform, `SuperMontage', he said, the fully integrated order display system would help investors minimise risks, he said.
Send this article to Friends by
E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|