Saurashtra Kutch Stock Exchange
| SKSE | |
| Type | Stock exchange |
|---|---|
| Location | Rajkot, India |
| Coordinates | 22°18′N 70°47′E / 22.300°N 70.783°E |
| Founded | July, 1989 |
| Owner | Saurashtra Kutch Stock Exchange Limited |
| Key people | S. G. Raval (Executive Director) |
| Currency | ₹ |
| Website | Saurashtra Kutch Stock Exchange |
Saurashtra Kutch Stock Exchange Limited (Gujarati: શેર બજાર, popularly called Stock Exchange, or SKSE) is one of three stock exchange in Gujarat. It is located at Sadar Bazaar, Rajkot, India. Saurashtra Kutch Stock Exchange Ltd was incorporated in the month of July 1989 and got recognition from the Government of India. The recognition have been renewed from time to time by the Central Government and SEBI.
History and Present
The Stock Exchange is recognized under Securities Contracts Regulation Act. Earlier the Stock Exchange was having very good volume. The broker members were doing huge volume on the floor of the stock exchange. Subsequently after the commencement of National Stock Exchange and on-line computerized trading, the volume on the regional Stock Exchanges faced the decreased trend and as a result, the regional stock exchanges were facing difficulties of reduced liquidity, volume and dept. In December 1999, SEBI has permitted the regional stock exchange to acquire membership of bigger stock exchanges like BSE and NSE by forming a subsidiary company and thereby to provide trading platform to the brokers of regional stock exchanges. Accordingly, many stock exchanges have floated subsidiary company for acquiring membership of BSE or NSE. Our stock exchange has also floated a subsidiary company namely SKSE Securities Limited which is a 100% subsidiary of Saurashtra Kutch Stock Exchange Ltd. This subsidiary has acquired membership of BSE and NSE and it has got SEBI registration also and got permission for trading from the Stock Exchange, Mumbai and National Stock Exchange of India Ltd., Mumbai. Our subsidiary is also a Depository Participant of CDSL.[1] NOW THE SKSE LTD IS DERECOGNISED BY SEBI. SKSE LTD HAS 347 MEMBERS AND SKSE SECURITES LTD IS A 100% SUBSIDIARY OF SKSE LTD. AS PER THE GUIDENCE AND ORDER OF SEBI, SKSE LTD HAS TO WIND UP THE PROCESS AND STOP PROVIDING PLATFORM TO DEAL IN BSE/NSE TO THE MEMBERS WHO ARE STILL TRADING UNDER THIS PLATFORM, MOREOVER, THE PREMISES OF SKSE LTD i.e. POPATBHAI SORATHIA BHAVAN, THE MANAGEMENT OR THE OFFICE BEARERS OF THAT TIME HAS ALLOWED 107 MEMBERS TO UTILISE ITS PREMISES ON RENT AS A SMALL OFFICES UNDER RENEWABLE LEASE AGREEMENT.
SKSE HAS TO GIVE NOTICE TO VACATE THE OFFICE PRIMISES IMMEDIATELY SO AS TO COMPLETE THE LEQUIDATION PROCESS IN TERMS OF SALE OF THE PROPERTY
Automation
The stock exchange went live on October 3, 1996. Online trading was inaugurated by Shri M. R. Maiya (Bhishmapitamaha of Capital Market). Initially, SKSE used paperbased system before automation. Since October 3, 1996, SKSE operates on Saurashtra Kutch Stock Exchanges's Online Trading System called SKATE. Members of the SKSE can also trade on the Bombay Stock Exchange though VSAT channels. Today the stock exchange has 120 trading members.
Subsidiary
SKSE Securities Ltd is a subsidiary of Saurashtra Kutch Stock Exchange Ltd. SKSE Securities Ltd is member of The Stock Exchange Ltd, Mumbai (BSE), National Stock Exchange of India (NSE), Central Depository System (India) Ltd (CDSL). As SKSE securities ltd is a 100% subsidiary of skse ltd, has to follow up the winding process as skse ltd is de-recognized the rights to trade on bse/nse as per the sebi guidelines.
SKSE securities has to give notice to the account holder or traders to stop using the services so as to comply with the sebi order immediately
See also
References
- ↑ "About SKSE"., Retrieved on December 20, 2007