Mumbai: The Bombay Stock Exchange Ltd in its annual general meeting held on Wednesday approved the transfer of its clearing activity to the exchange’s fully owned unit Indian Clearing Corporation Ltd. (ICCL). Shareholders also approved a dividend of Rs 4 per share.
The exchange also changed its name from Bombay Stock Exchange to BSE Ltd.
The oldest stock exchange in Asia also announced the replacements for three board members.
The new board members are Dipak Chatterjee (former Indian ambassador to the European Union), Sudhakar Rao (a former Karnataka government official) and Anil Shah (founder of financial services firm Span Group)
ICCL has been providing clearing and settlement services for mutual fund, corporate debt and of the BSE. At present, clearing and settlement of funds and securities on behalf of BSE is managed by BOI Shareholding Ltd. a joint venture of Bank of India (BOI) and BSE.
The National Stock Exchange (NSE) said on Wednesday that it got approval from the market regulator Securities and Exchange Board of India to start trading S&P and Dow indices futures. The exchange said it has also applied for permission to start trading in S&P 500 options contracts.