Mumbai: In its latest attempt to attract more members and boost trading volumes, the Bombay Stock Exchange (BSE) on Thursday slashed membership deposits by 90% in both the cash and equity derivative segments.
Asia’s oldest stock exchange will now offer new memberships on a deposit of Rs10 lakh in place of the current Rs1 crore.
The new rates are applicable immediately.
BSE’s much younger rival National Stock Exchange (NSE) charges a deposit of Rs85 lakh from companies and Rs26.5 lakh from individuals for trading membership in the cash segment.
For membership in the derivatives segment, NSE charges Rs25 lakh from both categories of members.
The total cost of obtaining a BSE membership will now be Rs30 lakh, which includes payments of Rs10 lakh each towards deposit, base minimum capital and the Trade Guarantee Fund.
However, members will need to pay additional admission fees, annual subscription fees and initial contribution towards the Trade Guarantee Fund.