<p>"A diversified ownership is very necessary in a market infrastructure company. Ultimately, exchanges are public utilities. (It) is a means of good governance," Reserve Bank of India (RBI) Deputy Governor, Shyamala Gopinath, said during the inauguration of the United Stock Exchange (USE) here.<br /><br />Endorsing her views, market regulator Sebi Chief, C B Bhave, said, "I am happy that USE is coming with a diversified ownership...we need to see that they serve the purpose that they are supposed to serve." USE is a unique public-private partnership with 21 public sector banks, five top private banks, the BSE, trading companies like the state-owned trading entity MMTC, Jaypee Capital, gold importer Riddhi Siddhi and a leading garment exporter as stakeholders.<br /><br />Bhave said Sebi has also formed a committee to look into exchange ownership limits and listing in April 2010. Exchanges are systemically important institutions and at the core of functioning of financial institutions, Gopinath said.<br /><br />The statements assume significance as Financial Technologies' exchange for equity trading, the MCX-SX's desire of beginning operations is stuck for want of approval from Sebi which is insisting on full compliance of ownership norms in letter and spirit. MCX-SX has moved the Bombay High Court against the delay.</p>
<p>"A diversified ownership is very necessary in a market infrastructure company. Ultimately, exchanges are public utilities. (It) is a means of good governance," Reserve Bank of India (RBI) Deputy Governor, Shyamala Gopinath, said during the inauguration of the United Stock Exchange (USE) here.<br /><br />Endorsing her views, market regulator Sebi Chief, C B Bhave, said, "I am happy that USE is coming with a diversified ownership...we need to see that they serve the purpose that they are supposed to serve." USE is a unique public-private partnership with 21 public sector banks, five top private banks, the BSE, trading companies like the state-owned trading entity MMTC, Jaypee Capital, gold importer Riddhi Siddhi and a leading garment exporter as stakeholders.<br /><br />Bhave said Sebi has also formed a committee to look into exchange ownership limits and listing in April 2010. Exchanges are systemically important institutions and at the core of functioning of financial institutions, Gopinath said.<br /><br />The statements assume significance as Financial Technologies' exchange for equity trading, the MCX-SX's desire of beginning operations is stuck for want of approval from Sebi which is insisting on full compliance of ownership norms in letter and spirit. MCX-SX has moved the Bombay High Court against the delay.</p>