<p>George Soros is in final talks to buy Dubai Holding’s 4 per cent stake in the BSE, UK daily Financial Times said in a report.<br /><br />Meanwhile, talking to reporters here, BSE Chief Executive Madhu Kannan declined to comment on the issue, adding that the transaction is independent from the exchange. “I do not like to comment on this. But I can say it is a transaction independent of us,” Kannan said.<br /><br />Quoting sources, the FT report said Soros Fund Management is planning to pay about US$40 million for its stake, valuing Asia’s oldest bourse at about US$1 billion. <br /><br />“If it happens, it will be a sign of confidence in the Bombay Stock Exchange,” Kannan added. Dubai Holding, group owned by emirate’s ruler Sheikh Mohammed bin Rashid al-Maktoum, had reportedly been looking to exit the BSE for sometime. Currently, Singapore Exchange and Frankfurt-based Deutsche bourse each hold 5 per cent equity in BSE. Sebi rules don’t permit individual foreign entities to own not more than 5 per cent stake in local bourses.<br /><br />NSE, LSE deal<br /><br />Meanwhile, National Stock Exchange and London Stock Exchange entered into a deal to evaluate the options of cross-listing of key indices on each other’s platforms. The London Stock Exchange Group (LSEG) and NSE signed a letter of intent to evaluate joint strategic business opportunities and co-operate more closely in the future, NSE said.<br /><br />Under the agreement, the two exchanges will explore the feasibility of an agreement whereby FTSE Group may licence the FTSE 100 Index to the NSE and the Indian bourse may licence its benchmark Nifty-50 to LSEG for trading purposes.<br /><br />“We are confident the letter of intent with LSE will open up newer investment opportunities for Indian investors and expand the bouquet of investible instruments NSE platform provides,” NSE Joint Managing Director Chitra Ramkrishna said.<br /><br />Earlier, Britain’s Finance Minister rang the opening bell at the Bombay Stock Exchange—Asia’s oldest bourse — and hoped of starting a new partnership with India.<br /><br /> “This is the beginning of a new relationship,” Osborne told reporters after kicking-off trading at the Bombay Stock Exchange here.<br /><br /> “It is a historic day as I am opening (the trading at) Asia’s oldest bourse — Bombay Stock Exchange,” Osborne said.</p>
<p>George Soros is in final talks to buy Dubai Holding’s 4 per cent stake in the BSE, UK daily Financial Times said in a report.<br /><br />Meanwhile, talking to reporters here, BSE Chief Executive Madhu Kannan declined to comment on the issue, adding that the transaction is independent from the exchange. “I do not like to comment on this. But I can say it is a transaction independent of us,” Kannan said.<br /><br />Quoting sources, the FT report said Soros Fund Management is planning to pay about US$40 million for its stake, valuing Asia’s oldest bourse at about US$1 billion. <br /><br />“If it happens, it will be a sign of confidence in the Bombay Stock Exchange,” Kannan added. Dubai Holding, group owned by emirate’s ruler Sheikh Mohammed bin Rashid al-Maktoum, had reportedly been looking to exit the BSE for sometime. Currently, Singapore Exchange and Frankfurt-based Deutsche bourse each hold 5 per cent equity in BSE. Sebi rules don’t permit individual foreign entities to own not more than 5 per cent stake in local bourses.<br /><br />NSE, LSE deal<br /><br />Meanwhile, National Stock Exchange and London Stock Exchange entered into a deal to evaluate the options of cross-listing of key indices on each other’s platforms. The London Stock Exchange Group (LSEG) and NSE signed a letter of intent to evaluate joint strategic business opportunities and co-operate more closely in the future, NSE said.<br /><br />Under the agreement, the two exchanges will explore the feasibility of an agreement whereby FTSE Group may licence the FTSE 100 Index to the NSE and the Indian bourse may licence its benchmark Nifty-50 to LSEG for trading purposes.<br /><br />“We are confident the letter of intent with LSE will open up newer investment opportunities for Indian investors and expand the bouquet of investible instruments NSE platform provides,” NSE Joint Managing Director Chitra Ramkrishna said.<br /><br />Earlier, Britain’s Finance Minister rang the opening bell at the Bombay Stock Exchange—Asia’s oldest bourse — and hoped of starting a new partnership with India.<br /><br /> “This is the beginning of a new relationship,” Osborne told reporters after kicking-off trading at the Bombay Stock Exchange here.<br /><br /> “It is a historic day as I am opening (the trading at) Asia’s oldest bourse — Bombay Stock Exchange,” Osborne said.</p>
