Does the BSEs basic management structure, where brokers end up administering brokers, interfere with its functioning?
A wrong impression altogether. The world over exchanges are governed by brokers. Broking is a profession just like chartered accountancy, law or medicine. Can you imagine the doctors’ medical council being run by chartered accountants or a chartered accountants’ body being run by lawyers? The problems that happened were not because of brokers being on the governing board. Yes, there were problems in administration, infrastructure, technology but they are now behind us. But isn’t there a conflict of interest if brokers are involved in running an exchange? Brokers don’t run the administration of the exchange. Brokers are only on the governing board, which takes policy decisions. We want to have ethical standards for governing board membership, so a member cannot interfere in the system. We have also delinked policy-making and administration. The BSE has had no executive director for the past four months. Yet, as president, I have not taken a single administrative decision. One reason for
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