Reported By:
| Edited By: Ankita Pathak |Source: DNA |Updated: Mar 18, 2018, 03:01 AM IST
Established under a banyan tree, Ahmedabad Stock Exchange (ASE), which was formed on May 31, 1894, (according to the English calendar) celebrated the 118th year of its formation on Friday at the exchange premises in Panjrapol. Though trading at the exchange has stopped since 2004, the ASE is working with BSE and NSE terminals.
Currently operating at Panjrapol, Hemantsinh Jhala, chairman, Ahmedabad Stock Exchange Ltd said, “We would soon be shifting our premises to Ellisbridge. We are eyeing a 21-storey building at Ellisbridge. The demolition at Ellisbridge will begin by June or July once we receive the permission.”
While the shifting of the premises to Ellisbridge is on the cards, the exchange is also looking for space at the Gujarat International Finance Tech-City (GIFT) in Gandhinagar. The exchange had earlier got permission for building a 22-storey building.
Jhala said, “But with the new norms, we will have to get the permission for the building all over again.” Currently possessing an employee strength of 42, the exchange will also think of hiring more staff in the future when the scale of operations is also expected to rise.
The Manek Chowk building which housed the ASE was purchased in 1921 and is now in a dilapidated condition.
“We are thinking of selling it off,” added Jhala.
“We are looking at all possibilities with which the exchange can start trading again. I feel people have greater confidence in regional stock exchanges which can boost trading levels also,” Jhala said. However, trading through BSE and NSE terminals would stay intact.
Apart from trading, with the entry into 118th year, the exchange is also planning to open a library for its investors where all kinds of literature will be available. In addition, the exchange plans to start classes for investors and students to give them knowledge about trading and other market-related activities. Experts will be invited top seminars and lectures to provide a better understanding of the share market and other trading related issues.
