Former banker TS Narayanasami has been appointed as the Managing Director and CEO of United Stock Exchange (USE), newly formed stock exchange. USE, which has been backed by several public and private sector financial institutions, will offer financial derivative trading.
Before joining USE, Narayanasami was the chairman at Bank of India, Andhra Bank and Indian Overseas Bank besides having been the Executive Director of Punjab National Bank.
Around 49% of the equity is held by PSUs and the remaining 51% by the private sector. The paid-up capital of the new exchange is close to Rs 150 crore.
Recently, Mint reported that the Bombay Stock Exchange (BSE) will pick around 15% stake in USE and will pay around Rs 25 crore for the stake. It will also provide technology and manage operations for currency futures trading while USX will offer marketing.
USE promoters include Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Union Bank, United Bank, Federal Bank, HDFC Bank, MMTC, Indian Potash, Jaypee Capital and TCS. USE.
