The two exchanges had agreed to merge with each other in May this year. BSE held around 14.56 per cent stake in USE, which has over two dozen other shareholders.
The Bombay Stock Exchange (BSE) today said majority of its equity shareholders approved its proposed merger with United Stock Exchange of India Ltd (USE). The proposed scheme of amalgamation between USE and BSE Ltd and their respective shareholders and creditors was approved by the requisite majority of the equity shareholders of BSE in the court-convened meeting held on October 20, the exchange said in a statement here.
BSE and USE will now be filing necessary petitions before the Bombay High Court seeking its sanction to the proposed scheme. The two exchanges had agreed to merge with each other in May this year. BSE held around 14.56 per cent stake in USE, which has over two dozen other shareholders.
The Competition Commission of India (CCI) and the Securities and Exchange Board of India (SEBI) have already given their approval to the proposed scheme of amalgamation. USE received licence from SEBI on March 26, 2010, is one of the four recognised stock exchanges in the country operating specifically in the currency derivatives segment. USE represents the commitment of 26 public and private sector banks and allows trading in four currency pairs -USD-INR, EUR-INR, GBP-INR and JPY-INR USE.