2/26/2017 OldstockexchangebuildingatManekChowktobesoldTimesofIndia

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Old stock exchange building at Manek Chowk to be

sold
TNN | Jun 6, 2012, 06.07 AM IST

AHMEDABAD: Members of the Ahmedabad Stock Exchange on Tuesday decided to sell its properties, including the heritage
building at Manek Chowk. The decision comes after regional exchanges in the country came under pressure in the wake of the
Securities and Exchange Board of India (Sebi) issuing a circular Exit Policy for De-recognized or Nonoperational Stock
Exchanges last week. The circular oered regional stock exchanges an option of making a voluntary exit or achieving an
annual turnover of Rs 1,000 crore (about Rs 4 crore every day). It further said exchanges should have a net worth of Rs 100
crore to operate.

The sale will add about Rs 70 crore - ASE's current net worth is Rs 56 crore - and give India's second oldest exchange the
cushion to function. "The ASE board has agreed to sale of all its properties," said Hemantsinh Jhala, ASE chairman. In a revival
bid, the exchange also plans to oat its own trading platform.ASE will have to get the sale proposal cleared by the SEBI. "AMC
has conveyed to ASE that whoever buys this building will have to retain its heritage value," says Gaurang Dalal, former
chairman of ASE.

ASE currently owns the historic building . The 93-year-old building is a symbol of entrepreneurship and Ahmedabad's business
history as it was one amongst the rst three stock exchanges in India -- ASE is the oldest exchange after BSE and was started
in 1894. ASE members say the current valuation of the Ellisbridge premises is close to Rs 55 crore and that of the Manek
Chowk building is Rs 8 crore. He added that ASE is also exploring possibilities of a tie-up with Multi Commodity Exchange.

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