BSE introduces `BLESS' scheme

THE Bombay Stock Exchange (BSE) has proposed the introduction of a new borrowing and lending securities scheme -- BLESS.

This alternative system offering carry-forward facility aims at promoting the lending of securities. BLESS is designed on the Automated Lending and Borrowing Mechanism (ALBM) model of the NSE.

The new scheme would enable the borrower of securities to withdraw shares which are not available in the existing badla system at the BSE. SEBI has given the go-ahead for offering the new carry-forward facility for all 141 scrips in the `A' group. BLESS will come into effect on January 22 and this would mean that the existing carry forward (badla) system on the BSE will cease to exist. -- BL Research Bureau