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NT Bureau
Chennai, Jan 12:

        Pursuant to the FDI (foreign direct investment) policy in Indian bourses announced by the Centre, five institutions — IFCI, IL&FS, ICICI, PNB and GIC have entered into an agreement with a global stock exchange and three financial houses to sell part of their holdings in the National Stock Exchange (NSE).

        Following this agreement, NYSE group, General Atlantic, Goldman Sachs and Softbank Asian Infrastructure Fund would each acquire 5 per cent stake in the NSE from the domestic institutions. 'We are pleased to welcome the NYSE group and other stakeholders in NSE. In a rapidly integrating world of financial markets, this partnership brings together the strengths of institutions from North America, Europe and Asia. This alliance marks a significant milestone for NSE in developing a place for itself in the emerging global scenario,' said Ravi Narain, CEO, NSE.

        The financial investors were amongst the pedigreed institutions in the world and would contribute to building value in the NSE. NYSE group has a market capitalisation of more than $15 billion. The operating companies listed on its New York Stock Exchange and its subsidiaries represent a total capitalisation of $23 trillion. Its investment in NSE was of strategic importance for the Indian stock exchanges.