NDTV Profit has a discussion on listing of exchanges - primarily in the context of listing of BSE listing. It cites Mr. M R Mayya, a respected old hand in the Exchange business:
"If it is self listing you are prone to overlook some of your own deficiencies. While if you list at some other exchange the rival stock exchange may put you down so there has to be a separate body altogether to regulate listing matters," says M R Mayya, former executive director of BSE."
As I have stated previously, the only hope of BSE to survive is to be accountable to its shareholders. And the only way that is likely given all the weird regulations surrounding ownership in exchanges is by way of listing. Clearly, few people want to hold themselves accountable, so BSE leadership has evaded the listing question even at the peril of its survival. The questions raised by Mr. Mayya have been around since 2005, and no attempt has been made to even begin asking the questions, leave aside answering them in a time bound fashion. Self listing (listing on own exchange) may provide headaches for the regulator, but is the quickest way ahead for the exchange which wants to list promptly, if it does.
This also goes to the question of exchanges eating what they cook - if they tell the world listing is good for companies, why drag feet over listing oneself?
See my blog post on perverse exchange ownership regulations.
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