As the UP Stock Exchange faces the risk of de-recognition for not being able to comply with Sebi guidelines, workers at the 30-year-old bourse say they are looking at an uncertain future.
According to Sebi regulations a bourse not having a minimum turnover of Rs 1,000 crore and a networth of less than Rs 100 crore runs the risk of being de-recognised. The UP Stock Exchange, which has not seen trading on its platform since 2001, does not meet the market regulator's requirements.
UP Stock Exchange Workers Union General Secretary Satya Narayan Tripathi has raised concerned about the future of 55 workers employed with the exchange saying that it is expected to close down by the end of this month.
"We have been working for the exchange for 30-35 years. Who will provide us job at this time. We and our families will face starvation," Tripathi told PTI.
UP Stock Exchange Chairman K D Gupta said the bourse does not meet the requirements set out by Sebi, and it may undergo a change of its name.
"Since the UP Stock Exchange does not meet the Sebi guidelines (for Rs 1,000 crore turnover, and Rs 100 crore net worth) we would be changing the name...," Gupta said.
"As far as the employees (of the exchange) are concerned, we have arranged for Voluntary Retirement Scheme (VRS) for them which they can avail of," Gupta said.
Gupta also said that although they are not asking the workers to leave, no guarantee can be given regarding their jobs.
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