The Delhi Stock Exchange is to resume operations following a six-year hiatus after signing a 10-year pay-as-you-go IT services deal with IBM.
As part of the Rs 11 crore (£6.6 million) agreement, IBM will provide business continuity and disaster recovery services to DSE as well as remotely host and manage its IT infrastructure. This will help the exchange meet stringent business continuity guidelines laid out by Securities and Exchange Board of India (SEBI), says the vendor, and save 100% capital expenditure on IT.
The Exchange shut up shop in 2002 as volumes dwindled, but is now looking at re-opening for business by the year-end.
Vijay Gupta, chairman - business development committee, Delhi Stock Exchange remarks: "DSE will play a key role in the stock trading landscape of India, once re-launched. IBM's strong value proposition of providing managed services in an opex model was...one of the key reasons why DSE decided to choose IBM for this strategic relationship."
Separately, a technical glitch forced suspension of share trading on the Dhaka Stock Exchange for more than two hours Tuesday. The trading, which usually continues from 10:00am to 2:00pm everyday, came to a halt from 1:35pm to 3:45pm and resumed at 3:45pm and closed at 4:00pm.