The city will soon house a replica of Bombay Stock Exchange Ltd. (BSE), which will act as a back-up bourse and a data recovery site (DRS).
BSE Mumbai and Hyderabad will switch operations from time-to-time, BSE Managing Director and CEO Ashishkumar Chouhan said here on Saturday.
The idea was to protect the financial system and operations in the event of any terror strike or accident.
The time and duration of switch-on and switch-off would be determined and monitored by the Securities and Exchange Board of India, Mr. Ashishkumar said.
'We have invested few hundreds of crores in the centre, which will be up and running by the second quarter of 2014. We have also secured all regulatory approvals,’’ Ashishkumar said.
According to SEBI’s instructions, a DRS was mandatory, owing to cyber security concerns, he added.
Owing to cyber security concerns, having a DRS was mandatory as per the instructions of the regulator, he added.
The Hyderabad DRS would be an exact replica of the Mumbai’s production site of BSE in terms of operations, look and feel. The centre would start operations initially with about 50 employees, he said. And the number will go up gradually as operations go up according to him.
The National Stock Exchange (NSE) has its back-up in Chennai, and countries such as the U.S. and Singapore also have their back-up facilities.for their stock exchanges in different places.