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April 4, 2002 | 1245 IST
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Nasdaq in listing talks with 50 firms

Sangita Shah

Nasdaq is in talks with more than 50 Indian companies for possible listings in the current year, Ghanshyam Dass, director, south Asia, Nasdaq Stock Market, said. The companies are not just from information technology and bio-technology, Dass said.

"We are indeed talking to over 50 companies from across industry segments. The knowledge-based companies will lead the listing league table followed by a few traditional companies which are using innovation and technology to grow," he said.

He said that Indian corporates are still experimenting with the US capital market. " India is a huge market and growth companies definitely enjoy excellent prospects. With the IPO market opening up, bigger Indian players stand a better chance of successful listing on Nasdaq," he said.

He also said, "We are looking for companies with a good brand name and global perspective and also whose managements are generating and supporting aggressive growth strategies."

Commenting on the Nasdaq 100-index, the most closely watched by Indian secondary market, he said that under the reconstruction of the index, 13 companies were replaced and several of those were from the biotechnology sector.

"The re-ranking was based on a number of objective criteria with market capitalisation a key factor. The index is re-ranked every year in December and is based on the number of shares outstanding and stock price. The addition of biotechnology companies reflects the current economy," he said.

Meanwhile Nasdaq Stock Market, today announced the pricing schedule for SuperMontageSM, the new trading system to be replaced by the current one.

It was filed with the Securities and Exchange Commission last week. Once approved, the pricing will take effect with the phased launch of SuperMontage in late July.

SuperMontage is a reinvention of The Nasdaq Stock Market and will significantly improve overall market quality and investor protection. The new trading system will provide traders and investors alike with more information and a more efficient means to act on that information.

With the new SuperMontage platform, quotes and orders will go through a single-computer architecture, adding speed and efficiency to the market, the Nasdaq press release stated.

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