Leading bourse BSE on Tuesday said its arm BSE Technologies Pvt Ltd (BSE Tech) has received in-principle approval from the central bank to set up and operate Trade Receivables Discounting System (TReDS). The TReDS business of BSE will commence only after the receipt of final approval and certificate of license from the RBI, as per a release.
TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of micro, small and medium enterprises (MSMEs) through multiple financiers.
These receivables can be due from corporates and other buyers. The TReDS platform will bring all the participants together for facilitating uploading, accepting, discounting, trading and settlement of the invoices/bills of MSMEs, the release added.
“With the in-principle authorisation provided by RBI to set up TReDS, BSE Tech will now have the capability to provide an option to MSME to manage their working capital more efficiently through the TReDS platform,” said Ashishkumar Chauhan, MD and CEO of BSE.
BSE Technologies works for e-enabling the businesses in financial services sectors and is a provider of IT solutions with a focus on commodities, banking and financial services markets in India. PTI SRS BAL BAL
Source: Economic Times