MUMBAI, July 9: In a bid to safeguard investors' interest by avoiding trade defaults, the governing board of the Bombay Stock Exchange (BSE) has approved a separate fund called ``The stock exchange brokers contingency fund''.

The fund, which will be managed by a committee comprising the president, executive director, vice president, honorary treasurer and three non-elected directors would have an initial corpus of Rs 9.51 crore and a maximum advance limit of Rs 50 lakh.

According to BSE president M G Damani, the fund is a major step towards bridging the gap.

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