PHDCCI & BSE come together to galvanize resources for Freedom-74

No. PR- 044

May 31, 2021

New Delhi

 

PHDCCI & BSE come together to galvanize resources for Freedom-74

The intense scarcity of medical oxygen cylinders remains a stark ground reality that has hampered the functioning of hospitals and healthcare facilities across India during the second wave of Covid-19 pandemic. In this regard, PHD Chamber of Commerce and Industry (PHDCCI) and the BSE –rated as one of the fastest exchanges in the world, and the financial fraternity have come forward to generate and amplify resources for setting up of an oxygen plant which will be placed at New-Delhi-based Tirath Ram Shah Charitable Hospital (TRSCH) - a 200-bedded hospital inaugurated in 1955 by the first president of India, Dr. Rajendra Prasad. The noble initiative is suitably titled--Mission Oxygen–TRSCH Achieves Freedom-74.

The Memorandum of Understanding (MoU) between the PHDCCI and the TRSCH hospital provides for support of oxygen only to patients in general ward and those who cannot afford healthcare on a no-cost basis.

While grappling with the second wave of Covid-19, there was a substantial demand from TRSCH for medical oxygen, Mr Vijay Bhushan, Chair, Capital and Commodity Market Committee at PHDCCI made an appeal to BSE, corporates and individuals to raise funds for the initiative with PHDCCI as the main facilitator.

I congratulate Mr Vijay Bhushan and BSE for coming together for such a Noble cause of setting up an Oxygen plant at TRSCH, which will ensure continuous free supply of oxygen in the hospital and help save many lives in these crucial times of the pandemic, said Mr Sanjay Aggarwal, President, PHDCCI.

PHDCCI has stood by the Nation in these trying times and undertaken the noble task of importing 10 Oxygen plants, which shall be implanted, as donations, in various Hospitals and nursing homes across India, added Mr Aggarwal.

Elaborating on the initiative, Mr. Vijay Bhushan, Chair, Capital and Commodity Market Committee, PHDCCI, said,"Freedom-74 signifies the aggregate contribution of Rs 74 lakh collected for Mission Oxygen–TRSCH for setting up of an oxygen plant. But more than this, we attained freedom in 1947 and 74 years later in 2021, TRSCH will achieve freedom from dependence on outside oxygen and will become Aatmanirbhar." 

Similarly, Mr. Ashishkumar Chauhan, Managing Director and CEO, BSE, said, "BSE is  happy to be a part of this noble initiative. PHD has been a key facilitator who has taken up the initiative. We all are well aware of the serious situation that has prevailed due to extreme shortage of medical oxygen in the hospitals across the country. It gives us immense satisfaction to have been able to galvanise resources. BSE appeals to all its members to contribute to such causes so that we can provide help when necessary to our communities"

BSE , Globe Capital Market Ltd, including other corporates and individuals have come forward for the common cause.

Essentially, there are three types of hospitals operating in India: private, government and trust-run. While the running of private hospitals is funded by the respective private entity promoting them, the government-run hospitals are suitably supported by the government, as the name suggests. In the recent pandemic in Delhi, while the government has taken over private hospitals by bringing them into the fold, it has failed to satisfactorily address the concerns of the trust-run hospitals. In this regard, PHDCCI has come forward to set-up a test/model to provide support to trust-run hospitals. If this model is successful, PHDCCI plans to scale up this initiative further.   

 

About PHDCCI

PHD Chamber of Commerce and Industry (PHDCCI) has been working as a catalyst for the promotion of Indian industry, trade and entrepreneurship for the past 116 years. It is a forward looking, proactive and dynamic pan-India apex organization. As a partner in progress with industry and government, PHD Chamber with a special focus on MSMEs works at the grass roots level, with strong national and international linkages for propelling progress, harmony and integrated development of the Indian economy.

 

About BSE

BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualized entity. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.

BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in Gold, Silver, Copper, Oman Crude Oil Guar Gum, Guar Seeds & Turmeric.

BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.

Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India. 

BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.

 

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Media Division

 

PHD Chamber of Commerce and Industry