The HSE was the convener of a Committee constituted by the Federation of Indian Stock Exchanges for implementing an Inter-connected Market System(ICMS) in which the Screen Based Trading systems of various Stock Exchanges was inter-connected to create a large National Market. SEBI welcomed the creation of ICMS. The HOST provided the net-work for HSE to hook itself into the ISE. The ISE provided the members of HSE and their investors, access to a large national network of Stock Exchanges. The Inter-connected Stock Exchange is a National Exchange and all HSE Members could have trading terminals with access to the National Market without any fee, which was a boon to the Members of an Exchange/Exchanges to have the trading rights on National Exchange (ISE), without any fee or expenditur