India, Aug. 23 -- Bereft of space to accommodate growing numbers of stock brokers and officials, the Bombay Stock Exchange (BSE) has decided to convert five service floors in its two iconic Fort buildings, Phiroze Jeejeebhoy Tower and Rotunda building, into office spaces. The buildings are located in the Coastal Regulation Zone (CRZ) where construction activities are restricted and the Maharashtra Coastal Zone Management Authority (MCZMA) has approved the change in use of space in the two buildings in lieu of a fee, sources told Hindustan Times.

"Responding to our proposal submitted earlier this year, the MCZMA has allowed us to use five service floors for offices as we need additional space for our activities," a highly placed source in...