The National Association of Securities Dealers, pushing forward with its proposed plan to sell off part of the Nasdaq Stock Market, set April 14 as the date for a membership meeting to vote on the plan and mailed out proxy materials to its 5,500 member firms.</br></br>The NASD also opened the process by which qualified potential investors can ask for shares in Nasdaq as part of the offering, which is expected to raise roughly $1 billion.</br></br>The NASD's plan would sell Nasdaq to its members, market-making firms, listed companies and others in a two-step private-placement transaction. The first step would bring the NASD's stake in Nasdaq down to between 47% and 49%, while the second step would reduce that stake further, to around 22%.</br></br>In order for the transaction to go into effect, its first phase requires an affirmative vote by a majority of the firms voting, while the second phase has a higher bar, requiring an approval by a majority of all members.</br></br>NASD Chairman Frank Zarb, who hosted several live town-hall meetings late last year while the plan was being put together, says he will preside over a series of conference calls with members to go over the materials in the private-placement memorandum and answer questions. In an interview, he said six such meetings already are planned, with the first an all-member call planned for tomorrow.