Stanchart arm buys 3% in Indian exchange

Standard Chartered Bank became the first foreign bank to invest in United Stock Exchange (USE) after it bought 3% stake in the exchange through its Mauritius arm.

"This investment perhaps reflects the perception of a top bank as to the good prospects of USE in time to come," TS Narayanasami, Managing Director and Chief Executive of USE, said in a statement.

USE currently operates in the currency derivatives segment and offers currency futures in all the four currency pairs permitted by Securities and Exchange Board of India. The exchange's shareholders include 21 state-owned banks, two public sector companies, six private banks and corporate institutions like the Bombay Stock Exchange.