Newly recognised equity trading platform, MCX-Stock Exchange (MCX-SX), is set to kickstart trading in around 1,000 companies’ shares on November 18 — the Diwali day.
The company’s board is scheduled to meet on Friday to take a final call on starting equity trading on this day.
“We are ready to flag off. But the board, which is to meet on November 2, has to take a final decision,” said MCX-SX Vice-Chairman Jignesh Shah.
MCX-SX, which had started its membership drive on September 5 after getting Securities Exchange Board of India’s (Sebi’s) approval to deal in equity, futures and options, interest rate derivatives and wholesale debt market, on October 22, announced it had received over 700 applications for new memberships.
In addition to the regular ‘Composite Member Category’, the exchange had announced the introduction of two new categories —professionally qualified members and rural entrepreneurship members. These categories were launched for greater financial inclusion and to harness the potential of domestic savings through various financial instruments proposed to be provided by the exchange.
MCX-SX MD & CEO Joseph Massey termed the response overwhelming. It is a historic verdict of the public that demonstrates its faith in our ability for 360-degree development of financial markets across equity, debt, SME, currency and other segments.
More From This Section
“With an all-round subscription from FIIs handling global brokerage houses, securities firms promoted by financial institutions and banks, companies, retail and institutional brokers, professionals and rural entrepreneurs, we are confident to fulfil the government and regulator vision of true capital formation and employment generation,” he said.
The exchange has already started the process of getting members registered with Sebi which involves completing all documentation of members, scrutiny by the exchange and forwarding the application to Sebi for registration. After Sebi registers a member, it provides a registration certificate and a unique registration number. MCX-SX will also begin connectivity enablement of members with the exchange before subsequently going live.