 "MCX-SX gets first listing; cuts charges")
Personal goods company Dabur India has become the first to do so. Metal and mining company Pennar Industries and power company DPSC Ltd are the others, according to a note from the exchange.
“MCX-SX is now geared up to list shares of companies that are already listed on other exchanges and of those companies proposing to come out with initial public offerings,” it said.
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Interestingly, the exchange has waived initial listing fees for companies.
The National Stock Exchange has initial listing fees of Rs 50,000, while it is Rs 20,000 for BSE, according to their respective websites.
An exchange official suggested the move was unlikely to result in cuts at other exchanges. “There is little case to cut fees… they are a miniscule part of a company’s expense anyway,” said the person.
The annual listing fees are also lower than the two rival exchanges. For example, MCX-SX has Rs 7,500 as annual listing fee for companies with a paid-up capital of up to Rs 5 crore. NSE has Rs 18,000, while BSE has Rs 15,000.
Joseph Massey, managing director and chief executive officer, MCX-SX, suggested more changes were on the way. “We remain committed to offer issuers and ecosystem intermediaries best of service standards, which will be way above the current benchmark. We would ensure continuous innovations for enhancing issuers’ experience,” he said in a press release.
The exchange started its equity segment in both cash and derivatives segments from February 11. It had begun currency derivatives by offering currency futures on October 7, 2008. It started currency options on August 10, 2012. Multi Commodity Exchange of India and Financial Technologies are two promoters of the exchange.