In a move to impart comprehensive knowledge of financial markets, United Stock Exchange (USE) recently signed a MOU with the Institute of Chartered Accountants of India (ICAI). As part of this MOU, USE plans to educate members of ICAI by organizing seminars, panel discussions, workshops on financial markets and corporate governance. ICAI would provide institutional support and facilitate interactions with its members wherein USE would impart relevant knowledge.
Speaking on the development, Mr. T.S. Narayanasami, Managing Director & CEO of United Stock Exchange said,” It is a pleasure to be associated with ICAI, a premier accounting body in the world. Through this association we hope to build knowledge about financial markets especially sophisticated instruments like currency derivatives in India. I am sure both USE and ICAI would learn from each other and develop a very fruitful relationship.”
Commenting on the tie-up, CA. Amarjit Chopra, President of Institute of Chartered Accountants of India said, “Recently we have witnessed rapid development in the financial sector through the launch of new innovative products and it is imperative that our members are regularly updated on these developments. We are glad to have tied up with the Untied Stock Exchange for a series of educative seminars, panel discussions and workshops which are aimed at enhancing financial knowledge within our member community.”
The MOU has been signed for a term of 3 years and would be renewed subsequently on mutual consent. USE launched recently with record volumes and has been the market leader since launch.
About ICAI
The Institute of Chartered Accountants of India is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its more than six decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally. ICAI now is the second largest accounting body in the whole world.
About United Stock Exchange of India:
United Stock Exchange of India Limited (USE) is India’s newest stock exchange for currency derivatives. The exchange offers a better platform to corporates and SMEs for managing forex risk as spread rates in an exchange are better and it does not involve any counter party risk.
USE has a unique Public-Private partnership with equity participation by both PSUs and the private sector banks. All 21 Indian public sector banks have promoted United Stock Exchange by investing in equity which include Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab National Bank, State Bank of India, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank. In addition to public sector banks, 5 private sector banks have also an equity participation in USE; they include Axis Bank, Federal Bank, HDFC Bank, ICICI Bank and J&K Bank.
Apart from banks, Jaypee Capital, MMTC and Indian Potash have also invested in United Stock Exchange to build an institution that is on its way to becoming an enduring symbol of India’s modern financial markets.
Bombay Stock Exchange is also a strategic partner with USE as it holds a 15% stake and all its members are connected to the new USE platform.