 "MSEI receives annual renewal from Sebi")
The Metropolitan Stock Exchange of India (MSEI) on Thursday said that the Securities and Exchange Board of India (Sebi) has renewed its license for a year to function as a bourse.
"MSEI has further received annual renewal of recognition for the period September 16, 2016 to September 15, 2017 and is compliant with provisions required under SECC (Stock Exchanges and Clearing Corporations) Regulations 2012 for the renewal," the exchange said in a statement.
MSEI — earlier known as the MCX Stock Exchange (MCX-SX) — has also asked the Sebi for extending trade timing in the equity segment till 17:00 hours. It also requested for extending the trading timings for currency markets.
"The regulator sought examples where different exchanges within a same country operate on different timings. The exchange has furnished the necessary details and awaits clarity on its application from the regulator," the bourse said.
MSEI is the third national stock exchange of the country with licenses to operate in equity, equity derivatives, debt, currency derivatives and interest rates derivatives.
The bourse plans to boost equity trading platform through block deals and Exchange-Traded Funds (ETFs).
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Besides, it has started attracting the listed companies from regional stock exchanges. In the last few months, over 130 companies have migrated from Regional Stock Exchanges to MSEI and another 40 applications are being processed.
The exchange has an affordable listing fee of Rs 5 lakh for such companies and listing of these 200 firm from RSE would fetch Rs 10 crore.
MSEI said its operations are not affected by the Central Bureau of Investigation (CBI) enquiry. The CBI recently conducted searches at MSEI operations pertaining to prior period of 2008-2011.
The exchange said the management and shareholding of the bourse has undergone a complete change since 2013. It is now run by a professional management team and governed by an independent board.
The management is executing a business revival strategy and is delivering positive developments on all fronts of operations and remains confident of a successful growth path, MSEI said.