The commencement certificate is the final go-ahead from Sebi for MCX-SX to go live in new product segments, such as equity, wholesale debt and interest rate derivatives
Moving closure to the launch of the country’s newest stock exchange platform, MCX Stock Exchange (MCX-SX), has got a ‘commencement certificate’ from the Securities and Exchange Board of India (Sebi), to go live with its trading operations as a full-fledged bourse.
The ‘commencement certificate’ is the final go-ahead from Sebi for MCX-SX to go live in new product segments, such as equity, wholesale debt (bonds) and interest rate derivatives, the exchange said.
The much-talked about trading launch of MCX-SX, the third equity exchange in the country, is likely to begin in January, sources said. MCX-SX is currently providing trading platform for only currency derivatives and would become a full-fledged stock exchange after launch of other segments like equity, equity derivatives, bonds and interest rate derivatives.
After going live, MCX-SX would compete with other full-fledged nationwide stock exchanges like NSE and BSE.
The exchange said Sebi had already cleared the first lot of registration of 100 members and the balance applications are expected to be cleared shortly.
Of the 700 applications received during its membership drive, a total of 434 applications have been forwarded to Sebi for registration and the balance members are in the process of completing documentation with the exchange.
The ‘commencement certificate’ was given by Sebi on December 19 after completion of the documentation process and site inspection by the regulator.
Commenting on the development, MCX-SX Managing Director and CEO Joseph Massey said: “We are grateful to the Sebi for allowing us to make our new segments live and giving us the opportunity to work towards development of India's capital markets.”
MCX-SX further said it had already initiated connectivity of members with the exchange and the new segment would be made live as soon as the critical mass of registering and connectivity is achieved.
A mock testing session for its capital market segment was held on November 19 to familiarise participants with this new trading platform of MCX-SX.
