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Nearly a century after it was established, the Madhya Pradesh Stock Exchange is set to submit a revival plan to the Securities and Exchange Board of India (Sebi).
The exchange’s shareholders have passed a resolution to submit an action plan to Sebi, exploring options, including a merger with other exchanges. A four-member committee has already been constituted, which will submit the plan to Sebi by May 13, said an official with the exchange.
“We are in preliminary discussions with other regional exchanges as well as the Inter-Connected Stock Exchange of India,” said the official. The Inter-Connected Stock Exchange of India did not immediately reply to a request for comment.
According to Sebi, regional stock exchanges should have a networth of at least Rs 100 crore and a turnover of Rs 1,000 crore, to be eligible to function. The decision on the merger was taken at an extraordinary general meeting on Saturday.
