United Stock Exchange of India Limited, India’s newest stock exchange for currency derivatives receives authorization from Reserve Bank of India Section 10 of FEMA, 1999 to start operations. USE had earlier received final approval from SEBI to launch operations in currency futures.
USE is a unique Public-Private partnership with equity participation by PSUs, Public Sector Banks, private sector banks and corporate institutions. All 21 Indian public sector banks, leading private sector banks, public sector undertakings and corporates are shareholders of the exchange.
Commenting on the development, Mr. T.S. Narayanasami, CEO and MD of USE said, “We are extremely pleased to have received the RBI authorization. The authorization is another step forward towards the launch of the exchange. We have recently started conducting mock trading to familiarize members with the platform.”
USE has planned to commence commercial operations in July, 2010.
About United Stock Exchange
The 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 Public Sector banks, Public Sector Units, private sector banks and corporate institutions. All 21 Indian public sector banks which have participated in the formation of United Stock Exchange with an equity participation 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 another 4 private sector banks have also an equity participation in USE, they include Axis Bank, Federal Bank, HDFC Bank and J&K Bank.
Apart from banks, Jaypee Capital, MMTC and Indian Potash have also participated in the formation of United Stock Exchange with an equity participation. Bombay Stock Exchange is also a strategic partner with USE as it holds a 15% stake and most of its existing members are connected to the new USE Platform.
