The country’s market regulator, Securities and Exchange Board of India (SEBI) has rejected the appeal of MCX Stock Exchange Limited (MCX-SX) to begin trading in equities and also discarded the request
The country’s market regulator, Securities and Exchange Board of India (SEBI) has rejected the appeal of MCX Stock Exchange Limited (MCX-SX) to begin trading in equities and also discarded the request made by MCX-SX to provide a SME trading platform for small and medium units in India. According to SEBI, allowing such a move will not be in favour of the market and as well as the public interest.
SEBI has said that the two promoters of MCX-SX – Multi-Commodity Exchange (MCX) and Financial Technologies India Ltd (FTIL) had stake exceeding the acceptable limit of 5 % allowed to any entity in any stock exchange in the country. To comply with this, MCX-SX had undertaken a capital reduction scheme and issued warrants to both the promoters to bring down their combined holding.
Exchange (MCX-SX) is a stock exchange recognised by the SEBI & RBI and has been allowed to operationalise the exchange traded currency derivatives and it has been authorised to do so have been extended till September 15, 2011 on the condition that MCX-SX will need to abide and follow the regulations related to shareholding of promoters and other entities for other segments as prescribed by SEBI.
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