India’s largest Multi Commodity Exchange MCX-SX is planning to set up an SME platform to take on its peers, Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
India’s largest Multi Commodity Exchange MCX-SX is planning to set up an SME platform to take on its peers, Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
“It will be a very innovative model,” said Jayesh Shah, vice-chairman, MCX-SX, while talking to reporters in Ahmedabad on Tuesday.
The stock exchange, which will kickstart its equity segment by Diwali, also announced that it would form state level advisory boards in each state for higher financial inclusion and literacy. The board would comprise of brokers, investor representatives, people from academic institutions, professional bodies and stakeholders from the capital markets.
The objective of state-level advisory boards would be to undertake activities related to financial literacy and inclusion as also identify the problems of stakeholders and provide solutions, the statement said.
MCX-SX will have its own index similar to BSE’s Sensex and NSE’s Nifty.
“We, too, will have a similar index as Sensex or Nifty. Details such as the name of the index and number of scrips put on it will be declared at a right time,” Shah said during a road show for membership drive in Ahmedabad. MCX-SX is currently offering membership to composite members, professionally-qualified members and rural entrepreneur members.
Shah also mentioned about the price war with BSE and NSE. “This is no price war as such. We are encouraging competition. It is the biggest leveller and will bring healthy competition. This will make prices more real and optimal for stakeholders,” he added.
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