The MCX-Stock Exchange will inaugurate its technology infrastructure on the Labh Pancham day (November 18).
“We are in complete state of readiness and shall go live any time after November 18, as soon as we reach the critical mass of 350 members,” said Joseph Massey, MD & CEO, MCX-SX.
The MCX-SX board has decided to go live with equity, equity F&O and other segments once 350 members (of the 700 members who signed up) are connected to the exchange system.
Stock market regulator SEBI has completed the inspection of the exchange. The exchange will test connectivity with members on November 19.
Jignesh Shah, promoter and Vice-Chairman of MCX-SX, replying to a query on why the MCX-SX was starting out in such difficult stock market conditions, said: “Setting up a stock exchange is not a short-term project,” and added that one should plan for the “next 100 years or so.”
Shah further said: “I see huge potential for not just a third exchange but for many more exchanges in India. Equities account for only 13 per cent of the financial market. Within equities, the index contract accounts for the bulk of turnover. The cash market can be developed and regional participation can be widened. I see immense scope for development.”