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Capital and commodity market regulator SEBI has renewed the annual recognition of Metropolitan Stock Exchange (formerly MCX Stock Exchange) as it is fully compliant with the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations 2012.
The exchange’s recognition is now valid till September 15, 2017.
On the recent Central Bureau of India search in its Mumbai office, the exchange said the search pertains to business operations between 2008 and 2011. Since 2013, the management and shareholding of the exchange have undergone a complete change and it is now run by a professional management team governed by an independent board, it added.
“The operations of the exchange are not affected by the CBI enquiry. The management is executing a business revival strategy and is delivering positive developments on operational front,” the exchange said.
In response to MSEI plea to extend the equity trade timing till 5 pm, SEBI has directed the exchange to show precedent where different exchanges in one country operate at different timing. The exchange has already furnished the necessary details and awaits clarity on its application from the regulator.
MSEI now plans to enhance its business with the listing of select companies that were listed on regional stock exchanges that shut operations recently.
The exchange is in the process of scrutinising applications from 40 companies for listing. In the last few months, over 130 companies have migrated from regional stock exchange to MSEI.
With the listing fee of Rs 5 lakh, the exchange would mop up a revenue of Rs 10 crore from the listing of 200 companies.
It plans to boost trading in equity by attracting block deal and ETFs (Exchange Traded Funds).
The exchange’s share in overall currency futures volumes has gone up to 10 per cent from 3.7 per cent in the last few months. It has already reduced the overall cost through optimisation of business processes and plans are on to reduce the cost further by 22 per cent, said the exchange.
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