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MCX-SX to focus on already-listed firms

Source: PTI
November 08, 2012 13:24 IST
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Gearing up to launch its equity trading platform, the country's newest stock exchange MCX-SX on Thursday said it will focus on bringing those companies to its fold that are already listed on other bourses.

Besides, the bourse will also look at its own listing in due course of time, MCX Stock Exchange (MCX-SX) managing director and CEO Joseph Massey told reporters on sidelines of Wold Economic Forum on India.

"The policy is there to list a stock exchange and logically yes, we will list it, but we cannot give any timeline when this will happen," Massey said when asked whether the bourse would be listed in future.

He said that MCX-SX would focus on brining already-listed companies to its platform, besides new firms.

The exchange, which is present only in the currency derivatives segment, has been given a go-ahead by the market regulator Sebi to launch trading in equity and other segments.

"We will dedicate the system of the new exchange on November 18 and we will start the mock drill from the

next day. Our target is that once about 350 members are registered with the SEBI, the exchange will go live," Massey said.

"The registration (of trading members) is a very voluminous work and we have already started sending a number of applications to market regulator Sebi," he said.

Massey said that the exchange might submit all the applications to Sebi by November-end, after which the regulator might take a few more days for approvals.

Asked about the trading members that the exchange has registered, Massey said: "There are global as well as domestic big names and new professionals are also there."

The exchange is scheduled to inaugurate its trading infrastructure for launch of equity and other segments on November 18, while it will conduct connectivity test for member brokers next day.

The inspection of MCX-SX by Sebi (Securities and Exchange Board of India) has been completed and the bourse has said it is fully ready to start trading in additional segments.

Last month, exchange had announced that it received over 700 applications for new membership for all segments.

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