MCX Stock Exchange is bullish on breaking-even in one year's time frame.
His comments came in response to a query on whether Securities and Exchange Board of India would be initiating action against MCX-SX which rejigged its board yesterday amid continuing payment crisis at its group firm National Spot Exchange Ltd.
London-based index creator FTSE recently tied up with the MCX Stock Exchange to offer a slew of new domestic indices and launch a range of international FTSE indices that will be listed and traded on the MCX-SX when it gets regulatory approval. Paul Hoff, managing director, Asia-Pacific, FTSE, spoke to Business Standard on plans for the venture.
The board of directors at its meeting held on October 22, approved the said appointments, the exchange said in a regulatory filing on Wednesday.
Though the agency did not include former Sebi chief CB Bhave and ex-member KM Abraham in the case, it recommended departmental action against the two.
Chary also says some government officials have played an important role in favouring organisations that MCX competes with.
Earlier this month, the CBI registered a Preliminary Enquiry against former Sebi Chairman C B Bhave and ex-member K M Abraham, as also against Jignesh Shah-founded FTIL and MCX, among others.
Slew of resignations at NSEL over past month in the wake of scrutiny; MCX gaps caused by new-age norms for commexes.
Sensex has six while Nifty has only 10.
The real battle is between NSE's Ravi Narain and FT's Jignesh Shah.
As much as half the turnover of all stock exchanges in India is accounted for by only 25 broking firms. Ninety per cent of the turnover of all stock exchanges in the country is out of only five cities. These are hardly healthy signs of India's financial markets.
In the first major international exchange business initiative by an Indian entity, a new commodity and currency bourse, Singapore Mercantile Exchange (SMX) on Tuesday commenced trading here with derivatives contracts like gold, crude oil and Euro-US dollar.
While MCX-SX is still waiting for regulatory approval to host equity trading, BSE has been struggling to maintain its 30 per cent market share in the cash segment.
Union minister Jairam Ramesh on Tuesday attacked the Central Bureau of Investigation for initiating preliminary enquiry against ex-SEBI chairman C B Bhave and ex-member K M Abraham on the issue of granting sanction to MCX Stock Exchange, and alleged that "larger forces" were working to fix them.
Some term it as "good for capital market", while others saying it is not "market friendly".
The three stock exchanges -- NSE, MCX-SX and USE -- had cumulatively recorded a currency derivative turnover of Rs 7.42 lakh crore (Rs 7.42 trillion) in July, which was down 42 per cent from the preceding month, as per the latest data compiled by market watchdog Securities and Exchange Board of India.
Jignesh Shah, the outsider intent on crashing the party, is in danger of losing his empire.
Indian stock market regulator, the Securities and Exchange Board of India, on Tuesday paved the way for Indian investors to trade in large indices of 24 global exchanges, including that of the United States, Europe and Asia.
The five-month-old exchange traded currency futures market is set to witness competition, rising volumes and innovations with the United Stock Exchange of India gearing up to launch the product in April.
This is the concluding part of a three-part series, where Aditi Roy Ghatak and Paranjoy Guha Thakurta discus how share prices in India are manipulated and the future of the country's stock exchanges.
"The Securities and Exchange Board of India is working on the concept paper on SME exchanges. It may soon release the guidelines," Minister of State for Micro, Small and Medium Enterprises Dinsha Patel said at a seminar jointly organised by MCX-SX and the Society for Capital Market Research and Development in New Delhi on Tuesday.
Trading volumes in the currency segment today fell nearly 50 per cent and 40 per cent on the National Stock Exchange (NSE) and the MCX-SX, respectively. This followed a levy of stamp duty by the Delhi government on proprietary trades, say market players. Brokers say the consequence of this will also be felt in equity and commodity segments, as Delhi-based jobbers and arbitrageurs will be hit.
MCX and MCX-SX are facing the worst crisis in their existence following the Rs 5,574 cr fiasco at the National Spot Exchange.
Capital markets regulator Sebi Chairman U K Sinha advocated the listing of bourses and greater competition among exchanges.
According to a senior CBI official, the agency has evidence to suggest the finance ministry's recommendations were overlooked while giving a licence to MCX-SX in 2008.
The move will help in increasing transparency as well as providing correct picture of the actual shareholding of a listed company.
'It is not impossible that there will be some arrangement with the Congress in West Bengal after the ongoing local body polls.'
The issue is likely to be discussed on Thursday at a meeting of Sebi's board, which would also be apprised of the impact of the Finance Ministry's decision for not agreeing to such a proposal from the capital markets regulator, sources said.
In a severe indictment, commodity market regulator FMC has said Jignesh Shah and his firm FTIL are not 'fit and proper' to run any exchange in the country and charged him of being the "highest beneficiary" in the NSEL scam.
The RBI's macroeconomic report released after the close of markets said upside risks to food inflation remain and that it expects the retail and wholesale price inflation to remain above comfort levels.
The Indian currency resumed lower at 61.50 per dollar as against the last closing level of 61.46 at the Interbank Foreign Exchange Market.
Dealers attributed the fall in rupee to gains made by US dollar against the euro and other overseas currencies ahead of US jobs data and a lower opening in the domestic equity market.
Traders say the rupee and other global currencies will likely track the continued uncertainty in the US budget stalemate and government shutdown.
A major payment crisis involving Rs 5,600 crore (Rs 56 billion) broke out at National Spot Exchange last year.
The rupee resumed lower at 61.15 per dollar as against the last weekend's level of 61.07 at the Interbank Foreign Exchange market and hovered in the range of 61.15 and 61.28 before quoting at 61.24 per dollar at 1030 hours.
The stock market historically exhibits volatility on Budget day.
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The plan being negotiated by US Senate leaders would end a partial government shutdown and raise the debt ceiling by enough to cover the nation's borrowing needs at least through mid-February 2014, a source familiar with the negotiations told Reuters.
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FTIL group is in big trouble after over Rs 5,500 crore payment crisis surfaced at its subsidiary NSEL last year.
The domestic currency spurted by 425 paise or 6.28 per cent in last five straight sessions.
The currency fell 3.4 per cent this week, and is below the levels at which it was trading on July 15 when the Reserve Bank of India unveiled its cash tightening steps to defend the currency.
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