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The exchanges have observed significant price and volume movement in the scrips of MCX in the recent past.
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 resignation came hours ahead of a scheduled board meeting of MCX-SX, where former LIC Chairman Thomas Mathew T has taken over as new Chairman.
After a technology upgrade, the Multi Commodity Exchange of India (MCX) appears poised for an improvement in volumes. The premier commodity and forex exchange reported a loss of Rs 19.1 crore in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24). This was attributed to higher software charges payable under an extended service agreement with 63 moons technologies and a one-off cost towards core guaranteed funds (CGF).
The National Stock Exchange, Bombay Stock Exchange, MCX Stock Exchange and United Stock Exchange have been invited for the August 6 meet.
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.
MCX and MCX-SX are facing the worst crisis in their existence following the Rs 5,574 cr fiasco at the National Spot Exchange.
Hearing an appeal against the market regulator's denial of information sought through Right to Information Act, the Appellate Authority has ruled the process relating to grant of recognition of MCX-SX in 2008 has been completed.
Gold prices are expected to witness further consolidation in the coming week as investors brace for a slew of events, ranging from central bank meetings, including the US Federal Open Market Committee (FOMC) meeting's outcome, to global trade negotiations, analysts said.
The Securities and Exchange Board of India, on Wednesday, directed Jignesh Shah-led FTIL to sell shares in MCX-SX and other entities within 90 days on the ground that it was not 'fit and proper' to own stakes in any exchange.
Some state-run banks made 10,000-13,000 per cent gains on their holdings in the Multi Commodity Exchange (MCX) after the latter commodity bourse made an impressive listing on Friday.
The London Stock Exchange, the world's third largest exchange in terms of value of shares traded, is in talks with Financial Technologies to buy a stake in its stock exchange arm MCX-SX.
Market regulator SEBI has asked the new stock exchange MCX-SX to explain why it should be given permission to start trade in equities in view of issues relating to its shareholding, including by Financial Technologies and commodity exchange MCX.
The real battle is between NSE's Ravi Narain and FT's Jignesh Shah.
Chary also says some government officials have played an important role in favouring organisations that MCX competes with.
The cash segment turnover at MCX-SX sharply fell to Rs 624 crore (Rs 6.24 billion) in November from Rs 1,119 crore (Rs 11.19 billion) in October, 2013.
But big brokerages see no problem with Sebi panel's recommendations.
The board of directors at its meeting held on October 22, approved the said appointments, the exchange said in a regulatory filing on Wednesday.
The move comes nearly a month after it acquired five per cent in the National Stock Exchange.
Sebi has asked stock exchanges and other market participants to remain watchful of funds and entities with Iranian links, as the global inter-governmental agency FATF continues to classify Iran as one of the 'high-risk and non-cooperative jurisdictions' with respect to money laundering and terror financing activities.
In his order, SEBI member dealt with the "fit and proper" criteria of the exchange promoted by Financial Technologies (FT) and Multi Commodity Exchange (MCX) and their founder Jignesh Shah.
Justices D Y Chandrachud and Anoop V Mohta passed the order on Wednesday after hearing an appeal filed by MCX-SX in October 2010 against Sebi for rejecting its application to set up a new equities trading platform.
This article reviews what happened at NSEL, according to information available in the public domain, and reiterates what could be done to reduce the risk of similar scams.
The newest stock exchange MCX-SX, which is expediting sale of promoters' equity in compliance with regulatory norms, should be valued more than $2 billion going by the comparison its CEO Joseph Massey is drawing with the BSE in terms of value and turnover.
Investors have turned cautious and parked their funds in less risky and fundamentally strong stocks ahead of the second-quarter earnings season.
The Central Bureau of Investigation (CBI) will soon quiz Securities and Exchange Board of India (SEBI) Chairman U K Sinha as well as former head of the regulatory body M Damodaran in connection with a Preliminary Enquiry (PE) to probe granting sanction to Jignesh Shah-founded Financial Technologies (India) and MCX-SX.
The exchange's promoters-- Financial Technologies (India) Ltd and commodity bourse Multi Commodity Exchange (MCX)-- have already divested 30 per cent stake in the stock exchange to various public and private banks and institutions.
A lower risk appetite among investors has driven gold, traditionally a safe-haven asset, to record highs so far this year. Fuelled by geopolitical tensions in West Asia, robust demand from central banks - particularly in Asia - and US President Donald Trump's tariff volleys, spot gold touched an all-time high of $2,956 per ounce on February 24 in the international markets.
The Bombay Stock Exchange and National Stock Exchange will remain closed on Thursday in the wake of the terror attack in Mumbai.
The licence of MCX-SX is coming up for renewal before Sebi later this month.
Gold prices hit a fresh record high of Rs 84,900 per 10 grams in the national capital on Friday, driven by robust domestic demand and strong global cues, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity continued its ascent for the third straight session, jumping by Rs 1,100 to hit a new peak of Rs 84,900 per 10 grams.
The New York Stock Exchange, which has five per cent stake each in NSE and MCX, is keen to increase its holding further as and when Indian regulator relax rules, NYSE CEO Duncan L Niederauer said on Thursday.As per the current regulations a foreign entity cannot purchase more than five per cent stake in the country's stock exchanges.
'If gold's recent surge has increased its allocation beyond 15 per cent in your portfolio, now may be a good time to rebalance.'
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
Slew of resignations at NSEL over past month in the wake of scrutiny; MCX gaps caused by new-age norms for commexes.
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.
BSE will become the fourth player in currency derivatives in India
Shares of Multi Commodity Exchange of India (have tanked over 11% to Rs 428 on back of heavy volumes on the bourses.
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