Board to ask National Securities Depository to unfreeze 5% of FTIL's stake.
With the new season beginning in August-September, the MCX jute Futures contract is likely to help the industry lock in a raw jute price for hedging.
India's leading commodity exchange MCX rejigged its top management on Friday -- it appointed Joseph Massey as managing director and CEO, and Jignesh Shah as vice-chairman.
Brokers have only kept guarantees for which they have open positions.
The MCX Stock Exchange (MCX-SX) is likely to start trading in equities in the next two-to-three months, a top company official said.
The rolling out of the raw jute futures contracts comes close on the heel of the successful launch of Kufri Jyoti potato futures contract from MCX.
.jpg)
MCX-SX was set up by FTIL and MCX, but they have been now classified as 'public shareholders' as against 'promoters' earlier, pursuant to a Sebi-ordered restructuring of its board and governance structure.
In terms of value, this translates into more than Rs 300 crore (Rs 3 billion) of delivered quantity.
Manoj Vaish on Saturday took charge as Managing Director and CEO of the country's leading commodity exchange MCX that is under the regulatory glare following troubles at the promoter group.
Just days before the court-mandated verdict on its application for a stock exchange licence, the MCX Stock Exchange (MCX-SX) has accused Securities and Exchange Board of India (Sebi) of blatant favouritism and "tricking it with ulterior intent".
MCX-SX on Friday said the rights issue would now close on April 17.
Jignesh Shah-promoted MCX Stock Exchange (MCX SX) will partner London-based index calculator FTSE to create new index opportunities for the Indian financial markets.
Market regulator Sebi on Thursday rejected MCX Stock Exchange's plea for starting trading in equities as also derivative trading in equity, interest rate and debt, saying giving the permission would not be in the interest of the market and public interest.
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.
MCX has been struggling to raise funds with a rights issue, ending on Thursday.
Shah's emotional statement indicates he has bid farewell to MCX; but is he stooping to hit back?
According to the scheme, the deposit of Rs 10 lakh (Rs 1 million) for trading and up to Rs 20 lakh (Rs 2 million) for clearing members would be waived for already-registered members of the MCX, BSE, Foreign Exchange Dealers' Association of India, National Commodity and Derivatives Exchange and NSE, who choose to enroll before September 6.
However, Deloitte, the latter entity, says regulations don't mandate it to go beyond a basic examination of the books of accounts.
The exchange also asked traders to square off their trading positions in three contracts -- gold February 2015, kapas March 2015 and kapas April 2015.
A Delhi University alumnus with an MBA in finance and a doctorate, Vaish started his career as a banker in 1984, became an academician a few years later and joined the capital market in 1998.
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.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
Deloitte, MCX's is learnt to have objected to PwC pointing out several irregularities in the exchange's expenditure, donations, etc, in its audit report.
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.
Largest bidder says FTIL not following correct process and MCX not extending cooperation; FTIL and MCX say cooperating fully
If implemented, it will be the first commodity exchange to offer such a facility.
A special audit will look into any pricing anomalies in the transactions between the two, according to a source. FTIL had a contract for helping the exchange with its technology needs.
Without naming National Stock Exchange, MCX-SX also said that its rival was killing competition by offering free trading in currency derivatives, and thus making it difficult for it to get business and investors.
Chary also says some government officials have played an important role in favouring organisations that MCX competes with.
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.
Jignesh Shah, the promoter of Financial Technologies India Ltd, on Wednesday resigned from the board of MCX Stock Exchange, amid continuing Rs 5,600 crore (Rs 56 billion) payment crisis at group company NSEL.
MCX Stock Exchange on Tuesday said it has received approval from capital markets regulator.
Special audit report conducted by the PricewaterhouseCoopers on Multi Commodity Exchange has met with another opposition. Earlier FTIL, the promoter of MCX had opposed its contents and now Venkat Chary who is FTIL's non-executive chairman has sent a notice to PwC. PwC report submitted to the FMC in last April mentioned the names of Key Management Personnel of MCX and the name of Venkat Chary was mentioned in that list. Chary was Chairman, MCX, during that period. Chary who had in past also served as Chairman of FMC objected to the PwC mentioning his name as the key management personal of MCX. He wrote to the audit firm saying that he was FMC-nominated Non-executive Independent Director and Chairman on the Board of Directors of MCX till July 13 when he resigned following revised FMC guidelines which laid down 70 years as the maximum age for Chairman/Director. Chary sighted provisions of Companies act and Section 2(51) of the Companies Act, which defines " key managerial personnel" in relation to a company include CEO or MD, whole time director, CFO, company secretary and other officer as prescribed. "As non-executive independent director and Chairman nominated/approved by the FMC, I did not fall within any of the above categories," said Chary and hence blamed PWC for not showing due diligence in your special Report to the FMC. Chary has sent a notice to PWC asking it to take immediate steps to rectify this error. Since PwC Report was placed in the public domain, "it has caused serious damages to my reputation as a practising Advocate of the Bombay High Court." Chary has asked PWC if remedial action are not taken he will report the case to the Institute of Chartered Accountants of India for professional misconduct under the Chartered Accountants Act, 1949, by showing gross negligence in the in professional duties. Chary has said, "I also intend to resort to the civil and criminal courts for damages/action against PWC." When contacted PwC spokesperson said that, "Our work has been executed to the expected professional standards and we stand by the content of our report submitted to the Forward Markets Commission". Chary is not the first to oppose PWC, FTIL it self had said the report was prepared without giving them chance to respond and have not accepted contents. Recently, Riddhi Soddhi Bullion, had sent a legal notice for mentioning its name as 'indulging in wash trades on MCX.' The leading bullion trader had claimed damages in their defamation suit.
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.
Dhanteras is considered auspicious for investment and buying gold.
MCX Stock Exchange, set up by crisis-hit NSEL's promoters, on Friday appointed Saurabh Sarkar as CEO and announced plans for fresh capital infusion by its existing shareholders among measures to boost business.
India's largest commodity boursethe Multi Commodity Exchange (MCX)on Wednesday tied up with the Shanghai Futures Exchange (SHFE) of China to share knowledge and expertise for further development of their exchange ecosystems.
MCX Stock Exchange (MCX-SX) continued its tirade against the Securities and Exchange Board of India (Sebi), alleging "discrimination" and "character assassination" while rejecting its application for launching a full-fledged stock exchange.
The proposed Goods and Services Tax, which is expected to come into effect from next April, would address many taxation issues faced by the commodity bourses, a top MCX official has said.
India's largest commodity bourse MCX is likely to launch its up to Rs 750 crore (Rs 7.5 billion) initial public offer (IPO) by month-end, becoming the first ever exchange in the country to get listed.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances