FM to launch equity trading platform on MCX-SX on Feb 9
Finance Minister P Chidambaram will inaugurate equity trading platform of MCX-Stock Exchange (MCX-SX) on February 9.
Mumbai: Finance Minister P Chidambaram will inaugurate equity trading platform of MCX-Stock Exchange (MCX-SX) on February 9.
The exchange would commence live trading in equities from February 11, MCX-SX said in a statement.
MCX-SX is providing trading platform for currency derivatives segment at present and would become a full-fledged stock exchange after the launch of other segments like equity, equity derivatives, bonds and interest rate derivatives.
MCX Stock Exchange (MCX-SX) received last month the 'commencement certificate' from market regulator Sebi to go live with its trading operations as a full-fledged bourse.
The 'commencement certificate' is the final go-ahead from the Securities and Exchange Board of India (Sebi) for MCX-SX to go live in new product segments such as equity, wholesale debt (bonds) and interest rate derivatives.
Sebi Chairman U K Sinha, Department of Economic Affairs Secretary Arvind Mayaram would also attend the inauguration function, the statement said.
MCX-SX would compete with other full-fledged nationwide stock exchanges like BSE and National Stock Exchange.
Commenting on the development, MCX-SX Vice Chairman Jignesh Shah said, "Inauguration of MCX-SX equity segment will be a significant milestone not only for MCX-SX but also for the entire nation. Our exchange adds a new dimension to the exchange evolution by embedding growth and inclusion that are so critical for a country like India."
On the same day, Chidambaram would also launch the much-awaited Rajiv Gandhi Equity Savings Scheme (RGESS), which is aimed at attracting first-time stock market investors.
The RGESS, which was announced in the Budget for 2012-13, seeks to provide tax benefits to first-time investors in stock markets.
Besides, the Finance Minister will also meet heads of top 30 non-bank financial companies in Mumbai on February 9.
Chidambaram is likely to discuss issues related to infrastructure financing, rising non-performing assets along with grant of banking licences to new players by the Reserve Bank, sources said.
RBI is likely to issue final guidelines for grant of banking licences to new players by the end of February.
A number of large corporate houses, including Anil Ambani-led Reliance Group, financial conglomerates Religare and Shriram groups, engineering-to-technology major L&T group and Aditya Birla group, are said to be interested in entering the banking business depending on the regulatory framework.