MCX-SX sets a world record by signing up 700 members,

October 22, 2012

MCX-SX sets a world record by signing up 700 members,
the highest by any exchange before going live
 
• Exchange receives more than 700 applications during 6 weeks of its membership drive, which is the highest number of members signed up by any exchange across the world during their inaugural membership drive for equity and WDM segments
• As per media reports, BSE went live with 318 members in 1875 and NSE commenced trading on Nov 4, 1994 with 140 members
• As per the SEBI Bulletin of September ’12, top 100 members contribute to over 70% of the total volumes in Indian capital markets
• Overwhelming response from all regions of the country, across categories such as Global brokerage firms focusing on FII business, Financial Institutions promoted firms, Bank subsidiaries, FII, Retail and Institutional brokerage houses, Professionals and Rural Entrepreneurs.

Mumbai, October 22, 2012: MCX Stock Exchange (MCX-SX) has received over 700 applications for new membership for all segments. MCX-SX had announced the launch of its membership drive on September 5, 2012, following an approval from the Securities Exchange Board of India (SEBI) to deal in Equity, Futures and Options on Equity, Interest Rate Derivatives and Wholesale Debt Market.

The introductory membership offer culminated on October 18, 2012, during which multi-city road shows were organised all across the country. In addition to the regular ‘Composite Member Category’, the exchange announced introduction of two new categories —‘Professionally Qualified Members’ and ‘Rural Entrepreneurship Members’. These categories were launched for greater financial inclusion and to harness the latent potential of domestic savings through various financial instruments proposed to be provided by the Exchange in its endeavor to create a deep, wide and liquid market.

Commenting on the huge success of the membership drive, Mr. Joseph Massey, MD&CEO, MCX-SX, said, “We are truly overwhelmed with the response of the membership drive. It is a historic public verdict, which demonstrates their faith in our ability for 360-degree development of financial markets across equity, debt, SME, currency and other segments. With an all-round subscription from FIIs handling Global Brokerage Houses, Financial Institutions’-promoted Securities firms, Corporates, Banks promoted securities firms, Retail and Institutional brokers, Professionals and Rural entrepreneurs, we are confident to fulfill the Government and Regulator’s vision of true capital formation and employment generation.”

The Exchange has already commenced the process of getting members registered with SEBI, which involves completing all documentation of members, scrutiny by the exchange and forwarding the application to SEBI for registration. After SEBI registers a member, it provides a registration certificate and a unique registration number. MCX-SX will also commence connectivity enablement of members with the Exchange and subsequently go live.

For further information, contact:
Setu Shah, Senior VP –Communications, +91 9930267595
Rini Mukherjee, Senior Manager –Communications, +91 9167997771