MCX Stock Exchange (MCX-SX) has signed up 700 members for its new equity exchange, which is likely to open around Diwali. The response to MCX-SX is significant considering that NSE, India's biggest exchange by volume, launched its exchange with 140 members in 1994. BSE commenced operations in 1875 with 318 members.
MCX-SX, which currently operates only in currency derivatives segment, had announced the launch of its membership drive on September 5. Its introductory membership offer ended on October 18. MCX-SX had offered a competitive transaction fee and membership fee structure, in comparison to its rivals BSE and NSE.
MCX-SX recently got market regulator Sebi's nod to deal in stocks, equity futures and options, interest rate derivatives and wholesale debt markets.
The new bourse has also announced a barometer index of 40 top stocks based on liquidity and non-promoter market value among other factors. To be called 'SX-40', the new flagship index would compete with other benchmark indices like BSE's 30-share Sensex and NSE's 50-stock Nifty.
(With inputs from PTI)
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