MCX Stock Exchange (MCX-SX) said it has signed up 700 members for its new equity exchange.MCX-SX, India’s new stock exchange had launched its membership drive on September 5, following an approval from SEBI to deal in equity, futures and options on equity, interest rate derivatives and wholesale debt Market. MCX-SX had offered a competitive transaction fee and membership fee structure of Rs 30 lakh.
MCX-SX, the new stock exchange that has recently got the Securities Exchange Board of India (SEBI) approval to start operations in all segments.It may start it’s operation in nov-dec.NSE, India’s biggest exchange by volume, launched its operations with nearly 200 members in 1994. BSE started operations in 1875 with 318 members. BSE has listed out a total of 1,083 members on its website, while NSE has more than 1,400 members.
MCX-SX would target people from smaller cities through its competitive cost-structure. MCX-SX intends to have a dedicated platform for small businesses and SMEs should aspire to raise up to USD 20 million annually through such platforms. Currently, the market participation and liquidity is limited to less than 2 per cent of population and is heavily dominated by top metro cities.
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.