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Jul 12, 2012, 08.23 AM IST
Shares of Financial Technologies India and MCX today shot up about 9.5%, after capital market regulator Sebi granted permission to their entity MCX-SX to operate as a full-fledged stock exchange.
FTIL shares surged 9.49% to touch a high of Rs 824.90 on the BSE. Similarly, shares of MCX soared 7.7% to Rs 1,246.20.
FTIL and MCX are the promoters of MCX Stock Exchange (MCX-SX).
Speaking at a press conference today, Joseph Massey, MD & CEO of MCX said that the firm will start the process of setting up an exchange soon.
Yesterday evening, Sebi granted permission to MCX-SX to operate as a full-fledged stock exchange, ending nearly 4-year-long wait of the bourse to enter the business a move that will bring in more competition in markets.
MCX-SX was first granted recognition by Sebi in September 2008, but it was allowed to conduct trading only in the currency derivatives segment.
With the approval, MCX-SX would be able to offer additional asset classes such as equity and equity F&O (Futures and Options), interest rate futures and wholesale debt segments.
MCX plans to launch currency options trading in one month, Massey told reporters. "The listing of exchanges will bring in transparency," he said adding, the timeline for stock exchange will be announced post next board meet.
At present, Sebi has granted permanent recognition to eight stock exchanges in the country, but only two of them -- BSE and NSE (National Stock Exchange) -- are operating as active national level bourses across the segments.
MCX is the country's largest commodity exchange, while its promoter FTIL offers technology and other solutions for exchange businesses.
Meanwhile, in the broader market, the BSE 30-stock Sensex was trading at 17,554.21, down 64.14 points at 1105 hrs.
With inputs from PTI
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