MCX-SX to form advisory boards for financial inclusion

MCX Stock Exchange which will kickstart its equity segment by Diwali today announced that it would form state level advisory boards in each state for higher financial inclusion and literacy.

"Our equity segment is expected to get operational by Diwali, and by then these state level boards are also likely to be in place," an exchange official said.

The board would comprise of brokers, investor representatives, people from academic institutions, professional bodies and stakeholders from the capital markets, an exchange statement said.

"The concept of having an advisory board in states is a first of its kind step to be taken by a stock exchange in the country, to resolve the problems of stakeholders," Setu Shah, spokesperson of MCX-SX said.

The objective of state-level advisory boards would be to undertake activities related to financial literacy and inclusion as also identify the problems of stakeholders and provide solutions, the statement said.

The exchange officials were here for the road show of its recently launched membership drive, to sign-up entities to trade on its platform.

"We remain committed to systematic development of markets through strategic use of information, innovation, education and research. Cost optimisation and  broad-basing of investor participation will be crucial for India's Capital market development," Joseph Massey, MD and CEO of MCX-SX said elaborating on the membership drive.

MCX-SX is offering an entry-level membership fee and deposit at Rs 25 lakh to be valid till October 18 and afterwards it would be raised to Rs 50 lakh.