MCX gets extention in currency futures from SEBI

The Securities and Exchange Board of India (Sebi) late on Wednesday approved the application for renewal of registration for currency futures trading of MCX Stock Exchange (MCX-SX). The approval comes a day after Sebi issued a showcause notice to the exchange asking the bourse to explain why its application for renewal of registration for currency futures trading should not be rejected.
0 Comments

The Securities and Exchange Board of India (Sebi) late on Wednesday approved the application for renewal of registration for currency futures trading of MCX Stock Exchange (MCX-SX). The approval comes a day after Sebi issued a showcause notice to the exchange asking the bourse to explain why its application for renewal of registration for currency futures trading should not be rejected.

The regulator said that the renewal was subject to the outcome of litigation in the Bombay High Court between Sebi and MCX-SX relating to compliance with share holding norms of a stock exchange and a decision to be taken on the show cause notice issued on Tuesday.

The exchange cannot launch new products till the issue is settled. Sebi’s conditional approval for the currency segment is valid till Sept 15, 2012. A Sebi notification issued late on Wednesday said that the extension was “in the interest of trade.”

MCX exchange has come under much scrutiny, SEBI had rejected its offering to become an approved stock exchange in 2010 offering equities and debt instruments. SEBI had rejected the license as MCX is privately owned by Indian billionaire Jignesh Shah and does not comply with the MIMPS whee key stake holder cannot hold more then 5%.

MCX is renowned for tis massive growth in commdities triadng and INR currency futures. MCX is the sixth largest commodity exchange in the world with No 1 in silver and No 2 ranking in gold.

Grab your latest copy of the Forex Magnates Retail Forex Industry Report.







TAGS: , , , , , , , , , , , ,
 

Related posts:

More information on this subject is found in the latest Forex Magnates Quarterly Report


Comments are closed.

We do not store your information and we do not disclose our sources.


Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed):



Note: Copyright © 2014 Forex Magnates. All rights reserved.

All materials contained on this site are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Forex Magnates. You may not alter or remove any trademark, copyright or other notice from copies of the content. All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at Forex Magnates are those of the individual authors and do not necessarily represent the opinion of Forex Magnates or its management. Forex Magnates has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by Forex Magnates, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Forex Magnates will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2014 "Forex Magnates Inc. - Home of the Forex Elite" All Rights Reserved.