MCX Stock Exchange (MCX-SX), after a long and tortuous legal battle, has received the approval from the Securities and Exchange Board of India (SEBI) for commencing equity trading business. The MCX-SX will start operations as a full-fledged stock exchange, offering trading in stocks, futures & options (F&O) on stocks and indices, interest rate derivatives and other products.
The SEBI has given the said approval with some conditions that the promoters of MCX-SX bring down their shareholding in the exchange to 5% limit within 18 months, they will also have to reduce their entitlement to equity or rights over equity from instruments like warrants within the 5% shareholding limit within 3 years, and the combined voting rights of the two promoters FTIL and MCX in MCX-SX will not exceed 5%.
Earlier on July 16, 2010, MCX-SX moved Bombay High Court after it got no response from SEBI on its application. Bombay HC set aside the order passed by whole-time member of SEBI and directed SEBI to consider MCX-SX application on March 14, 2012.
Company Name | CMP |
---|---|
ICICI Securities | 730.50 |
Angel One | 2819.00 |
Motilal Oswal Fin | 2600.65 |
Share India Sec. | 1686.00 |
SMC Global Sec. | 147.70 |
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