SEBI gives MCX-SX time extension for divestment

MUMBAI, INDIA: MCX-SX, India’s New Stock Exchange, has received approval for its application for renewal along with a one year extension for completion of divestment from Securities & Exchange Board of India (SEBI).

MCX-SX has now time till September 15, 2010 to complete its divestment in order to meet regulatory compliance. The exchange is fully geared to launch new contracts and products once the divestment is complete as mandated and in compliance with necessary regulatory approvals.

MCX-SX, which has just concluded its international and domestic road-shows for disinvestment, expects to complete its divestment process to meet regulatory compliance shortly.

In its first year of operation, the exchange has emerged strong and gained leadership position in currency derivatives segment.

Commenting on the development Joseph Massey, managing director & CEO, MCX-SX said, “Our endeavor is to make MCX-SX the world class exchange from the East which will bring in transparency and innovation along with best of the domestic and global governance practices, products and partnership. We believe in systematic development of financial markets through Information, Innovation, Education and Research to grow markets organically.”