Indicating that it would pose serious competition to the National Stock Exchange and Bombay Stock Exchange, MCX-SX, the new stock exchange that recently got the Securities Exchange Board of India’s (SEBI) approval to start operations, has received more than 700 applications for all segments during the six weeks of its membership drive, the exchange said.

The exchange said this was the highest number of members signed up by any exchange across the world during their inaugural membership drive for equity and wholesale debt market (WDM) segments,” MCX-SX claimed.

“It is a historic public verdict, which demonstrates their faith in our ability for 360-degree development of financial markets across equity, debt, SME, currency and other segments,” said Joseph Massey, Managing Director and Chief Executive Officer, MCX-SX.

“With an all round subscription from foreign institutional investors (FIIs) handling global brokerage houses, financial institutions’ promoted securities firms, corporates, retail and institutional brokers, professionals and rural entrepreneurs, we are confident to fulfil the government and regulator’s vision of true capital formation and employment generation,” he added.

The exchange has already commenced the process of getting members registered with the SEBI, which involves completing all documentation of members, scrutiny by the exchange and forwarding the application to SEBI for registration.

After SEBI registers a member, it provides a registration certificate and a unique registration number. MCX-SX will also commence connectivity enablement of members with the Exchange and subsequently go live, it said.

MCX-SX had launched its membership drive on September 5, following an approval from SEBI to deal in equity, futures and pptions on equity, interest rate derivatives and wholesale debt Market.

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