Metropolitan Stock Exchange of India (MSEI) has granted a one-year renewal of its license to operate as a stock exchange by SEBI
The Metropolitan Stock Exchange of India (MSEI) announced on Thursday that the Securities and Exchange Board of India (Sebi) has granted a one-year renewal of its license to operate as a stock exchange.
It is the third stock exchange in India that facilitates trading in equities, equity derivatives, debt instruments, currency derivatives, and interest rate derivatives.
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According to a statement from the exchange, “MSEI has received an annual renewal of recognition for the period from September 16, 2016, to September 15, 2017, and is in compliance with the requirements set forth in the SECC (Stock Exchanges and Clearing Corporations) Regulations 2012 for this renewal.”
Previously known as the MCX Stock Exchange (MCX-SX), MSEI has also submitted a request to SEBI to extend trading hours in the equity segment until 17:00 hours, as well as to expand trading hours for currency markets. The regulator has requested examples of different exchanges within the same country that operate on varying schedules. The exchange has provided the necessary information and is awaiting a response regarding its application.
MSEI is the third national stock exchange in India, authorized to operate in equity, equity derivatives, debt, currency derivatives, and interest rate derivatives. The exchange aims to enhance its equity trading platform through block deals and Exchange-Traded Funds (ETFs). Additionally, it has begun attracting listed companies from regional stock exchanges, with over 130 companies having migrated to MSEI in recent months, and another 40 applications currently under review. The exchange offers a competitive listing fee of Rs 5 lakh for these companies, which would generate Rs 10 crore from the listing of 200 firms from regional exchanges.
MSEI has stated that its operations remain unaffected by the recent inquiry conducted by the Central Bureau of Investigation (CBI), which involved searches related to the period from 2008 to 2011.
The exchange emphasized that its management and shareholding structure have undergone a complete transformation since 2013. It is now operated by a professional management team and overseen by an independent board.
The management is actively implementing a business revival strategy and is achieving positive developments. Source https://www.business-standard.com
Share holders in Metropolitan Stock Exchange of India (MSEI)
The Board of the Metropolitan Stock Exchange has sanctioned the issuance of up to 119,00,00,000 equity shares, each with a face value of ₹1 and a premium of ₹1 per share. This results in a total price of ₹2 per equity share, encompassing the premium, which amounts to a total of up to ₹238 crores for the intended allottees as below
- Billionsbrains Garage Ventures Private Limited (Parent Company of Groww)
- Rainmatter Investments (Investment Arm by Zerodha Promotor)
- Securocorp Securities India Private Limited
- Share India Securities Limited with 4.958% stake.
