Shares of Financial Technologies (India) and Multi Commodity Exchange of India Ltd (MCX), the promoters of MCX Stock Exchange (MCX SX), have rallied sharply following reports that MCX SX has got the nod from market regulator, Securities and Exchange Board of India (Sebi), to start operations as a full-fledged stock exchange. Shares of Financial Technologies was up more than 6%, while MCX was up more than 2.5%.
MCX is the country's largest commodity exchange, while its promoter Financial Technologies offers technology and other solutions for exchange businesses. After months of hectic lobbying and a virtual face off with the Securities and Exchange Board of India, the market regulator has finally granted MCX Stock Exchange Ltd (MCX SX) to become a full fledged bourse.
MCX SX can now introduce new asset classes on its platform including equities, derivatives and wholesale debt segments. MCX SX, now becomes the third exchange after the National Stock Exchange after the Bombay Stock Exchange.