The much-talked about launch of MCX-SX this year, the third equity exchange in the country, is hinging on the completion of the registration of 350 members with Sebi. Joseph Massey, MD & CEO of MCX Stock Exchange Ltd, tells Santosh Tiwari clarity on the date of going live would be there by the end of this month. Edited excerpts:
Now, when do you expect to begin?
Our beginning is contingent on getting a critical mass of 350 brokers. So, we are actually dedicating the system on November 18 and start mock-testing the system thereafter. We will decide the date for going live once we get this critical mass of 350 and we just have to be calliberated as to when it gets done.
So, from 18 onwards, testing would start...
We will start testing the system. We will start mock-testing. We will let members handle trading on the exchange and things like that but the date for going live will depend on when we get this critical mass and then we will announce it and get going.
How many members will you be engaging now?
Seven hundred members have applied. We want to get at least 50 per cent of them registered with Sebi.
So, realistically, when do you think it can start? It depends on Sebi or you?
I think we will have more clarity by the end of this month. It’s not exclusively Sebi. I think member readiness of 50 per cent should be achieved by the end of this month in terms of applications forwarded to Sebi. Then, we will have to see how registration gets place because application have been already sent from (November) 18 onwards. So, many have gone, many more will go by month-end. And then, we will have to see how it goes. Sebi is trying to do as expeditiously as it is possible. So, I think we will have more clarity by the end of this month.