BSE's valuation is $1.2 bn; we are double its turnover: MCX-SX

The newest stock exchange MCX-SX, which is expediting sale of promoters' equity in compliance with regulatory norms, should be valued more than two billion dollar going by the comparison its CEO Joseph Massey is drawing with the BSE in terms of value and turnover.

"BSE's valuation is $1.2 billion and its turnover is just about Rs 5,000 crore... Our turnover is more than double of that with just one product i.e. Currency futures ... With this you can draw your conclusion," Massey told PTI when asked about MCX-SX's valuation.

Wishing to go full swing for trading in all the products ranging from equity to interest rate futures from April 1, 2010, it is expediting the process for promoters' stake sale in accordance with regulator SEBI's conditions.

"Ideally, we would like to start the year from April 1 with all the products for trading.... We have asked the bankers to expedite the stake sale process," he said.

He said the last tranche of stake sale in August had got the exchange value of Rs 5,000 crore.

Now, MCX-SX is leading player in currency future trading and with a turnover of over Rs 10,000 crore a day has a market share of 52 per cent. All these would go into deriving the value of the exchange, he indicated.