United Stock Exchange gets RBI authorisation

United Stock Exchange (USE) of India, India’s newest stock exchange for currency derivatives, said it had received authorisation from the Reserve Bank of India (RBI) to start operations.

USE had earlier received final approval from the market regulator, the Securities and Exchange Board of India (Sebi), to launch operations in currency futures, the exchange said in a statement here.

USE is a public-private partnership with equity participation by public sector units, public and private sector banks and corporate institutions. All 21 Indian public sector banks, leading private sector banks, public sector undertakings and corporates are shareholders of the exchange.

“The RBI authorisation is another step towards the launch of the exchange. We have recently started conducting mock trading to familiarise our members with the platform,” said USE CEO and Managing Director T S Narayanasami. USE planned to start commercial operations in July this year, the release said.