MCX announces tieup with NSE, India INX, NSDL, CDSL

Multi Commodity Exchange of India (MCX), along with other exchanges and securities depositories, will set up market infrastructure institutions in the GIFT City.

In a BSE filing made after market hours yesterday, the commodity exchange said that it had signed a Memorandum of Understanding with National Stock Exchange of India (NSE), India INX International Exchange (IFSC) (India INX), National Securities Depository (NSDL) and Central Depository Services (India) (CDSL) for setting up market infrastructure institutions comprising of International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Financial Trade (GIFT) City.

The setting up of market infrastructure institutions is in line with the Government of India objective to make India a price setter in bullion through GIFT International Finance Service Centre (IFSC) and in accordance with the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 and other applicable laws, the exchange added.

MCX is engaged in facilitating trading, and clearing and settlement of commodity derivatives. It operates as a commodity futures exchange.

The exchange reported 29.2% jump in consolidated net profit to Rs 71.80 crore on 13% surge in net sales to Rs 100.90 crore in Q3 December 2020 over Q3 December 2019.

Shares of MCX shed 0.18% to currently trade at Rs 1501 on the BSE.

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