MCX-SX completes shareholding compliance under MIMPS Regulations
- Shareholders List includes 18 banks and 2 FIs
- 6 new directors joining the Board from Banks, FI and PFI Shareholders
- Promoters Financial Technologies and MCX to hold 5% each
MCX Stock Exchange Limited (MCX-SX) was recognized by SEBI on 16th September 2008 and commenced its operations on 7th October 2008. It has made significant progress in the currency derivative segment. The Exchange was in the process of completing its compliance with SEBI (Manner of Increasing and Maintaining Public Shareholding in Recognised Exchanges) Regulations, 2006 (MIMPS Regulations) in order to commence other segments of capital market, subject to regulatory approvals.
The Exchange was accorded time up to September 2010 to achieve compliance with MIMPS Regulations. The Exchange has now completed this process through divestment and a scheme of reduction of capital as per the provisions of the Companies Act, unanimously approved by the Board, all shareholders in EGM which was also duly approved by the Hon’ble Mumbai High Court.
Accordingly, the new shareholding of MCX-SX is as follows:
| Sl. No. | Name of Shareholder* | %age holding |
| 1 | Allahabad Bank | 4.60 |
| 2 | Andhra Bank | 4.60 |
| 3 | Axis Bank | 1.84 |
| 4 | Bank of Baroda | 4.60 |
| 5 | Bank of India | 4.60 |
| 6 | Corporation Bank | 4.60 |
| 7 | Financial Technologies (India) Ltd. | 5.00 |
| 8 | HDFC Bank | 2.21 |
| 9 | IFCI Limited | 13.23 |
| 10 | IL & FS Financial Services Ltd. | 5.00 |
| 11 | Indian Bank | 4.60 |
| 12 | Indian Overseas Bank | 4.60 |
| 13 | MCX Stock Exchange ESOP Trust | 1.00 |
| 14 | Multi Commodity Exchange of India Ltd. | 5.00 |
| 15 | Oriental Bank of Commerce | 4.60 |
| 16 | Punjab & Sind Bank | 0.92 |
| 17 | Punjab National Bank | 9.20 |
| 18 | State Bank of Indore | 1.84 |
| 19 | Syndicate Bank | 2.30 |
| 20 | UCO Bank | 0.46 |
| 21 | Union Bank of India | 11.50 |
| 22 | United Bank of India | 1.84 |
| 23 | Vijaya Bank | 1.84 |
| Total: | 100.00 | |
| * Names in alphabetical order | ||
MCX-SX has also expanded its board size with the approval of SEBI and Central Government from 12 to 18 and has accordingly inducted nominee directors from banks and Financial Institutions. The nominee directors are as below:
- Mr. Atul Rai, Chairman & Managing Driector, IFCI Limited
- Mr. Shahzaad Dalal, Vice Chairman, IL&FS
- Mr. M. Narendra, Executive Director, Bank of India (BoI)
- Mr. S. K. Dubey, General Manager (Treasury), Punjab National Bank (PNB)
- Mr. S. Rajendran, General Manager, Union Bank of India (UBI)
- Mr. C.V.R. Rajendran, General Manager, Corporation Bank
The present Board of MCX-SX comprise of the following:
- Mr. Ashok Jha, IAS, (Retd.) – Chairman, Former Finance Secretary
- Mr. Jignesh Shah – Vice Chairman, Chairman & CEO, Financial Technologies (India) Ltd.
- Mr. Joseph Massey - Managing Director & CEO – MCX-SX
- Dr. Nitish Sengupta, IAS, (Retd.) – Director, Former Revenue Secretary and Member Secretary, Planning Commission
- Dr. S. A. Dave – Director, Former Chairman, SEBI
- Mr. Vepa Kamesam – Director, Managing Director, Institute of Insurance and Risk Management, Hyderabad and Former Deputy Governor, RBI
- Mr. S. S. Thakur - Director, Chairman, Central Depository Services (India) Ltd. and Founder Chairman, HDFC Bank Ltd.
- Mr. C. M. Maniar - Director, Senior Partner, Crawford Bayley & Co.
- Mr. B. D. Sumitra - Director, Former Managing Director, CCIL and Former Deputy Managing Director, SBI
- Mr. V. Hariharan - Director- Strategy, FTIL
- Mr. U. Venkataraman – Executive Director – MCX-SX
The Board and shareholders of the Exchange are extremely happy to have complied with the MIMPS Regulations within the stipulated period of September 2010. The New Generation Exchange has been progressing steadily by providing exchange services through its Market Development Model based on Information, Innovation, Education & Research. The Exchange is confident that it will be able to contribute to the financial inclusion, financial literacy and further development of capital market in tune with the policies of SEBI and Government.
About MCX-SX
MCX-SX, India’s New Stock Exchange, is a leader in offering nationwide electronic platform to trade in Currency (FX), and is poised to enter into Interest Rate Futures (IRF), Equities (Cash & F&O), Indices and ETF, Fixed Income (Debt) and SME (Small Medium Enterprises) products, subject to regulatory clearance.
Promoted by Multi Commodity Exchange (MCX) and Financial Technologies (India) Ltd (FTIL), MCX-SX is recognised under Sec 4 of Securities Contracts (Regulation) Act, by Securities Exchange Board of India (Sebi). The exchange believes in “systematic development of financial markets through Information, Innovation, Education and Research” and, accordingly, has taken various measures to ensure that the markets are used by participants more effectively.