MCX-SX completes 1-yr in equity trade; clocks Rs 1.53 lakh cr

Completing first year as a full- fledged stock exchange, MCX-SX has clocked in a turnover of more than Rs 1.53 lakh crore from equity trading.
In the 12 months since it began operations on February 11, 2013, MCX Stock Exchange has recorded a total turnover of Rs 1.43 lakh crore from equity derivatives, while it has raked in a turnover of Rs 10,624 crore in the equity cash segment.
While the FTIL-promoted exchange witnessed a strong performance in first few months, the turnover saw a sharp plunge in last 5-6 months amid a payment crisis at commodity bourse NSEL, which was set up by the same promoter group.

Forward Markets Commission is monitoring the recovery of dues of about Rs 5,600 crore at the spot commodity bourse which suspended trade in July last year after two dozen counter parties declared their inability to settle payments.
Since the crisis, the top management and board structure of MCX-SX has changed -- it recently appointed Saurabh Sarkar (formerly CEO of United Stock Exchange) as CEO while former Home Secretary G K Pillai is now Chairman.
All the FTIL group executives, including Jignesh Shah and Joseph Massey, had to resign from the board after regulator Sebi ordered a recast of the governing body for running the exchange at the time of its licence renewal in September 2013.

While MCX-SX turnover in cash segment had nearly touched the Rs 3,000 crore-level in June, it has slid to below 1000-mark since August.

In December and January, the bourse recorded Rs 250 crore and Rs 267 crore respectively in cash segment turnover, marking its worst fall since the NSEL scam broke out.
The equity derivative turnover rose at a good pace during February-July, 2013 wherein it had crossed the Rs 30,000 crore-level. However since then, the derivative turnover has come down to below Rs 10,000 crore mark.
In January this year, MCX-SX saw a turnover of Rs 9,883 crore in the derivative segment as compared to Rs 7,339 crore in previous month.

The total volume of equity derivative contracts stood at about 50 lakh during the past one year.
The bourse was set up by Jignesh Shah-led Financial Technologies (India) Ltd (FTIL) and it commenced operations in Currency Derivatives segment in October 2008. After a prolonged regulatory battle, it began operating as a full- fledged bourse with launch of equity trading in February 2013.
The debt market segment of MCX-SX was launched in June last year.
In September, market regulator Sebi renewed the licence of MCX-SX but asked the bourse to strengthen its corporate governance structure in wake of the NSEL crisis.