MCX wants Sebi nod to raise stake to 15% in MSXI

Leading commodity bourse MCX has requested regulator Sebi that it may be allowed to hold up to 15 per cent stake in Metropolitan Stock Exchange (MSXI) and be granted extension till December 31 to hold its warrants.
Currently, MCX holds 5 per cent stake in MSXI, and 15 per cent is the maximum any commodity bourse can hold in a stock exchange.
"The company through various correspondence and vide its recent letters dated April 30 and May 4 once again represented to Sebi that FTIL and the company are no longer acting in concert, especially in view of the developments during the year (2014-15)...," MCX said, in a BSE filing.

Besides, MCX has sought more time from Sebi to hold warrants totalling 58.25 crore. These are valid till June 19 this year.
Each warrant entitles the company to subscribe to one equity share of MSXI at any time after six months from the date of issuance.
The exchange also holds 65 lakh shares valued at Rs 6.5 crore in MCX-SX Clearing Corporation Ltd (MCX-SX CCL).

MSXI was formerly known as MCX Stock Exchange (MCX-SX).
As part of its turnaround strategy, MCX-SX renamed itself as MSXI last financial year to give the exchange a new identity, disassociate from its original promoters and shift to a high-growth phase.

In the wake of Rs 5,600-crore payment crisis at NSEL, promoted by Jignesh Shah-led Financial Technologies (India) Ltd (FTIL), Sebi had directed MCX to divest its stake in MSXI and MCX-SX CCL.