USE seeks final Sebi nod for operations

United Stock Exchange (USE) has applied to the regulator Securities Exchange Board of India (Sebi) for final permission to launch operations, a source close to the development said.

Initially, the exchange plans to start trading in currency futures. “We have applied to Sebi and now expect to get approval in early December. We will mostly launch operations in mid-January,” the source said.

The exchange, promoted by Jaypee Capital Services Ltd, Bombay Stock Exchange Ltd, and a consortium of state-owned, private and foreign banks, is looking at avoiding launch of operations during the second half of December as traditionally trade volumes tend to be low. The source refuted rumours that Managing Director and Chief Executive Officer T S Narayanasami is not part of the exchange anymore.