MCX Stock Exchange
MCX-SX to provide 1,000 training programmes to members
Sep 14, 2012
by Prashant Kapadia
MCX Stock Exchange (MCX-SX) today announced it will conduct 1,000 in-depth education and training programmes to spread awareness about capital markets with first 500 members who will go live on the Exchange.At a road-show organised here for its Membership drive , MCX-SX said it will conduct two such programmess per broker and half of the cost of the training will be borne by the Exchange as per the terms and conditions.The above incentive is to promote financial literacy and create skill-sets among brokers, with a broader goal of broad-basing and deepening the markets.
Earlier, in membership road-shows held in other cities, MCX-SX had made various significant announcements that would aid market development and promote inclusive growth. Among significant announcements made include launch of its flagship index of ‘SX-40.’ Making this announcement at a road-show organised in New Delhi yesterday, MCX-SX said ‘SX-40’ will be a free float based index of large market-cap and liquid stocks representing most important sectors. It will collaborate in its indices initiatives Indian Statistical Institute (ISI) – India’s premier research institute, FTSE, London and FTKMC in creating various domestic and global indices. Further details of securities covered, weights, etc., will be announced by MCX-SX before the launch of its equity segment.
MCX-SX has announced various measures that would facilitate inclusive growth and development of Indian capital markets. Besides its plans to appoint state-level advisory boards, comprising of members, investor associations, academic institutions, professional bodies and all other stakeholders of the Capital Market, in each state for financial literacy, financial inclusion and identifying and resolving Capital market-related issues, MCX-SX will also have a national level advisory board comprising of members of members co-opted from state level board and including others operating at national level. MCX-SX has also announced up to 50% reduction in transaction fee and a cost optimal membership fee structure.
The cost optimisation strategy is designed to pass the benefit of cost advantage available to MCX-SX to the trade which will lower the entry barriers to capital market, thereby fostering inclusive growth. The transaction charges applicable in equity cash, equity futures and options segments are given below. The Exchange will keep reviewing these charges from timeElaborating on the membership drive, Mr. Joseph Massey, MD & CEO of MCX-SX,said, “We remain committed to systematic development of markets through strategic use of Information, Innovation, Education and Research. Cost optimisation and broad-basing of investor participation will be crucial for India’s Capital market development and inclusive growth of the economy, as is envisaged by our Regulators and the Government.”.
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