MCX Stock Exchange has received approval from the capital market regulator SEBI to change its name to Metropolitan Stock Exchange of India, abbreviated as mSXI.

The name change is a part of the turnaround strategy to give the exchange a new identity and disassociate itself from the scam-tainted promoter Financial Technologies.

The exchange is in the process of making an application to the Registrar of Companies for registration of the new name, said MCX Stock Exchange in a press release.

The board of MCX-SX approved the proposal for rechristening the exchange few months ago and subsequently an application was submitted to the Securities and Exchange Board of India. The functioning and trading operations will remain seamless as the exchange would migrate to the brand identity over the next few months upon RoC approval.

MCX-SX has recently shifted its office to the new office premises in Bandra Kurla Complex and also moved the data centre to Tata Communications. Shifting of the data centre has also helped the exchange in vastly improving its latency.

Saurabh Sarkar, Managing Director & CEO, MCX-SX, said this development is a crucial driver of the rebranding initiatives and member engagement programmes linked to the exchange's activities.

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