MCX-SX has received over 700 applications for membership for all segments. It is looking to formally launch around mid-November, preferably November 18, said exchange officials — same as the day the commodity exchange, MCX, was launched in 2003.
Jignesh Shah, Vice-Chairman of the MCX, said they hoped to get at least 50 per cent members to be registered with the SEBI prior to the launch.
The exchange received approval from the capital market regulator in July this year to deal in equity, futures and options on equity, interest rate derivatives and wholesale debt market. The exchange will deal in equity and equity derivatives segments to begin with, said Shah.
Joseph Massey, MD & CEO of the MCX-SX, had earlier said that the exchange plans to trade in around 1,200 scrips under the permitted category.
Of the 700 applications received, around 15 per cent are from the professional and rural segment, said exchange officials.
At Rs 25-30 lakh as membership fee per member, the exchange is expected to receive anywhere between Rs 175 crore and Rs 210 crore as fees. While members are supposed to pay only after registration, some applicants have already made their payments, Shah said.