Sebi tightens screws on MCX-SX

Sep 11 2013, 22:33 IST
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SummaryAs the NSEL crisis continues to deepen, its group entity MCX Stock Exchange was asked by market regulator Sebi today to strengthen its governance structure

to consider the advice of the panel and maintain a record of the proceedings, Sebi said.

In order to further secure the management of the exchange and clearing corporation, shareholders of MCX-SX and MCX-SX-CCL in AGM/EGM would examine conflict of interest and compliance with Stock Exchanges and Clearing Corporations (SECC) Regulations by the directors and the key management personnel and take appropriate action including reconstitution of board, reappointment of any key management personnel.

This will have to be reported to SEBI within 30 days from the date of renewal of recognition.

Sebi said any non-compliance with its directions or any adverse findings by any other regulator may result in withdrawal of recognition of the exchange.

MCX-SX offers electronic platform for trading in Capital Market, Futures & Options, Currency Derivatives and Debt Market segments. The exchange has also received in-principle approval from SEBI for operationalising SME trading platform.

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