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HindustanTimes Wed,20 Aug 2014

MCX-SX goes live, challenges NSE

Agencies  Mumbai, February 11, 2013
First Published: 11:59 IST(11/2/2013) | Last Updated: 22:08 IST(11/2/2013)

India's new stock exchange MCX-SX attracted thin volumes as it started trading shares on Monday, taking up the challenge of winning market share from dominant players National Stock Exchange (NSE) and Bombay Stock Exchange.

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The value of shares traded on the MCX-SX in its first day was R69 lakh, its website showed, compared with R9,457 crore on the NSE.

"(The) earliest we can know whether MCX has made a mark in equities is five years from now," said Phani Sekhar, a fund manager at Angel Broking.

MCX-SX was formally launched by finance minister P Chidambaram on Saturday.

The base value for the index is 10,000 with a base year of March 2010, the exchange said.

The SX-40 will be a free-float-based index of 40 large-cap  stocks. The stocks included in the exchange have a free loat of at least 10% and a positive net worth.

Of the 700 members the bourse has signed up, registration of 405 have already been cleared by the regulator.

(Reuters and PTI inputs)


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