MCX accuses SEBI of unfair bias | business | Hindustan Times
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MCX accuses SEBI of unfair bias

business Updated: Sep 28, 2010 20:54 IST

Smarting from the Securities and Exchange Board of India’s (SEBI) rejection of its application for trading in equities and equity derivatives, MCX Stock Exchange (MCX-SX) on Tuesday hit back by accusing the regulator of being discriminatory and unjust.

SEBI had on Thursday passed an order and rejected the application of MCX-SX for permission to deal in equity, futures and options on equity, interest rate derivatives and debt as permitted to Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on the grounds that the exchange did not meet the desired regulations.

“MCX-SX has been the victim of SEBI’s discriminatory attitude several times in the past, the most glaring instance being the denial of interest rate futures (IRF) on the existing currency segment,” alleged Joseph Massey, managing director and CEO of MCX-SX. “While we were denied IRF, a dominant exchange was allowed to offer IRF though it was also not compliant with Manner of Increasing & Maintaining Public Shareholding (MIMPS) norms like us,” he said.

Massey said MCX-SX always maintained transparency in its conduct and practices but SEBI never got back with any suggestions, solutions and deadlines.