United Stock Exchange of India Limited, India's newest stock exchange for currency derivatives, said it has received authorisation from the Reserve Bank of India (RBI) to start operations.
USE had earlier received final approval from SEBI to launch operations in currency futures, the exchange said in a statement here. USE is a public-private partnership with equity participation by PSUs, public sector and private sector banks and corporate institutions.
All 21 Indian public sector banks, leading private sector banks, public sector undertakings and corporates are shareholders of the Exchange. "The RBI authorisation is another step forward towards the launch of the Exchange. We have recently started conducting mock trading to familiarise members with the platform," USE's CEO and Managing Director, T S Narayanasami, said. USE has planned to commence commercial operations in July 2010, the release said.