Sebi approves new name for MCX Stock Exchange

The MCX Stock Exchange (MCX-SX) has a new name. According to a press release, the bourse has received the Securities and Exchange Board of India (Sebi)’s approval to rename it Metropolitan Stock Exchange of India (mSXI). The name change is part of the revamp the exchange has undertaken since the new management stepped in and erstwhile promoter Financial Technologies India moved out. The exchange has already moved its corporate office from Exchange Square to Bandra-Kurla Complex and also transferred its data centre to the Tata Consultancy Services premises in BKC.

The exchange has also announced it would extinguish the warrants of FTIL. Earlier this month, Sebi had granted renewal to the exchange on the condition that it maintain its net worth, and adhere to Sebi regulations with respect to shareholding.

“We are thankful to Sebi for granting the renewal of licence last week and now approving our proposal for a new name. This is a crucial driver of our re-branding initiative. This will sharpen our focus on raising the brand visibility and member engagement programmes linked to the Exchange's activities,” said Saurabh Sarkar, managing director and CEO of MCX-SX, in a statement. (Business Standard)