BSE, NSE seek clarification from MCX on volume surge

Written by Press Trust of India | Mumbai | Updated: Sep 13 2013, 01:43am hrs
Leading stock exchanges BSE and NSE have sought clarification from Multi Commodity Exchange of India (MCX) about the substantial increase in its trading volume. The exchanges have observed significant price and volume movement in the scrips of MCX in the recent past.

In a circular dated Tuesday, NSE said, Substantial increase in trading volumes has been observed in Multi Commodity Exchange of India Limited. The exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors are safeguarded, had written to the company.

In response, MCX said, With regard to increase in volume/price, the company would not like to speculate nor would like to comment on the increase in the volume / price in the recent past, as in our opinion there are no material information which may have a bearing on the price / volume in the scrip.

MCX, in a clarification to the BSE on Tuesday, also said, As a responsible corporate, we would like to assure you that the company will at all times adhere to the compliance requirement in terms of the listing agreement in the larger interest of the shareholders as per best corporate governances practices.

Shares of Multi Commodity Exchange have surged over 80% over the past fortnight after suffering a massive fall that was triggered by the crisis at National Spot Exchange (NSEL). MCX stock was on Wednesday trading 4.99% higher on the BSE. The company currently commands a market value of R2,344 crore.