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BSE, NSE seek clarification from MCX on increase in volume

Sep 11 2013, 13:22 IST
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SummaryFTIL holds 26 per cent stake in MCX, the only listed commodity exchange in the country.

Country's leading stock exchanges Ė BSE and NSE Ė have sought clarifications from Multi Commodity Exchange of India about 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 yesterday 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 yesterday 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 per cent over the past fortnight after suffering a massive fall that was triggered by the crisis at National Spot Exchange Ltd (NSEL).

MCX stock was today trading 4.99 per cent higher on the BSE. The company currently commands a market value of Rs 2,344 crore.

On the volume front, 1.45 lakh shares were traded on the BSE, while over 5 lakh shares changed hands on the NSE during the afternoon trade.

Both NSEL and MCX are promoted by Jignesh Shah-led Financial Technologies (India) Ltd (FTIL). FTIL holds 26 per cent stake in MCX, the only listed commodity exchange in the country.

NSEL is presently facing a crisis of settling Rs 5,600 crore dues to 148 members/brokers, representing 13,000 investors, after its trade was suspended on July 31 following government orders.

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