MCX-SX board appoints Ernst & Young for forensic audit

Jan 04 2014, 09:00 IST
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Ernst & Young (EY) will carry out forensic audit of the stock exchange since its inception in December 2008 when it began trading in currency futures. Ernst & Young (EY) will carry out forensic audit of the stock exchange since its inception in December 2008 when it began trading in currency futures.
SummaryBoard chaired by former Home Secy GK Pillai decides to also review existing contracts and agreements.

for cost rationalisation in order to make the exchange more viable.

It took note of the various cost reduction measures undertaken by the exchange under supervision of the Special Committee of Public Interest Directors that has resulted into reduction in quarterly expenses by Rs 13 crore in Q2 as compared to that in Q3.

The board also gave its in-principle approval to make a 1:1 rights issue to existing shareholders in compliance with SECC Regulations and decided to have a meeting with institutional shareholder representatives on January 13, 2014 to obtain their concurrence on the proposal.

The board further asked the management to present a concrete proposal for restructuring of the liquidity enhancement schemes of the exchange in a bid to attract liquidity and optimise payouts.

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