The Bombay Stock Exchange is likely to launch the exchange traded currency futures (ETCF) contracts by the end of this month as it expects the Securities & Exchange Board of India (Sebi) to clear decks for the proposal following its inspection this week.
Rajnikant Patel, outgoing managing director and chief executive officer of the BSE, said: ?All our systems are ready. The Sebi will come to examine our system soon. It will happen by August-end or in September.?
While the BSE has applied to the Sebi for setting up a currency derivatives segment in line with the recommendations of the RBI-Sebi standing technical committee on exchange traded currency, which were published on May 29, the National Stock Exchange and the Multi Commodity Exchange have also applied for the same.
Talking to reporters here, Patel said: ?The idea is to segregate risks between the existing exchange and the division.? Clarifying that the ECTF will be a separate segment or division within the exchange, Patel said, ?It is like an exchange within another exchange. It will have its own corporate governance system and council. Membership will also be separate.?