MCX Stock Exchange (MCX-SX) has completed the process of divestment to comply with Sebi regulations that will enable the exchange to commence operations in equity and derivatives. As per Sebi norms, stock exchange promoters are expected to hold a maximum of 5% stake. Currently-MCX-SX provides trading platform for only currency futures. The regulator had earlier given the exchange time till September 2010 to bring down promoter holding.
As part of the divestment process, MCX and Financial Technologies which together held close to 60% stake in MCX-SX have brought down their holding to 5% each. The promoters have placed their shares with a total of 21 private and public financial institutions and banks, with IFCI being the largest shareholder with 13.23%. While Union Bank has a stake of 11.50% and Punjab National Bank 9.20%, others like Allahabad Bank, Andhra Bank, Bank of Baroda and Bank of India among others hold 4.60% stake each.