Country`s largest public sector trading agency MMTC is entering to partnership with 4th currency futures exchange and it will invest Rs 225 million to pick up to 15% equity in that exchange, reports Business Standard.
The exchange will be known as United Stock Exchange of India (STOX) and it is a special purpose vehicle (SPV) created by Jaypee Capital Services. Jaypee Capital, formed by Jaypee Commodities, will be the single-largest shareholder in the proposed exchange.
The company expects the forex market in India to grow to a great extent and the exchange will get membership from corporate, commercial and co-operative banks gradually.
Source: My Iris