MCX Stock Exchange (MCX-SX) was a stock exchange based in Mumbai, Maharashtra, India. Promoted initially by the Multi Commodity Exchange of India (MCX) and Financial Technologies (India) Ltd (FTIL), it commenced operations in 2008 and provided trading platforms across multiple asset classes before being renamed Metropolitan Stock Exchange of India (MSEI) in 2014.
| Name | MCX Stock Exchange (MCX-SX) |
|---|---|
| Type | Stock exchange |
| Headquarters | Mumbai, Maharashtra, India |
| Promoters (initial) | Multi Commodity Exchange of India (MCX); Financial Technologies (India) Ltd (FTIL) |
| Regulator | Securities and Exchange Board of India (SEBI); Reserve Bank of India (RBI) for currency derivatives |
| Commenced operations | 2008 |
| Successor | Metropolitan Stock Exchange of India (MSEI) |
MCX Stock Exchange was conceived as a competitor to India's two principal national bourses, the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). It was set up by promoters with prior experience in commodity exchange technology and operations, drawing on the infrastructure of the Multi Commodity Exchange and Financial Technologies group led by Jignesh Shah.
MCX-SX began trading in currency derivatives in 2008 after receiving regulatory approval from SEBI and the RBI. Initial products included futures contracts on major currency pairs such as USD–INR, EUR–INR, GBP–INR and JPY–INR.
The exchange subsequently sought permission to operate in additional segments, including equity, equity derivatives, debt and interest rate derivatives. After a prolonged regulatory process, SEBI granted MCX-SX recognition to operate these segments, and the equity and equity derivatives segments were launched in February 2013.
Following the National Spot Exchange Limited (NSEL) crisis in 2013, which involved entities linked to the Financial Technologies group, the promoter shareholding structure of MCX-SX was reorganised. SEBI directed FTIL to divest its stake on grounds of fitness to hold an interest in a recognised exchange. New investors, including domestic banks and financial institutions, were brought in.
In 2014, the exchange was rebranded as Metropolitan Stock Exchange of India Limited (MSEI), continuing operations under the new identity.
MCX-SX was notable as the third stock exchange in India to obtain a pan-India licence to operate equity and equity derivatives trading, ending a long-standing duopoly between BSE and NSE in those segments. Its early years also marked the introduction of organised exchange-traded currency futures in India, contributing to the development of a regulated currency derivatives market.