Metropolitan Stock Exchange of India

About Metropolitan Stock Exchange of India

Metropolitan Stock Exchange of India Ltd (MSEI), formerly known as MCX Stock Exchange (MCX-SX), is India's third national-level stock exchange, incorporated on August 14, 2008. It was founded by Jignesh Shah and associated entities. Recognized by the Securities and Exchange Board of India (SEBI), MSEI provides an electronic trading platform for a wide array of financial instruments. The exchange's business model is centered on generating revenue from transaction fees, listing fees, and data services. It caters to a broad spectrum of clients, including retail and institutional investors, by offering a platform for trading in equities, equity derivatives, currency derivatives, interest rate futures, and corporate bonds.

MSEI commenced operations on October 7, 2008, initially focusing on the Currency Derivatives segment under the regulatory purview of SEBI and the Reserve Bank of India (RBI). A significant milestone was achieved on February 11, 2013, when the exchange expanded its offerings to include the Capital Market, Futures and Options segments, and its flagship index, the 'SX40'. The SX40 is a free-float based index of 40 large-cap, liquid stocks representing various sectors of the economy, designed to serve as a performance benchmark. The exchange also offers the SXBANK index, which tracks the performance of the banking sector. Although it launched a Debt Market Segment in June 2013, trading in this segment has been suspended since September 2020. The exchange has also secured in-principle approval to operate a platform for Small and Medium Enterprises (SMEs).

Despite its comprehensive offerings, MSEI has faced challenges in gaining market share against the dominant National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). However, recent strategic developments signal a potential revival. In December 2024, the exchange raised capital from prominent investors, including the founders of fintech companies like Groww and Zerodha. This was followed by a larger fundraising round of ₹1,000 crore in August 2025 to upgrade infrastructure, enhance liquidity, and expand product offerings. The exchange is led by MD & CEO Latika S Kundu, whose reappointment was approved by shareholders, reflecting confidence in her leadership. MSEI's strategy focuses on attracting liquidity, developing its derivatives segments, and leveraging technology to offer a resilient and transparent trading environment. The exchange is also committed to financial literacy and inclusion, conducting numerous investor awareness programs across India.