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MCX – SX to provide 1,000 Education & Training Programs :
In line with its agenda of promoting financial literacy, market development and inclusive growth, MCX Stock Exchange ( MCX – SX ) today announced it will conduct 1,000 in – depth education and training programs to spread awareness about capital markets with first 500 members who will go live on the Exchange.
At a road – show organised in Kolkata for its Membership drive today, MCX – SX said it will conduct two such programs per broker and half of the cost of the training will be borne by the Exchange as per the terms and conditions. The above incentive is to promote financial literacy and create skill – sets among brokers, with a broader goal of broad – basing and deepening the markets.
Earlier, in membership road – shows held in other cities, MCX – SX had made various significant announcements that would aid market development and promote inclusive growth. Among significant announcements made include launch of its flagship index of ‘SX – 40.’ Making this announcement at a road – show organised in New Delhi yesterday, MCX – SX said ‘SX – 40’ will be a free float based index of large market – cap and liquid stocks representing most important sectors.
It will collaborate in its indices initiatives Indian Statistical Institute ( ISI ) – India’s premier research institute, FTSE, London and FTKMC in creating various domestic and global indices. Further details of securities covered, weights, etc., will be announced by MCX – SX before the launch of its equity segment.
MCX – SX has announced various measures that would facilitate inclusive growth and development of Indian capital markets. Besides its plans to appoint state – level advisory boards, comprising of members, investor associations, academic institutions, professional bodies and all other stakeholders of the Capital Market, in each state for financial literacy, financial inclusion and identifying and resolving Capital market – related issues, MCX – SX will also have a national level advisory board.
As part of its MCX SX Membership Developmental Program, MCX – SX is offering membership in three categories :
- Composite Members
- Professionally Qualified Members
- Rural Entrepreneur Members
Composite Membership is available for all eligible persons. Two special categories of membership, namely Professionally Qualified Member and Rural Entrepreneur – Member, are introduced for financial inclusion and market development.
The ‘Professionally Qualified Members’ category is applicable for professionals with an experience of capital market ecosystem such as Investment Banking, Private Equity, Venture Capital, Broking and Financial intermediation industry. Other professionals such as MBAs, Chartered Accountants, Company Secretaries, Lawyers, Engineers, etc. too would be eligible for this category.
The Exchange has designed specific capacity building programs for Members such as comprehensive training for their employees and sponsoring two directors / employees of the member to study MBA ( Finance ) from Indira Gandhi National Open University ( IGNOU ). In addition MCX – SX will provide guidance for regulatory compliance and investor protection and a 10% discount on composite membership.
The ‘Rural Entrepreneur Membership’ category is designed for persons located in those 5,924 sub – districts and talukas, beyond the existing 2,000, where there is capital no market penetration. MCX – SX will provide members capacity building services such as specially designed training programs for two years for directors and employees with a greater thrust on promoting bonds and other fixed income products. It will also sponsor three directors / employees of the member to study MBA ( Finance ) from Indira Gandhi National Open University ( IGNOU ).
Elaborating on the membership drive, Mr. Joseph Massey, MD & CEO of MCX – SX, said, “We remain committed to systematic development of markets through strategic use of Information, Innovation, Education and Research.
MCX – SX Training Conducting Citites :
Other cities where MCX – SX will organise its Membership road – shows are :
Chennai – 14th September, 2012
Hyderabad – 17th September, 2012
Jaipur – 19th September, 2012
Indore – 21st September, 2012