Metropolitan Stock Exchange of India (MSEI) is the third-largest stock exchange after NSE and BSE. It was recognized by the Securities and Exchange Board of India (SEBI) on 16 September 2008. Though MSEI is not listed, its unlisted shares have a lot of value in the grey market.
It has independent management and is audited by CAG. Under the framework of SEBI and Reserve bank of India (RBI), MSEI started its operations in the currency derivatives segment. It also launched a flagship index (SX 40), capital market segment along with the Future and options segment from Feb 2013.
MSEI has a license to operate in various sectors such as currency, debt, equity derivatives, and SME platform. Till 2019 it has grown significantly and now has two ventricles i.e. Metropolitan Clearing Corporation of India Limited (MCCIL) and MCX SX KYC Registration Agency Limited (MRAL).