Research Reports

Metropolitan Stock Exchange of India Limited (MSEI) :

Metropolitan Stock Exchange of India Limited (MSE) 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).

Metropolitan Stock Exchange Unlisted Shares

About the Company

  • The first exchange to receive approval for launching weekly contracts on interest rate futures (IRFs) besides introducing weekly futures and options in cross currency pairs of EUR-USD, GBP-USD, USD-JPY MSEI has tied up with Canada-based DTM Global Holdings, a company promoted by the Delamore & Owl (D&O) Group for the introduction of two marquee platforms VentureXchange and Go-liquidX.
  • MSE offers an electronic, transparent and hi-tech platform for trading in Capital Market, Futures & Options, Currency Derivatives and Debt Market segments.
  • Founded in 2008, MSEI is recognized as the Third Largest Stock Exchange in India, after NSE & BSE.
  • Headquartered in Mumbai, the Exchange operates through four main interconnected businesses – I) Trading II) Post Trade activities III) Listing Business IV) Information Services. Capit, the Company is a full-service National level Stock Exchange with the license to operate in Equity, Equity Derivatives, Currency Derivatives Segment. The Exchange has a live trading platform in all segments.

History & Evolution

  • The Metropolitan Stock Exchange is one of India's nine stock exchanges recognised by the Securities and Exchange Board of India (SEBI).
  • The Exchange was notified of a "recognized stock exchange" under Section 2(39) of the Companies Act, 1956 by the Ministry of Corporate Affairs, Govt. of India, on December 21, 2012.
  • The exchange’s shareholders are some of India’s top public sector banks, private sector banks, and domestic financial institutions.
  • Mr. D K Mehortra, Ex-Chairman, Life Insurance Corporation of India Ltd. is the Non-Executive Chairman (Public Interest Director) on the Board. Latika S Kundu took over the reins of the exchange as Managing Director & Chief Executive Officer on March 12, 2020.

Products & Services

  • Currency Derivative Segment
    • Currency Futures
    • Currency Options
    • Cross Currency Futures
    • Cross Currency Options
    • Interest Rate Futures
  • Equity Capital Market
    • Equity shares of companies
    • Sovereign Gold Bonds
    • Exchange-Traded Funds (ETFs)
    • Offer for Sale
  • Equity Derivatives Segment
    • Stock Futures
    • Stock Options
    • Index Futures
    • Index Options

Industry Overview- Opportunities

  • The Indian stock exchanges are crucial market infrastructure intermediaries and are supervised by the Securities and Exchange Board of India (SEBI). It is a tool for nation-building and a major job creator.
  • The Exchange space spans many asset classes – equities, equity derivatives, currency derivatives, corporate and government bonds, interest rate derivatives, and commodity derivatives, etc.
  • SEBI has introduced the interoperability between Clearing Corporations, the framework is applicable to all the recognized CCPs excluding those operating in the IFSC zone, and all the products available for trading on the stock exchanges (except commodity derivatives).
  • Interoperability norms benefit market participants to rationalize margins across exchanges and products by optimizing the use of capital but also reduce post-trade costs of trading firms.
  • With a favourable regulatory environment, Indian capital markets are expected to remain attractive to both domestic and foreign investors.
  • Initiatives by the government towards ease of doing business, enhanced sectoral caps, a simpler mechanism to obtain approval for investment coupled with tax exemptions is expected to further boost the robust business environment for foreign investors. This will augment the depth, maturity and robustness of the Indian capital markets & build investor confidence.


  • The Consolidated Total Revenue of the Exchange has increased from 80.4 crores on March 31, 2019, to 102.9 crores on March 31, 2020.
  • As of March 31, 2020, out of the 295 listed companies, there are 232 companies that are exclusively listed on MSE.
  • SX40 their flagship, a free-float based Index of 40 large cap-liquid stocks represents diversified sectors of the economy. SX40 measures the economic performance with a better representation of various industries.
  • Over the long term, MSE plans to introduce and implement a wide range of additional products including SME platform, Book Building System, Offer to Buy and Mutual Fund System.
  • In terms of the types of USDINR derivative positions, MSE sees an equal distribution between calls and puts, with a lot of straddles and strangle positions as well as butterfly spreads to provide insurance from big swings.
  • The Exchange has facilitated members a ready-to-use data center with a hosted trading software, which provides instant connectivity at reduced latency to members increasing volumes across the wide spectrum of products offered.

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