MCX seeks Sebi nod to raise its stake in MSEI

Market grapevine has it that the country’s largest commex, MCX, wrote recently to Sebi for permission to raise its stake in the Metropolitan Stock Exchange of India (MSEI), erstwhile MCX-SX, from 4.14% to 15%, once the Sebi-FMC merger fructifies. MCX, on Tuesday, denied reports of a possible merger of MSEI with itself in a section of media.

In a clarification to stock exchanges, MCX said, “As a matter of policy, we do not comment on market rumours.” Saurabh Sarkar, MD & CEO, MSEI, could not be reached for a comment. MCX also holds warrants in MSEI, which, if converted, increases its stake in the latter by 32.32%. It has to divest these warrants to comply with Sebi’s 5% shareholding norm by mid-June. It is learnt that MCX has written to Sebi asking for a three month extension to divest the warrants alongside the letter seeking permission to raise its stake in MSEI.