MCX Stock Exchange (MCX-SX) kicked off its membership drive with an introductory offer of Rs. 25 lakh for its equity and equity derivatives segments, marginally lower than BSE’s and significantly below NSE’s . 1.5 crore for both the segments.
However, the bourse said the introductory offer would be valid only till October 18, after which the charge would be doubled.
Most brokers termed the offer “fairly good” and said pricing was an important factor as people were putting money on a new exchange that was yet to stand the test of time.
MCX fee for trading and selfclearing members on equity and equity F&O segments stands at Rs. 20 lakh, and the admission fee is Rs. 10 lakh. However, a Rs. 5 lakh rebate is being given against transaction charges, making the total charge Rs. 25 lakh.
Compared with this, a trading member pays Rs. 1.5 crore for accessing both segments on NSE. The net-worth stipulation for an MCX-SX trading member is Rs. 30 lakh against Rs. 1 crore for NSE.
After the offer period, MCX-SX will charge members Rs. 20 lakh each as deposit for equity and equity F&O memberships and Rs. 10 lakh as admission fee, taking the charge to Rs. 50 lakh. The deposit is refundable, usually three years after a member surrenders his/ her membership.