MCX Stock Exchange (MCX-SX) today said it has received approval from capital markets regulator Sebi to rename itself as Metropolitan Stock Exchange of India Ltd' or mSXI.
After reclassifying MCX and Financial Technologies as non- promoters, MCX Stock Exchange had last month firmed up plans for a name change and move out its head office from Jignesh Shah-owned Exchange Square at city suburb Andheri.
The name change is a part of the turnaround strategy to give the exchange a new identity, disassociate from its original promoters and shift to a high growth phase. The exchange is in the process of making an application to the Registrar of Companies (RoC) for registration of the new name, a company statement said.
The board of MCX-SX approved the proposal to rechristen the exchange a few months back and subsequently it submitted an application to Sebi. The trading operations will remain seamless as the exchange would migrate to the brand identity over the next few months upon RoC approval, the release said.
The exchange has recently shifted office to new office premises in the mid-town business district BKC and also moved the data centre to Tata Communications in BKC.
"We are thankful to Sebi for granting the renewal of licence last week and now approving our proposal for a new name. This is a crucial driver of our rebranding initiatives.
This will sharpen our focus on raising the brand visibility and member engagement programs linked to the exchange's activities," MCX-SX managing director and chief executive Saurabh Sarkar said.