Financial Technologies-promoted bourse MCX Stock Exchange (MCX-SX) has claimed that it has received more than 700 applications for memberships across segments.

Notionally, the more the number of members a stock exchange has the higher the number of potential investors to which it can reach out.

The more than a century old Bombay Stock Exchange (BSE) has nearly 1,083 members, while the National Stock Exchange (NSE) has 1,406 members.

Joseph Massey, chief executive and managing director of MCX-SX, said, "We are overwhelmed with the response to our membership drive, as we have all-around subscription from foreign and domestic brokers."

The MCX-SX had opted for considerably lower net-worth and deposit criteria for its potential members, as compared with NSE. It offered memberships for Rs 25 lakh in the equity cash & futures segments. However, this was an introductory offer, valid only till 18th of October, after which the deposit was doubled.

The BSE and the NSE had initiated operations with 318 and 200 members in 1875 and 1994, respectively.

The MCX-SX on Monday claimed that it had set a world record by signing more members than any other exchange before becoming operational.

The new exchange is expected to become fully operational from Diwali; however, the bourse is yet to announce a precise launch date.