The Bombay Stock Exchange (BSE) has revealed that it has purchased 15% stake in the United Stock Exchange (USE), a new entrant in the currency derivatives space.

The sources said that the company, which is having a paid up capital of Rs 150 crore, will now function as a BSE group company. BSE's investment will be Rs 22.5 crore, a 15% of the paid-up capital.

The sources further added that HDFC, Bank of Baroda, Federal bank, Union Bank of India, Allahabad Bank and Bank of India are existing shareholders of USE.

Whereas, USE's corporate shareholders include Jaypee Capital, MMTC, TCS, and Indian Potash.

According to sources, the exchange has got the nod to commence operations, and a BSE statement said that the venture between the two exchanges will strive to develop the currency and interest rate market.