Taking the final step to go live as a stock exchange, the MCX Stock Exchange (MCX-SX) has obtained the 'commencement certificate' from capital market regulator Securities & Exchange Board of India (SEBI).

Joseph Massey, Managing Director and chief executive of the new stock exchange, thanked the market regulator for issuing the commencement certificate.

Speaking about the development, Massey said, "We are grateful to the Sebi for allowing us to make our new segments live and giving us the opportunity to work towards development of India's capital markets."

The MCX-SX, the third equity exchange in the country, has reportedly plans to go live in January 2013.

To begin with, the newest stock exchange will provide trading platform for only currency derivatives segment, but later it will launch other segments such as equity, equity derivatives, bonds and interest rate derivatives to become a full-fledged bourse.

The new stock exchange will with India's existing stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

The new stock exchange received 700 applications during its membership drive, of which 434 applications have been forwarded to market regulator SEBI for registration. The market regulator has reportedly already cleared 100 of those applications, while the remaining applications are expected to be cleared shortly.