The Securities and Exchange Board of India (Sebi) has offered an in-principle approval to the Multi Commodity Exchange (MCX) to launch its currency futures.

To carry on currency futures trading, the MCX Stock Exchange has been formed, which is the subsidiary of Financial Technologies, the promoter of commodity exchange MCX.

Form 29th August, the National Stock Exchange (NSE) will start trading in currency. While the application for launching currency futures by Bombay Stock Exchange (BSE) is being processed.

“The MCX Stock Exchange will begin enrolling members from tomorrow. It has already conducted seven road shows, in which over 1,000-plus representatives from commodity brokers, banks, exporters, importers, stockbrokers, foreign exchange brokers to companies have attended and shown interest in becoming members of the exchange,” reported a spokesman from MCX.

Though the date of launching trade in currency futures was not specified by MCX, but if we adhere to the market players, they said that the operations by the exchange would commence by the end of this month. A Sebi team is expected to complete its systems soon by the BSE.

Recently the Ahmedabad-based National Multi Commodity Exchange’s (NMCE) Managing Director Kailash Gupta had reported, “We have applied to Sebi for starting currency futures and are in the process of setting up a subsidiary for this business.”