G. K. Pillai appointed as the Chairman of MCX-SX
The former Union Home Secretary, G.K. Pillai was appointed as Chairman of the MCX-SX.
G.K. Pillai, the former Union Home Secretary on 1 November 2013 was appointed as the Chairman of the MCX-SX. Thomas Mathew T, the former acting chairman of the Life Insurance Corporation has also been appointed as the Vice President of the bourse.
The appointments were cleared by the board of directors on 24 October 2013 and have been also cleared by the Securities and Exchange Board of India (SEBI). In October 2013, SEBI had also renewed the license of the exchange after extensively exam the same.
MCX-SX (MCX Stock Exchange Limited) is a new stock exchange of India. It is recognized by the Securities and Exchange Board of India under Section 4 of Securities Contracts (Regulation) Act, 1956. MCX-SX became the recognized stock exchange by the Union Ministry of Corporate Affairs on 21 December 2012, under Section 2(39) of the Companies Act, 1956
Securities and Exchange Board of India (SEBI)
Established on 12 April 1992, the Securities and Exchange Board of India (SEBI) was established as per the provisions of the Securities and Exchange Board of India Act, 1992. To protect the interests of the inventors in securities and to promote the development of the securities market and to regulate the securities it describes the basic functions of the SEBI.