Country's premiere stock exchange NSE on Tuesday ruled out listing of the bourse and said it will launch interest rate and currency futures
NEW DELHI: Country's premiere stock exchange NSE on Tuesday ruled out listing of the bourse and said it will launch interest rate and currency futures in pairs other than dollar as and when SEBI gives the green signal.
"No, NSE is not looking for IPO," exchange's Managing Director and CEO Ravi Narain said on the sidelines of a seminar organised by PHD Chamber of Commerce here.
Earlier at the seminar, he said listing by stock exchanges globally are giving rise to the same set of conflicts of interest which were earlier caused by old structure of bourses.
Stock exchanges, which were not corporate entities and demutualised, caused conflict of interests between members of bourses and investors. To do away with this conflict, stock exchanges in India are now corporatised and demutualised, which basically means segregation of interest between members of stock exchange and investors.
After demuilisation, equity of brokers in stock exchanges have been brought down to 49 per cent. This has resulted in speculations that some stock exchanges might go for listing elsewhere.
However, NSE has been a corporatised and demutualised entity since its inception.
To a question whether NSE would launch interest rate futures after SEBI permits the new product, Narain said, "most certainly".
Last week, SEBI Whole-Time member T C Nair had said in New Delhi that exchange traded interest rate futures are likely to be introduced by December-January.
To another question, he said NSE would launch currency futures in pairs other than dollar after Sebi gives the permission.
He said there are currencies like euro, yen, pounds, yuan in which India has strong underlying trade. Some of these currency futures will come into being eventually, he said.
Narain also said the need to regulate those entities like hedge funds, which are unregulated right now in the world is felt in the aftermath of global financial developments.
India does not have any distinct asset-class as hedge fund and all are registered as foreign institutional investors.
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