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Jignesh Shah-promoted MCX Stock Exchange (MCX SX) will partner London-based index calculator FTSE to create new index opportunities for the Indian financial markets.
MCX SX has signed a co-operation agreement with FTSE, which is a joint venture between the London Stock Exchange and the Financial Times of the United Kingdom.
At present, there are two major stock market indices in the country -- Sensex of the Bombay Stock Exchange and Nifty of the National Stock Exchange.
The new domestic index series, to be created along with a range of international FTSE indices, are to be listed and traded on the MCX Stock Exchange in India after regulatory approvals.
FTSE will also extend development co-operation to other Shah-led Financial Technologies Group's exchange network in India, Singapore and Bahrain, MCX SX Vice-Chairman Jignesh Shah told reporters in Mumbai.
The agreement was signed by MCX SX managing director and CEO Joseph Massey and FTSE Group's Asia-Pacific's managing director Paul Hoff, in the presence of Shah and FTSE Group's chief executive Donald Keith.