The country's third national stock exchange, the MCX-SX, has announced the
launch of its flagship index, SX-40.
According to the exchange, SX-40 will be a free float-based index of large market-cap and liquid stocks representing the most important sectors. More details of the securities covered and their weights, etc, will be announced before the
launch the MCX-SX's equity segment.
Joseph Massey, chief executive officer and managing director, MCX-SX, says, "The index will account for 90-92 per cent of the market capitalisation of the Nifty index on the National Stock Exchange." On 13 September 2012, the market capitalisation of the S&P CNX Nifty, the National Stock Exchange's benchmark index, was around Rs 36.26 lakh crore.
The new stock
exchange would start functioning from Diwali with around 1,000-1,200 stocks. The MCX-SX will commence trading in the cash market and derivative segments (futures and options).
