United Stock Exchange of India gets SEBI's approval

Mumbai: The United Stock Exchange of India (USE) has finally got the permission from SEBI to commence operations in currency futures. The exchange is expected to launch contracts in all the four pairs of currencies -- $-rupee; Euro-rupee; Pound Sterling -rupee and Japanese Yen-rupee, reports PTI.

After the approval, BSE's Managing Director and CEO Madhu Kannan said that USE has tentatively planned to commence operations in June 2010. According to the company's release, Nearly 150 members have submitted their applications for membership of USE. Most of the members of BSE are expected to join USE.

T S Narayanasami, Managing Director & CEO, USE said, "USE's membership drive is in full swing and we are pleased to see spontaneous response from the banks which are natural partners of USE apart from broking community. Trading membership is initially free with nil transaction charges to begin with."

In the years to come, USE may play an important role in transforming India into a modern financial hub, by being India's most preferred stock exchange.