United Stock Exchange waives off membership fee till 31 Aug

United Stock Exchange waives off membership fee till 31 Aug

Mumbai: United Stock Exchange of India (USE) on Wednesday said that membership admission fees for the currency derivatives segment of the exchange would be waived till its launch on 31 August to bring in new participants into the currency market.

“USE has decided not to levy transaction charges for trades executed on the exchange initially," USE said in a statement here.

A limited number of memberships have been set aside by the exchange till launch, which will be exempted from membership fees, will be offered to market participants who conform to the eligibility criteria set by the Securities and Exchange Board of India (Sebi).

The operations of the bourse will be inaugurated by Union finance minister Pranab Mukherjee, at the BSE International Convention Hall on 31 August.

USE would begin operations in all four currency pairs currently allowed by the Sebi -- dollar-rupee, euro-rupee, yen-rupee and pound-rupee.

The United Stock Exchange of India Limited is India’s newest stock exchange for currency derivatives. The exchange would offer a platform to corporates and SMEs for managing forex risk.

USE is promoted by 21 Indian public sector banks, 5 private sector banks and corporates like Jaypee Capital, MMTC and Indian Potash. The Bombay Stock Exchange is also a strategic partner with USE holding a 15% stake.