MSEI v/s NSE in Rs 856-crore predatory pricing case hearing on 10 October

MSEI logo showing new stock exchange
Shares of MSEI are in high demand as it is  India’s 3rd stock exchange after BSE and NSE.

The Rs 856-crore claim by Metropolitan Stock Exchange of India (MSEI) against National Stock Exchange (NSE) is scheduled for hearing by the National Company Law Appellate Tribunal (NCLAT) on 10 October 2017. MSEI had dragged NSE to the Competition Commission of India (CCI) citing monopolistic practices. The competition watchdog held NSE guilty and asked it to compensate MSEI.

For buying or selling pre IPO shares of MSEI or any other companies, please click on https://buysellunlistedshares.com/buysell/

Metropolitan Stock Exchange of India (MSEI), India’s new stock exchange, is recognised by Securities & Exchange Board of India. It is India’s third functional and recognised stock exchange after BSE and NSE. There is huge demand for shares of MSEI due to strong listing of BSE and upcoming IPO of NSE.  A clutch of financial institutions now own more than 34% of MSEI, as do investors including Rakesh Jhunjhunwala, Radhakishan Damani and Nemish Shah.

In 2008, both MSEI and NSE launched currency future contracts almost simultaneously. NSE priced the transaction charges on these contracts at zero and given NSE’s dominant position, MSEI was left with no choice but to adopt zero pricing as well.

This made a significant and material dent in the financial position of MSEI, which filed a complaint with CCI alleging predatory pricing (waiver of transaction fees, data-feed fees and admission fees) wherein CCI found NSE guilty and imposed a fine of Rs 55.5 crore. NSE filed an appeal with the Competition Appellate Tribunal (COMPAT), which too found NSE guilty. NSE then moved the Supreme Court and its appeal is still pending.

According to the process, the exchange has filed an application for award of compensation against NSE for Rs 856 crore before COMPAT, pending the appeal. Now, as COMPAT ceased to exist (from May 26), all pending matters before COMPAT stand transferred to the NCLAT.

Udai Kumar, MD & CEO of MSEI,said, “MSEI started out as a fast-growing exchange with immense potential, when it was deeply impacted by the financial burden imposed by NSE’s predatory pricing. Speedy disposal of this matter is the need of the hour. “It will encourage transparency and compliance with existing competition laws and practices across the spectrum and also dis-incentivise anti-competitive practises and misuse of dominant position.”

Source:
http://www.thehindubusinessline.com/markets/stock-markets/nclat-to-hear-856cr-predatory-pricing-case-against-nse-on-oct-10/article9874459.ece

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Metropolitan Stock Exchange (MSEI) eyes block deals, new products launch to boost revenues

The Metropolitan Stock Exchange of India (MSEI) plans to woo brokerages to execute large stock trades on its venue. The exchange is also developing short-term debt instruments to help mutual funds and insurance companies hedge their portfolios. Products launches in currency, interest rate futures and corporate bonds are also planned.

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Backed by billionaires Rakesh Jhunjhunwala and Radhakishan Damani, MSEI aims to wade into the block deals segment, which is worth as much as Rs 5 trillion ($78 billion). India’s regulator defines a block as a single trade having at least 500,000 shares or a minimum value of Rs 5 crore. Money managers like dealing in large sizes because it ensures transactions are done before the market can hear about them and react by raising or lowering prices.

We are telling institutional investors to come to our platform—there will be no slippages or price impact, said Kumar, who was named chief executive officer last year to turn around the bourse. The MSEI is in talks with half a dozen large investment banks to bring in such deals, he said.

The MSEI, which has been making losses, expects to return to profitability by March 2020. We can lead in areas where the BSE and NSE have limited play, Kumar said.

A clutch of financial institutions now own more than 34% of MSEI, as do investors including Jhunjhunwala, Damani and Nemish Shah.

The MSEI got 250 companies to list exclusively on its venue—most of whom migrated from the 15 regional bourses the market regulator shut down three years ago—and slashed fees and transaction costs to levels it claims are the lowest in the country.

Metropolitan Stock Exchange of India (MSEI), India’s new stock exchange, is recognised by Securities & Exchange Board of India. It is India’s third functional and recognised stock exchange after BSE and NSE. There is huge demand for shares of MSEI due to strong listing of BSE and upcoming IPO of NSE.

Metropolitan Stock Exchange (MSEI) plans IPO in two years

The exchange is looking to turn profitable in the next two years, and it plans to go public at the end of this turnaround period, said the chief operating officer Abhijit Chakraborty during an event on 12 July 2017. The exchange, formerly known as MCX-SX, currently has a net worth of around Rs 160 crore, cash liquidity of about Rs 60 crore and operating costs at just below Rs 30 crore, said Chakraborty.
For buying pre IPO shares of MSEI or any other companies, please click on https://buysellunlistedshares.com/buysell/

MSEI plans to launch two new derivative products in the currency segment, one new interest rate futures (IRF) product and two new equity indices linked to derivative contracts by next year. India’s third national-level stock exchange has been operational since 31 December 2012. More than 1,500 stocks are traded on the MSEI currently.

MSEI, India’s new stock exchange, is recognised by Securities & Exchange Board of India. It is India’s third functional and recognised stock exchange after BSE and NSE. There is huge demand for shares of MSEI due to strong listing of BSE and upcoming IPO of NSE.  A clutch of financial institutions now own more than 34% of MSEI, as do investors including Rakesh Jhunjhunwala, Radhakishan Damani and Nemish Shah.

Source: https://www.bloombergquint.com/markets/2017/07/11/metropolitan-stock-exchange-msei-eyes-profitability-ipo-in-next-two-years

MSEI to submit report on Rs 856 crore claim against NSE

MSEI logo showing new stock exchange
MSEI is India’s 3rd stock exchange after BSE and NSE

Metropolitan Stock Exchange of India (MSEI) is soon set to submit an independent report in support of its claim seeking Rs 856 crore as compensation from National Stock Exchange (NSE) at the Competition Appellate Tribunal (Compat).

For buying or selling shares of MSEI or any other companies, please click on https://buysellunlistedshares.com/buysell/

The nine-year old tussle relates to MSEI’s complaint against the NSE alleging abuse of its dominant position and predatory pricing in the currency derivatives segment.

MSEI, earlier known as MCX Stock Exchange (MCX-SX), is required by law to file an independent report by a chartered accountant validating the claims and the calculations based on which it had sought compensation. Incidentally, MSEI filed its compensation application in February 2015.

The dispute dates back to October 2008 when MCX-SX started offering trading in currency futures. Its larger counterpart, NSE, was already offering currency futures trading and was not levying any charges in the segment. This forced MCX-SX to offer currency futures trading for free.

CCI complaint

In 2009, MSEI filed a complaint against NSE at the Competition Commission of India (CCI) alleging that the zero-pricing strategy was an abuse of market dominance. NSE, it claimed, was cross-subsidising losses in the currency segment from profits in other segments like equity and equity derivatives.

In June 2011, CCI ruled in favour of MSEI and levied a penalty of Rs 55.5 crore on the NSE which challenged the ruling at Compat and then at the Supreme Court, which granted an interim stay on the penalty. Meanwhile, NSE started levying charges in the currency segment from August 2011.

Source: The Hindu

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Company Name Buying price Selling price
Bharat Nidhi (Bharat Bank) 11000 11750
Bombay Stock Exchange (BSE) 790 825
Catholic Syrian Bank (CSB) 155 165
Cochin International Airport (CIAL) 185 205
FINO Pay Tech 105 115
Frick India 1825 1925
Galaxy Surfactants 265 285
Hero Fincorp 675 725
Hemadri Cements 42 47
ICICI Lombard General Insurance Company 315 325
ICICI Prudential Life Insurance Company (Shares locked for 1 year) 305
Indofil Industries (Indofil Organic Industries) 725 750
Kurlon 250 275
Metropolitan Stock Exchange (MCX-SX) 3 4
Mideast Integrated Steel 29 31
Modern Insulators 75 85
RBL Bank (Shares locked for 1 year) 345
Tamilnad Mercantile Bank (TMB) 320 330
Tata Technologies 1950 2050