The flagship index of the MCX Stock Exchange (MCX - SX) will be known as “ SX-40 ”, said Mr. Jignesh Shah, Vice Chairman of the stock exchange.
The SX - 40 will be a free-float-based index of large market cap & liquid stocks representing most importing sectors.
MCX-SX will work with Indian Statistical Institute, a research organisation, for its indices, Shah said after a membership roadshow of the stock exchange.
Plans are afoot to roll out several indices with sectoral flavour as well as international markets, said Mr. Joseph Massey, MD & CEO .
Outlining the philosophy behind naming the flagship index as “SX - 40”, Mr. Shah said that life begins at 40.
“When you are 30, you are energetic, young, full of enthusiasm and vibrancy. But on experience and seasoned approach, maturity… you are still young. At 50, you are a little stagnant and on the other side of the curve. But you have experience. I believe 40 is when life begins. So, we have decided to title the index as SX-40,” Mr. Shah said.
His remark on 30 and 50 was seen as an apparent reference to the BSE Sensex, which is a benchmark index of 30 companies and Nifty-50, which is the flagship index of the NSE comprising 50 stocks.
“SX - 40 " will capture not only market-cap convergence, but also the growth of the country. It is a very right-sized number to represent the sentiment of India. The details of securities, weights, etc, will be announced before the launch of the equity segment,” Mr. Shah also said.
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