press trust of india
NEW DELHI, 15 JUNE: As it competes for business, the country’s newest stock exchange MCX-SX has seen its employee expenses rise by more than 50 per cent in the latest fiscal, while outpacing its established rivals NSE and BSE by a wide margin.
While MCX Stock Exchange (MCX-SX) swung into profits in 2012-13 from a net loss of about Rs 2.6 crore, it also saw its employee expenses rise by 51 per cent to Rs 46.24 crore.
While staff expenses rose at the NSE and BSE as well, their growth rates were relatively smaller at nine per cent and four per cent, respectively, for the fiscal ended 31 March 2013.
The NSE incurred total employee expenses of Rs 77.52 crore for the year, while the same for the BSE was Rs 46.24 crore. The collective employee expenses of the three exchanges rose by 14 per cent to Rs 204 crore in the year, shows an analysis of their annual financial results.
All the three exchanges registered profits for the year, while their cumulative net profit also rose by 14 per cent to Rs 1,007 crore.
Individually, the NSE’s net profit rose by 25 per cent to Rs 878 crore, that of BSE fell by 39 per cent to Rs 108 crore. MCX-SX posted a net profit of Rs 21.5 crore for 2012-13, as against a net loss of Rs 2.6 crore in previous fiscal.
In terms of total income, including the revenue from operations and other income, the NSE’s figure remained the highest at Rs 1,648.11 crore, followed by BSE’s 553 crore and MCX-SX’s 179 crore.
While the NSE’s total income grew by nine per cent, the BSE posted a four per cent decline and MCX-SX saw its total income more than double from about Rs 81 crore in the fiscal 2011-12.
The NSE was the only exchange among the three to lower its total expenses (by four per cent), while that of the BSE rose by nine per cent and MCX-SX’s by 83 per cent.
MCX-SX got an approval from the market regulator Sebi last year to begin trading in equity and equity-derivative segments, while it commenced live stock trading earlier this year. The exchange commenced live trading for a dedicated debt segment today itself.
The NSE went live recently in the dedicated debt segment, while BSE has also got Sebi’s approval for the same and might soon launch this platform.
– Staff expenses at the NSE and BSE up 9% and 4% respectively
– The NSE’s net profit rose by 25 per cent to Rs 878 crore
– The BSE’s net profit fell by 39 per cent to Rs 108 crore
– MCX-SX net profit stood at Rs 21.5 crore against net loss of Rs 2.6 crore
– Total income of the NSE stood highest at Rs 1,648.11 crore
– Followed by BSE’s Rs 553 crore total income
– MCX-SX’s total income stood at 179 crore.