Mumbai, India (PressExposure) November 29, 2012 -- MCX Stock Exchange (MCX-SX) has signed the voluntary commitment to the United Nation's Sustainable Stock Exchanges (SSE) initiative to promote long-term sustainable investment and improved environmental, social and corporate governance disclosure and performance among companies listed on its exchange.
With this, MCX-SX has joined the global league of six other exchanges that have committed to the UN SSE initiative.
Mr. Joseph Massey, MD & CEO of MCX-SX, said, "We are committed to market-based approaches to sustainable development. We intend to achieve inclusive and enhanced market access through knowledge and empowerment. I am sure our commitment to the SSE initiative will enhance sustainability reporting standards in India."
This move by MCX-SX is in keeping with its broader agenda of market development, inclusive growth and enhancing transparency in stock exchanges.
MCX-SX has extensively campaigned for listing of exchanges in India, for greater transparency and corporate governance.
Mr. James Zhan, Director of UNCTAD's Division on Investment and Enterprise, says that: "MCX-SX is a new exchange in India. They recognize the importance of sustainability issues, and want to build this into their activities from the start. We welcome this public commitment from Mr. Joseph Massey, Managing Director and CEO of MCX-SX, and we look forward to working with him and his colleagues to further promote sustainable business practices."
The other six exchanges that have so far publicly committed to the SSE initiative are NASDAQ OMX, the Brazilian stock exchange BM & FBOVESPA, Johannesburg Stock Exchange (JSE), Bombay Stock Exchange (BSE), Egyptian Exchange (EGX), and Istanbul Stock Exchange (ISE).
MCX-SX is also a founder member of Responsible Investment Research Association (RIRA), a not-for-profit initiative focused on integration of Environment, Social and Governance (ESG) factors into mainstream financial markets in India. This soon-to-be-launched investor forum will be actively contributing in the areas of policy, research and training.
About Mutual PR
About MCX-SX (www.mcx-sx.com)
MCX Stock Exchange Limited (MCX-SX), India's new stock exchange, commenced operations in the Currency Derivatives (CD) segment on October 7, 2008 under the regulatory framework of Securities & Exchange Board of India (SEBI) and Reserve Bank of India (RBI). The Exchange is recognised by SEBI under Section 4 of Securities Contracts (Regulation) Act, 1956. In line with global best practices and regulatory requirements, clearing and settlement is conducted through a separate clearing corporation, MCX-SX Clearing Corporation Ltd. (MCX-SX CCL).
MCX-SX has received permissions to deal in Interest Rate Derivatives, Equity, Futures & Options on Equity and Wholesale Debt Segment, vide SEBI's letter dated July 10, 2012.
About SSE (www.SSEinitiative.org)
The Sustainable Stock Exchanges initiative was launched by United Nations Secretary-General Ban Ki-moon and UNCTAD Secretary-General SupachaiPanitchpakdi in 2009 at United Nations Headquarters in New York. It is a joint initiative that is co-organized by UNCTAD, the United Nations Global Compact, the United Nations-backed Principles for Responsible Investment, and the United Nations Environment Programme (UNEP) Finance Initiative. The Sustainable Stock Exchanges initiative aims at exploring how exchanges can work together with investors, regulators and companies to enhance corporate transparency, and ultimately performance, on environmental, social and corporate governance issues, and to encourage responsible long-term approaches to investment.
The Sustainable Stock Exchanges voluntary commitment letter asks exchanges to commit to the following pledge:
"We voluntarily commit, through dialogue with investors, companies and regulators, to promoting long-term sustainable investment and improved environmental, social and corporate governance disclosure and performance among companies listed on our exchange."
For further information, contact:
Devraj Uchil| Rini Mukherjee
MCX Stock Exchange - Communications
Tel: +91 22 67319000
Economic Affairs Officer, UNCTAD
Tel: +41 22 917 5802
Press Release Source: http://PressExposure.com/PR/Mutual_PR.html