Financial Technologies hit the nail right on the spot when they decided to benefit the potential brokers by promoting the MCX-SX decision to lower the charges of Financial Transactions to 50%. Jignesh Shah, CEO of FTIL on this arrangement stated to reporters at an event that the charges of the transaction they are offering are 50 percent, which is comparatively much less when compared to other exchange platforms. Jignesh Shah, supporting the decision gave a reason that with this sudden fall in charges the barriers will be set for big capital markets, this eventually will give more chances for other marketers to grow among big competitors.
But finally, after a long wait of 2 years SEBI approved of this equity trading for which MCX-SX has decided to charge Rs. 2 for the equity trade of Rs. 1 lakh. Jignesh Shah endorsing the aforementioned MCX-SX decision said that the charge would be Rs. 1.50 if your investment is of
Rs. 5,000 crore and if the amount of your equity trade is more than Rs. 10,000 crore then the exchange will be of less than Rs. 1. Other than low transaction charge, they also introduced membership with a cost effective fee with a minimum deposit of at least Rs. 10 lakh to Rs. 30 lakh of net worth capital.
Jignesh Shah supporting FTIL’s exchange proposal said that this might release capital for prominent members. Not just that, but in the span of 3 years, a member could also transfer his membership. The exchange program is offering three categories of membership which are rural entrepreneur members, qualified members, and composite members, of which 2 of these membership categories are meant for market development and financial exchange. The rural entrepreneur is basically created for potential members from 5,924 Talukas because there are fewer chances for the growth of the capital market.