NEW DELHI, June 10: As it competes for business, the country’s newest stock exchange MCX-SX has seen its employee expenses rise by over 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 nearly Rs 26 crore (rpt) Rs 26 crore.
While the staff expenses rose at the NSE and BSE as well, their growth rates were relatively smaller st 9 per cent and 4 per cent, respectively, for the fiscal ended March 31, 2013.
NSE incurred total employee expenses of Rs 77.52 crore for the year, while the same for BSE was over Rs 80 crore crore (rpt) Rs 80 crore. The collective employee expenses of the three exchanges rose by 14 per cent to nearly Rs 180 crore (rpt) nearly Rs 180 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, 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 the other income, 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 NSE’s total income grew by 9 per cent, 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.
NSE was the only exchange among the three to lower its total expenses (by four per cent), while that of BSE rose by 9 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.
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.
The competition is expected to intensify significantly going forward among the three exchanges. (PTI)
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