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Posted on Nov 29, 05:51PM | IBNS
MCX Stock Exchange (MCX-SX) on Thursday said it 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.
Joseph Massey, MD and 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 said it has extensively campaigned for listing of exchanges in India, for greater transparency and corporate governance.
James Zhan, Director of UNCTAD's Division on Investment and Enterprise, said: "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."
The other six exchanges that have so far publicly committed to the SSE initiative are NASDAQ OMX, the Brazilian stock exchange BM and 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.
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 and Exchange Board of India (SEBI) and Reserve Bank of India (RBI).
The Sustainable Stock Exchanges initiative was launched by United Nations Secretary-General Ban Ki-moon and UNCTAD Secretary-General Supachai Panitchpakdi in 2009 at United Nations Headquarters in New York.
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.