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‘Gramin Suvidha Kendra’: MCX’s Corporate Social Opportunity Approach to Inclusive Growth
Background Note
MCX, headquartered in Mumbai, was founded by Jignesh Shah as a subsidiary of the Financial Technologies (India) Limited–one of the world’s leading companies offering technology Intellectual Property and domain expertise to create and trade on financial markets. MCX is a demutualised commodity exchange with permanent recognition from the Government of India to facilitate online trading, clearing and settlement operations for commodity futures markets in India. Since its inception, it had catered to millions of small and medium enterprises, corporate houses, exporters, importers and traders who benefitted from this nationwide electronic trading platform through price discovery & price risk management . MCX grew at a brisk pace to become one of the world’s top 10 commodity futures exchanges. As on August 31, 2009, more than 65 commodities were traded on MCX, which recorded an average daily turnover of Rs. 180.30 billion for April-August 2009. Its trading turnover was Rs. 22,897.94 billion for that period which worked out to a market share of 85% (excluding regional exchanges) in terms of the total value of trades on all domestic commodity exchanges. MCX’s revenue for the financial year 2009 was Rs. 3.66 billion |
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CSO at MCX included initiatives that aimed at developing sustainable and viable projects that could be replicated by other external agencies. Internally, the company had formulated and communicated its progressive CSO policies in various areas such as the environment policy, the employee volunteerism policy, the HIV-AIDS policy, the computer donation policy, and the CSO training policy. It was also part of the United Nations Global Compact movement. In 2006, the company decided to invest 0.25 percent of its profits in CSO initiatives.
