United Stock Exchange of India Commences Operations in Currency Derivatives with Record-Breaking First-Day Showing and 52% Market Share

By United Stock Exchange Of India, PRNE
Sunday, September 19, 2010

MUMBAI, India, September 20, 2010 - — 9.9 million contracts valued at nearly $10 billion USD change hands

— USE promoted by BSE, Jaypee Capital, 21 Indian public sector banks,
leading private sector banks as well as public sector units and corporate

— Commences operations with 221 SEBI registered trading members and 31
SEBI registered clearing members

United Stock Exchange of India (USE) today commenced operations in the
august presence of Shri. C.B. Bhave, Chairman, Securities and Exchange Board
of India (SEBI) and Smt Shyamala Gopinath, Deputy Governor, Reserve Bank of
India (RBI) at the BSE International Convention Hall in Mumbai. With the
exchange going live at 9.00 a.m., trading began in all four currency pairs
currently allowed by the Securities and Exchange Board of India: USD-INR,

By the market close, USE had quickly become India's number one currency
derivatives exchange, with 52 percent market share and stronger volume today
in all four currency pair contracts than any competing products. A total of
9,878,023 contracts, valued at nearly $10 billion USD, changed hands at USE,
a new world record for any exchange on its launch day.

Mr. Bhave, while congratulating the exchange on the successful launch of
its operations said: "I am very happy that USE is coming up with a
diversified ownership, and we look forward to the success of the exchange."

He, along with Ms. Shyamala Gopinath, rang the opening bell to kick-start
trading on India's newest exchange. Speaking on the occasion, Ms Gopinath
commented: "Increasing competition in the exchange space will help the real
sector in addressing their hedging requirements and getting competitive

Both Mr. Bhave and Ms. Gopinath stressed the fact that exchanges are
important infrastructures and must serve their purpose.

Speaking at this momentous occasion, Mr. T.S. Narayanasami, MD&CEO,
United Stock Exchange of India said: "We are extremely pleased to have
commenced operations today. On behalf of the exchange, I would like to extend
our gratitude to all our stakeholders for their valuable support in creating
India's newest stock exchange for currency derivatives. I would also like to
express my deepest gratitude to both the regulators, SEBI and RBI, for their
continued guidance. We are confident that our distinctive model will help
expand and deepen this financial segment in the country."

United Stock Exchange commenced operations with robust support from all
21 Indian public sector banks, leading private sector banks, public sector
units and corporate institutions.

The United Stock Exchange Board of Directors is composed of:

Mr. T.S Narayanasami, MD&CEO, Mr. Arun Ramanathan, Ex-Union Finance
Secretary, Mr. Dipak Chatterjee, Ex - Union Commerce Secretary, Mr. Madhu
Kannan Managing Director and CEO, Bombay Stock Exchange, Mr. Ashish Chauhan,
Deputy CEO, Bombay Stock Exchange, Mr. Gaurav Arora, Founder and MD, Jaypee
Capital Services and Mr. Saurav Arora.

About United Stock Exchange of India:

United Stock Exchange of India Limited (USE) is India's newest stock
exchange for currency derivatives. The exchange offers a strong platform to
corporates and small and medium enterprises (SMEs) for managing foreign
exchange risk as it does not involve counterparty risk and offers attractive
spread rates.

USE has a unique Public-Private partnership with equity participation by
both public sector units (PSUs) and private sector banks. All 21 Indian
public sector banks have promoted United Stock Exchange by investing in
equity, including Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India,
Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank,
Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of
Commerce, Punjab and Sind Bank, Punjab National Bank, State Bank of India,
Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India and
Vijaya Bank. In addition to public sector banks, five private sector banks
also have equity participation in USE; they include Axis Bank, Federal Bank,
HDFC Bank, ICICI Bank and J&K Bank.

Apart from banks, Jaypee Capital, MMTC and Indian Potash have also
invested in United Stock Exchange to build an institution that is on its way
to becoming an enduring symbol of India's modern financial markets. Bombay
Stock Exchange is also a strategic partner with USE as it holds a 15% stake,
and all its members are connected to the new USE platform.

Pranima Das, United Stock Exchange, 976009516, pranimadas at useindia.com; or In the United States: Ellen G. Resnick, Crystal Clear Communications, +1-773-929-9292; +1-312-399-9295 (mobile), eresnick at crystalclearPR.com

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