USE Receives the Final Approval From Regulator

By The United Stock Exchange Of India Limited, PRNE
Monday, April 19, 2010

MUMBAI, India, April 20, 2010 - The United Stock Exchange of India Limited (USE) has received final
approval from the Securities and Exchange Board of India (SEBI) to commence
operations in currency futures in all the four pairs of currencies, i.e. US
Dollar - INR; EUR - INR ; Pound Sterling - INR; Japanese Yen - INR. In light
of this approval, Bombay Stock Exchange Limited (BSE), the largest
shareholder in USE, has officially suspended its operations in the Currency
Derivatives Segment.

Following SEBI approval, USE has vigorously launched its membership drive
and over 150 members have already submitted their applications. Most of the
members of BSE are expected to join USE. In addition, new members from the
banking fraternity and broking field have evinced keen interest in the new

According to T. S. Narayanasami, Managing Director & CEO of USE: "USE's
membership drive is in full swing, and we are very pleased to see spontaneous
response from the banks which are natural partners of USE apart from the
broking community. Trading Membership is initially free with nil transaction
charges to begin with. It is envisaged that since almost the entire banking
system are stakeholders, USE will gain significantly by the volumes traded by
them on the exchange. Details on the membership process are placed on the
website of USE, USE has tentatively planned to
commence operations in June 2010."

Madhu Kannan, MD and CEO of the BSE, added: "The currency derivatives
market in India has enormous potential for continued growth in the next few
years. We expect USE to compete well in this growing market on the basis of
product innovation, the training and development of new participants, and
strong leadership."

About United Stock Exchange of India:

The United Stock Exchange of India Limited (USE) is India's newest stock
exchange authorized to commence operations in currency futures. The exchange
is a unique Public-Private partnership with equity investments by both PSUs
and the private sector. USE represents the commitment of ALL 21 Indian public
sector banks (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, Vijaya
), reputed private banks like Axis Bank, Federal Bank, HDFC Bank, J&K
Bank and Corporate houses like Jaypee Capital, MMTC, Indian Potash Ltd.
Bombay Stock Exchange is also a shareholder at USE with a 15% stake. In the
years to come, USE aims to play a pivotal role in transforming India into a
modern financial hub, by being India's most preferred stock exchange,
providing a range of sophisticated financial instruments for diverse market
participants to trade on and manage their risks efficiently.

Pranima Das, Corporate Communications, United Stock Exchange, 9769009516; In the U.S.: Ellen G. Resnick, Crystal Clear Communications, +1-773-929-9292 (o); +1-312-399-9295 (mobile)

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