METROPOLITAN STOCK EXCHANGE OF INDIA LIMITED UNLISTED SHARE
METROPOLITAN STOCK EXCHANGE OF INDIA LIMITED is a national-level stock exchange operating in Equity, Equity Derivatives, Currency Derivatives, debt, and SME segments. The Exchange ecosystem supports various intermediaries including stockbrokers, authorized persons, corporates, banks, depositories, depository participants, custodians and investors. The exchange offers an electronic, hi-tech, and transparent platform for trading in capital markets, futures and options, debt markets, and currency derivatives segments. However, the Exchange has temporarily suspended trading in its debt segment from September 2020.
Metropolitan Stock Exchange of India Limited comprises 2 indices. SX40 and SXBANK. SX 40 consists of 40 large-cap liquid stocks representing different sectors. SXBANK measures the performance of the banking sector. The index consists of 10 stocks from the banking sector.
MSE offers a variety of products and services across multiple asset classes in India which enables it to be responsive to market demands. Its state-of-the-art technology and robust network is a pioneer in technology and ensures the reliability and performance of its systems. MSE’s products and services foster digital transformation in technology, cyber security, innovation, and intelligence solutions. Products offered by the exchange across various segments to Proprietary, Retail Participants, and Institutional Participants (Domestic and Foreign) include Current Future and Options, Cross currency futures & options, interest rate futures, equity shares, sovereign gold bonds, ETFs, offer for sale, stock futures & options, Index futures & options.
As of 31st March 2020, the exchange has 558 members for its currency derivatives segment, 346 members for the equity cash segment, and 334 equity futures & options segment.
METROPOLITAN STOCK EXCHANGE OF INDIA LIMITED UNLISTED SHARE DETAILS
| Total Available Shares: | 6,00,02,17,033 |
| Face Value: | Rs. 1/- Per Equity Share |
| ISIN: | INE312K01010 |
| Pan No. | AAFCM6942F |
| Current Market Price: | Best in Industry |
| Lot Size: | 10000 Shares |
| GST Number: | 27AAFCM6942F1ZC |
INCORPORATION DETAILS
| CIN | U65999MH2008PLC185856 |
| Registration Date | 14 August 2008 |
| Category/Sub-category of the Company | Company Limited by Shares |
| Address of the Registered office and contact details |
Vibgyor Towers, 4th Floor, Plot no. C-62, G Block BandraKurla Complex, Bandra (East), Mumbai- 400098. Tel No: 022 61129000 Email Id: secretarial@msei.in |
| Name, Address and Contact Details of Registrar and Transfer Agent, if any |
KFin Technologies Private Limited Selenium Tower B, Plot numbers 31 & 32 Nanakramguda, Financial District, Gachibowli Hyderabad – 500 032 Email: einward.ris@kfintech.com Tel.No.: +91-040-6716 2222 |
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
| Name and Description of main products/services | NIC Code of the product/service | % to total turnover of the Company |
| Exchange Operation | 66110 | 100% |
BOARD OF DIRECTORS
Mr. Dinesh Kumar Mehrotra (Chairman & Public Interest Director)
Mr. Ajai Kumar (Public Interest Director)
Mr. Sudhir Bassi (Shareholder Director)
Ms. Latika S. Kundu (Managing Director & CEO)
Ms. Trishna Guha (Public Interest Director)
Mr. S.V.D Nageswara Rao (Public Interest Director)
Mr. Vijay Sardana (Public Interest Director)
PARTICULARS OF SUBSIDIARY COMPANIES
| Name of the Company | % of shares held |
| Metropolitan Clearing Corporation of India Limited | 95.85% |
| MCX SX KYC Registration Agency Limited | 100.00% |
SHAREHOLDING PATTERN
(As of 31-03-2025)
| S. No. | Shareholders’ Name | Number of shares | % of total Shares of the company |
| Non-Promoters Holdings | |||
| 1 | Institutional Investors | 8,93,76,268 | 1.49% |
| 3 | Private Corporate Bodies | 1,83,45,18,479 | 30.57% |
| 4 | Public Shareholdings | 2,87,68,11,786 | 47.94% |
| 5 | Others | 1,19,95,10,500 | 19.99% |
| Total | 6,00,02,17,033 | 100.00% |
INDUSTRY OUTLOOK
The Indian stock market exchanges are important market infrastructure intermediaries and they are guided by the Securities and Exchange Board of India (SEBI). They work as a tool for nation building and a major job creator. The Exchanges comprise of many asset classes – equities, equity derivatives, currency derivatives, government and corporate bonds, interest rate derivatives, commodity derivatives, etc. Stock exchanges in India are primarily regulated by SEBI. SEBI has introduced the interoperability between Clearing Corporations, the framework is applicable to all the recognized CCPs excluding those operating in the IFSC zone, and all the products available for trading on the stock exchanges (except commodity derivatives), interoperability norms benefit market participants to rationalize margins across exchanges and products by optimizing the use of capital but also reduce post-trade costs of trading firms.
With a favorable regulatory environment, Indian capital markets are expected to remain attractive to both domestic and foreign investors. Initiatives by the government towards ease of doing business, enhanced sectoral caps, and simpler mechanism to obtain approval for investment coupled with tax exemptions is expected to further boost the robust business environment for foreign investors leading to a larger inflow of capital in the coming years as well. This will not only augment the depth, maturity, and robustness of the Indian capital markets but also build investor confidence.
In a population of about 1.37 billion people, only around 2.5% invest in the capital markets in India. India has nearly 4 crore demat accounts, out of which only 0.95 crore is active. Traditionally, metropolitan cities have played an important role in contributing to the markets but it has been mostly restricted up to that point. There is still a significant dearth of participation from Tier II and Tier-III cities, which would be the main contributor to the booming markets across all socioeconomic strata. The entry of young investors from this small town would be pivotal for driving the next level of growth in Indian Capital Markets. Metropolitan Stock Exchange of India Limited aims at catering to this need of the hour through easily accessible customized products across multiple investment avenues.
Metropolitan Stock Exchange Of India Limited Consolidated Balance Sheet (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Non-Current Assets | ||
| Property, Plant and Equipment | 277 | 445 |
| Right of use assets | 844 | 110 |
| Intangible Assets | 593 | 708 |
| Intangible assets under development | 3,021 | 32 |
| Investments | 4,098 | 84 |
| Non current bank balance | 1,490 | 506 |
| Other Financial Assets | 87 | 104 |
| Income tax assets (net) | 426 | 338 |
| Other non-current assets | 7,696 | 6,434 |
| Current Assets | ||
| Investments | 13,142 | 4,867 |
| Trade receivables | 85 | 261 |
| Cash and cash equivalents | 4,750 | 1,371 |
| Bank balance other than above | 4,825 | 105 |
| Other financial assets | 2,564 | 9,045 |
| Income tax assets (net) | 101 | 124 |
| Other current assets | 386 | 384 |
| Total Assets | 44,385 | 24,918 |
| Equity | ||
| Equity Share Capital | 59,952 | 48,052 |
| Other Equity | -20,283 | -28,773 |
| Non-Current Liabilities | ||
| Lease Liabilities | 708 | - |
| Other Financial Liabilities | 2,296 | 2,419 |
| Provisions | 7 | 17 |
| Current Liabilities | ||
| Trade Payables | ||
| Total outstanding dues of micro & small enterprises | 3 | 3 |
| Total outstanding dues to Creditors Other than above | 80 | 256 |
| Lease Liabilities | 116 | 142 |
| Other Financial Liabilities | 1,028 | 1,964 |
| Other Current Liabilities | 472 | 833 |
| Provisions | 6 | 5 |
| Total Liabilities and Equity | 44,385 | 24,918 |
Metropolitan Stock Exchange Of India Limited Consolidated Profit & Loss Statement (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Income | ||
| Revenue from Operations | 431 | 736 |
| Other Income | 1,307 | 1,369 |
| Total Income | 1,738 | 2,105 |
| Expenses | ||
| Operating expenses | 2,140 | 2,898 |
| Employee benefit Expense | 1,538 | 1,657 |
| Depreciation and Amortization expenses | 510 | 606 |
| Advertisement & business promotion expense | 145 | 487 |
| Administration and Other expenses | 864 | 1,118 |
| Finance Costs | 26 | 98 |
| Total Expenses | 5,223 | 6,864 |
| Profit/(Loss) before Tax | -3,485 | -4,759 |
| Current Tax | - | 63 |
| Earlier year tax | -63 | 52 |
| Profit/(Loss) After Tax for the Year | -3,422 | -4,874 |
| Other Comprehensive Income | ||
| Items that will not be reclassified to Profit or loss | 11 | 12 |
| Other Comprehensive Income | 11 | 12 |
| Total Comprehensive Income for the period | -3,411 | -4,862 |
| Paid Up Capital | 59,952 | 48,052 |
| Other Equity | -20,283 | -28,773 |
| Earnings per Equity Share | ||
| Basic | -0.06 | -0.10 |
| Diluted | -0.06 | -0.10 |
Metropolitan Stock Exchange Of India Limited Consolidated Cash Flow Statement (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Cash Flow from Operating Activities | ||
| Net Profit / (Loss) before tax as per Statement of Profit and Loss | -3,485 | -4,759 |
| Adjustment for: | ||
| Depreciation and Amortization | 356 | 428 |
| Depreciation On Right to Use Assets | 154 | 178 |
| Property, plant and equipment / CWIP written off / provided for | 3 | 21 |
| Net fair value gain/loss on financial assets measured at fair value through profit and loss | -48 | 3 |
| Exchange Rate fluctuation | 1 | - |
| Interest income from financial assets at amortised cost | -1,123 | -1,238 |
| Discount income on bonds | -15 | -3 |
| Interest on IT Refund | -6 | -56 |
| Finance Costs - ROU Asset (net) & Write off Income | 22 | 15 |
| Interest Cost | 4 | 83 |
| Profit on sale of Property, plant and equipment (net) | -2 | -27 |
| Expected credit loss on trade receivables | 20 | 261 |
| Bad Debts | 1 | - |
| Net (gain) / loss on sale of investments | -45 | -37 |
| Sundry balances written back | -62 | -1 |
| Re-measurement of Employee Benefit | 11 | 12 |
| Operating Profit/(Loss) before Working Capital Changes | -4,214 | -5,120 |
| Changes in Working Capital: | ||
| Decrease/ (increase) in trade receivable | 216 | -391 |
| Decrease/ (increase) in financial & other assets | -1,249 | -315 |
| Increase / (decrease) in trade payables | -176 | 167 |
| Increase / (decrease) in financial & other liabilities | -1,424 | -162 |
| Increase / (decrease) in provision | -2 | -31 |
| Cash generated from/(used in) operations | -6,849 | -5,852 |
| Less:( Taxes paid) / refund received | 5 | 175 |
| Net Cash Used in Operating Activities | -6,844 | -5,677 |
| Cash Flow from Investing Activities | ||
| Payment for Purchase of Property, plant and equipment | -3,064 | -154 |
| Payment for purchase of investments | -11,911 | -3,552 |
| Proceeds from sale of investments | 6,178 | 3,757 |
| Payment for investments in Fixed deposit placed with banks | -14,014 | -9,383 |
| Proceeds from Fixed deposits placed with banks | 14,686 | 8,733 |
| Payment for investments in Corporate Fixed Deposits | -7,060 | -4,781 |
| Proceeds from Corporate Fixed Deposits | 4,567 | 3,721 |
| Payment for Investment in Corporate Bonds | -6,288 | -368 |
| Proceeds from Corporate Bonds | 2,238 | 1,778 |
| Profit on sale of investments (net) | 93 | 34 |
| Interest received (net of accrued interest) | 1,230 | 1,154 |
| Net Cash Used in Investing Activities | -13,345 | 939 |
| Cash Flow from Financing Activities | ||
| Payment of Lease Liability | -228 | -231 |
| Issue of Equity Share Capital | 23,800 | - |
| Interest Payment | -4 | - |
| Net Cash Used in Financing Activities | 23,568 | -231 |
| Net Increase in cash & Cash Equivalents | 3,379 | -4,969 |
| Cash & Cash equivalents at the beginning of the Year | 1,371 | 6,340 |
| Cash & Cash equivalents at the end of the Period | 4,750 | 1,371 |
Here is a summary of the Cash Flow Statement for the years 2025 and 2024:
Cash Flow from Operating Activities
The company reported a net loss before tax of ₹-3,485 lakhs in FY25 and ₹-4,759 lakhs in FY24, indicating continued losses, though the loss narrowed slightly in FY25.
To reconcile the loss to actual cash generated or used in operations, several adjustments for non-cash and non-operating items were made:
Depreciation and amortization totaled ₹510 lakhs in FY25 and ₹606 lakhs in FY24 (including depreciation on right-to-use assets).
Adjustments also included fair value changes (net gain of ₹48 lakhs in FY25), interest income (₹-1,123 lakhs), bad debts, expected credit losses, and other minor items like interest on IT refunds and sundry balances written back.
The cumulative effect of these adjustments brought the Operating Loss before Working Capital Changes to ₹-4,214 lakhs in FY25 and ₹-5,120 lakhs in FY24.
Next, changes in working capital had a negative impact:
Trade receivables decreased slightly by ₹216 lakhs in FY25 (a positive sign), but increases in financial & other assets and decreases in payables and liabilities led to further outflows.
After factoring all changes, cash used in operations was ₹-6,849 lakhs in FY25 and ₹-5,852 lakhs in FY24.
After adjusting for minor tax refunds (₹5 lakhs in FY25), the net cash used in operating activities amounted to ₹-6,844 lakhs in FY25, compared to ₹-5,677 lakhs in FY24 — indicating a deterioration in cash flow from operations.
Cash Flow from Investing Activities
This section shows the company’s investments in assets, securities, and other instruments:
The company made significant outflows for:
Purchase of property, plant, and equipment (₹-3,064 lakhs in FY25 vs. ₹-154 lakhs in FY24),
Investments in financial instruments such as mutual funds, corporate FDs, and bonds.
However, the company also realized inflows through:
Proceeds from sale of investments (₹6,178 lakhs in FY25),
Maturity of fixed deposits and corporate FDs (₹14,686 lakhs and ₹4,567 lakhs, respectively),
Interest received of ₹1,230 lakhs.
Despite these inflows, the company had a net cash outflow from investing activities of ₹-13,345 lakhs in FY25, compared to a small net inflow of ₹939 lakhs in FY24. The negative swing indicates higher capital allocation into long-term investments and assets.
Cash Flow from Financing Activities
The financing section paints a more positive picture for FY25:
The company raised ₹23,800 lakhs from the issue of equity share capital, a major cash inflow.
Lease liability payments amounted to ₹-228 lakhs, and interest outflows were negligible (₹-4 lakhs).
As a result, the company had a net cash inflow from financing activities of ₹23,568 lakhs in FY25, compared to an outflow of ₹-231 lakhs in FY24. The equity infusion was key in reversing the negative trend and provided liquidity to support the company’s operations and investments.
Net Change in Cash Position
The net increase in cash and cash equivalents in FY25 was ₹3,379 lakhs, compared to a decrease of ₹-4,969 lakhs in FY24.
Cash at the beginning of FY25 was ₹1,371 lakhs, and it rose to ₹4,750 lakhs by year-end.
A V Thomas International Limited Annual Report 2023-24
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