Companies & Sectors
Suzlon subsidiary REpower receives 332 mw contract from Germany

REPower would supply 54 offshore turbines to Germany's RWE Innogy's open sea project in German North Sea

Mumbai: Suzlon Group subsidiary REpower Systems on Wednesday said that it has received a 332.1-mw contract from RWE Innogy of Germany to supply 54 turbines for its wind farm project, reports PTI.


"REpower has signed a contract with RWE Innogy to supply 54 6M offshore turbines, each with 6.15 mw of rated power, for the Innogy Nordsee 1 wind farm," the company said in a statement. The company has not mentioned the revenue from the contract.


"This contract is an important signal for the German offshore wind industry. We are delighted that RWE Innogy, our customer for many years, has yet again selected REpower's established technology for this important project," REpower chief executive Andreas Nauen said.


The project, with a total capacity of 332 MW, based in the German North Sea, is one of the world's biggest open-sea projects with turbines in the multi-megawatt class, he said.


"Till date, REpower 6M is the most powerful wind turbine ever to be installed on the high seas anywhere in the world. The turbine is produced in Bremerhaven and from there the components can be transported directly to their destination," Nauen said.


In 2009, three prototypes of the REpower 6M were installed onshore at the Ellhft wind farm, near the German-Danish border. Few months back, the first turbines installed offshore were erected for the Belgian Thornton Bank wind project, the release said.


RBI rules out allowing mobile wallet facility by mobile operators

Mobile operators can offer cash-out or mobile wallet facility only if they work as banking business correspondent, says the RBI

Mumbai: Reserve Bank of India (RBI) deputy governor HR Khan on Wednesday ruled out allowing mobile network operators (MNOs) from offering cash-out or mobile wallet facility unless they convert their services as banking business correspondents, reports...

Premium Content
Monthly Digital Access


Already A Subscriber?
Yearly Digital+Print Access


Moneylife Magazine Subscriber or MAS member?

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
MCX-SX launches membership drive; to target smaller cities

MCX-SX is currently present only in currency derivatives segment, with about 750 members while the BSE and NSE have 1,083 and 1,400 members, respectively

New Delhi: Gearing up to start full-fledged stock exchange, MCX Stock Exchange (MCX-SX) on Wednesday launched a membership drive to sign-up entities to trade on its platform, while offering competitive rates to take on its rivals National Stock Exchange (NSE) and BSE, reports PTI.


MCX-SX said that it would follow a 'integrated India model' for its operations, under which it would have special focus on smaller cities to help create an equity culture across the country.


MCX-SX is currently present only in currency derivatives segment, with about 750 members. It recently got market regulator Securities and Exchange Board of India (SEBI)'s nod to deal in stocks, equity futures and options, interest rate derivatives and wholesale debt markets.


BSE has listed out a total of 1,083 members on its website, while NSE has more than 1,400 members.


Under an introductory offer valid till 18th October, MCX-SX would provide entry-level membership at Rs25 lakh (Rs5 lakh of membership fee and Rs20 lakh deposits).


While NSE has new membership fee of Rs5 lakh, the same at BSE is Rs2.5 lakh. NSE and BSE seek deposits worth up to Rs1.25 crore and Rs30 lakh, respectively from their members.


Besides, the members at MCX-SX would have to maintain a networth of Rs30 lakh, which is similar at BSE but higher at a minimum of Rs1 crore at NSE.


Experts say that market might see some course-correction in the membership charges, given the competitive price offered by MCX-SX, although charges have already come down at BSE in the past couple of years.


The membership cost structure of an exchange typically includes membership fee, deposits and members' networth.


MCX-SX would seek to attract people from smaller cities through its competitive cost-structure. Currently, the market participation and liquidity is limited to less than 2% of population and is heavily dominated by top metro cities.


As per latest data available with SEBI, the top four cities accounted for 82.9% of total cash segment turnover at NSE in July 2012. At the BSE, the top-four cities accounted for about 64% of total turnover.


MCX-SX said that its introductory entry-level membership offer of Rs25 lakhs, which includes a rebate given against transaction charge during the offer and which would rise to Rs50 lakh after 18th October.


It is designed to bring in cost optimisation as it frees up huge capital for members and brokers that would otherwise be blocked in exchanges, it said.


Brokers and members would be be able to utilise this fund towards client acquisition, training of staff and business expansion, MCX-SX said, while announcing two new categories of memberships for Indian markets -- professionally qualified members and rural entrepreneur members.


Besides, MCX-SX would have a third category of composite members for all eligible entities.


The exchange said the two newly introduced special categories will help towards the larger goal of financial inclusion and market development.


In its 'Professionally Qualified Members' category, the exchange would seek to attract professionals with an experience of capital market ecosystem such as investment banking, private equity, venture capital, broking and financial intermediation industry.


Other professionals like MBAs, lawyers, engineers, Chartered Accountants, doctors too would be eligible for this category. MCX-SX will provide training, covering all asset classes and market segments for the members' staff, besides other benefits including a 10% discount on on composite membership charges.


The 'Rural Entrepreneur Membership' category would target persons in those 5,924 sub-districts and talukas, beyond the existing 2,000, where there is capital no market penetration.


MCX-SX would provide various capacity building services, including training programmes, to this category as well.


Commenting on the membership drive, MCX-SX Managing Director and CEO Joseph Massey said: "We have implemented an integrated India model, which will foster balanced participation from foreign institutional investors, domestic financial institutions and new members from Tier II and Tier III centres."


"Our aim is to drive financial inclusion by optimising the cost structure of membership and innovating two unique categories for MCX-SX membership," he said.


The exchange would offer membership in categories of Trading Member, Self Clearing Member, Trading-cum-Clearing Member and Professional Clearing Member (PCM.)


The membership road-shows will be held in multiple centres across the country, starting in Mumbai on 10 September 2012. The other cities where these road-shows would be held include Ahmedabad, New Delhi, Kolkata, Chennai, Hyderabad and Indore.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine)