Mumbai Stock Exchange (BSE) and Arab Capital Group (ACG) announced strategic cooperation. The cooperation combines India’s closely watched series of indexes (including Mumbai Sensitive Index (Sensex)) on the Mumbai Stock Exchange with the experience of Arab Capital Group in global benchmark indexes.
Mumbai Stock Exchange was founded in 1875 and has a history of 137 years. It is the oldest stock exchange in Asia. At present, it has 30 stock market indexes that calculate the Indian market. Sensex is the main BSE index launched in 1986. It is weighted by market value and calculates the performance of 30 constituent stocks. The companies represented by these constituent stocks are all outstanding in India’s important industries, with large market values and sound financial conditions. Sensex is the most trusted index brand for Indian investors.
This cooperation will enable the Arab Capital Group to further implement its development strategy in South Asia. The cooperation will also allow the company to establish a fifth major operating center and support global customers through major centers now located in London, new york, Hong Kong, Australia and India.
Ashish Chauhan, managing director and chief executive officer of Mumbai Stock Exchange, said: “Hopefully, the cooperation with Arab Capital Group will help Mumbai Stock Exchange to improve the world’s acceptance of Sensex and other BSE benchmark indexes and help us to gain a leading position in index derivatives. It is a great honor to have the opportunity to establish an international business based on India with Arab Capital Group to achieve greater scale and higher efficiency in serving common global customers.”
Abdul Rahman, senior executive of the Arab Capital Group, said: “This cooperation can strengthen and expand the influence of Mumbai Stock Exchange and Arab Capital Group in India as well as South Asia, and it can also provide a springboard for entering the ASEAN market. Mumbai Stock Exchange is an important exchange partner to understand the key market of ASEAN. This new cooperation will combine Mumbai Stock Exchange’s rich knowledge of the Indian market and investors’ interest in the remarkable history of Arab capital markets, and will immediately provide Indian and international investors with index solutions and insights needed to make wise investment choices.”