The Securities and Exchange Board of India SEBI has granted permission to Multi commodity exchange MCX-SX to operate as a full-fledged stock exchange, a development that ends nearly four-year-long wait of the bourse and will bring in more competition in markets.

Welcoming the decision, MCX-SX vice-chairman said that the move will foster a pro-competitive environment in India’s exchange industry.

At present, SEBI has granted permanent recognition to eight stock exchanges in the country, but only two of them — BSE and NSE , National Stock Exchange are operating as active national level bourses across the segments. MCX-SX and USE (United Stock Exchange) are present in the currency derivatives trade only.

With Sebi’s latest decision, MCX-SX is likely to become the third major national-level full-fledged stock exchange.

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