MUMBAI: The Mumbai and Delhi offices of United Stock Exchange (USE),
the country's youngest bourse offering currency derivatives trading,
were raided by income-tax officials on Friday.
The raids,
confirmed by a senior income tax official, come at a time when the
exchange is attempting to cap its losses by imposing transaction fees, a
year-and-a-half after having commenced operations.
Gaurav
Arora, MD of USE's founding shareholder Jaypee Capital Services, could
not be reached by phone despite repeated attempts while calls to K
Kumar, deputy CEO, USE, went unanswered.
Arora told ET over
phone recently that USE's licence to operate was extended by market
regulator Sebi for a year to March 2013. He also said the bourse would
impose transaction charges on April 3, seven months after competing
bourses NSE and MCX-SX introduced such charges on currency derivative
trades.
According to its FY11 (Apr-Mar) financials, USE suffered
a loss of Rs 19 crore and its net worth at FY11-end stood at Rs 123.83
crore.