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.
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