NEW YORK, April 17, 2008 (PRIME NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and Millennium India Acquisition Company, Inc. ("MIAC") (AMEX:MQC) announced that its Board of Directors has approved the decision to switch the listing of its common stock from the American Stock Exchange to The NASDAQ OMX Group, Inc. effective, April 15th, 2008. The company now trades under the ticker symbol (Nasdaq:SMCG) and marks the 17th AMEX switch to NASDAQ OMX this year.
MIAC allows U.S. investors to directly pick up exposure to a financial services company in India.
A Snapshot of Financial Services in India
* Vast, untapped markets; over a billion people, less than 3% invested in the markets * Managed assets in India to grow from $170 billion to over $1 trillion by 2015 (Boston Consulting Group Research) * India has one of the highest savings rates in the world, with over $180 billion in savings accounts * Amongst the lowest penetration of insurance, credit card, and mortgage products among emerging market economies * One of the fastest growing sectors in one of the fastest growing economies, with the Finance Minister committing to make this sector the "next growth engine" of the Indian economy * Attracted investments from General Atlantic Partners, Goldman Sachs, Citigroup Venture Capital, New Vernon Capital, Morgan Stanley, Fidelity, Merrill Lynch, NYSE, Deutsche Borse, BNP Paribas, Lehman and Carlyle, to name a few
MIAC's investment in SMC provides investors with a unique opportunity to directly participate in the growth of India's financial sector
* One of the fastest growing financial services companies in India: Revenues and net income up approximately 3x and 10x since FY05 * Diversified business model, spanning equities, commodities, online trading, institutional, insurance, mutual funds, investment banking, clearing, settlement and research. Ranked by Dun & Bradstreet as third largest in India, in terms of trading terminals (June 2007) * One of the largest pan-India retail financial distribution networks, over 1200 location spread over 300+ cities in India, 7500+ financial advisers. International presence in Dubai * FY07 executed over $100 billion in customer transactions * Currently handling more than 175,000 transaction per day * Potential to expand further due to underpenetrated financial sector in India, coupled with infusion of growth capital from MIAC
"As the world's largest electronic stock market, spanning six continents, NASDAQ OMX promotes innovation and attracts leading growth companies from a diverse group of sectors and we are thrilled to have Millennium India Acquisition Company Inc. as part of the NASDAQ OMX Family," said Bob McCooey, Senior Vice President of New Listings and Capital Markets of The NASDAQ OMX Group, Inc.
About Millennium India Acquisition Company
MIAC is a closed-end mutual fund whose principal asset is its ownership of a 14.75% equity interest in each of SMC Global Securities Limited ("SMC") and SAM Global Securities Limited ("SAM"). SMC and SAM are referred to herein as the SMC Group. The remainder of MIAC's assets are invested in cash and cash equivalents.
Based in New Delhi, SMC Group is a full service financial services firm. Its products and services include institutional and retail brokerage, equity and commodity research, equity, commodity and derivative trading, on-line trading services, merchant banking, investment banking, custodial services, clearing services, and insurance brokerage. For the year ended March 31, 2007, it was one of the most active trading firms in India, averaging over 130,000 trades per day and handled over $100 billion in customer transactions. SMC Group continues to grow, and has one of the largest retail investor network in India today, serving the needs of a total of 400,000 investors presently, having added 150,000 customers in FY08. The retail distribution footprint in India has expanded as well, adding 372 locations, taking the total to 1,175 locations in FY08. Currently, the SMC Group has approximately 1,800 employees and a rapidly expanding retail distribution network of more than 7,500 independent financial advisors, in over 300 cities across the India. More information regarding the SMC Group can be found at www.smcindiaonline.com.
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.
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