In a financial world dominated by giants, it takes vision, grit, and precision to launch a new player and make an immediate impact. That’s exactly what Gaurav Arora, Managing Director of Jaypee Capital Limited, achieved with the United Stock Exchange (USE) - India’s newest and most talked-about currency futures trading platform.
Launched with cinematic flair and stunning volume, USE has turned heads across Dalal Street and beyond. But behind the overnight success lies a decade of planning, strategic alliances, and a razor-sharp understanding of India’s evolving financial ecosystem.
From Bollywood Inspiration to Boardroom Brilliance: The Man with a Vision
Ask Gaurav Arora about the secret behind USE's record-breaking debut, and you'll get a poetic response inspired by his love for Bollywood. Quoting a line from Om Shanti Om, he says:
“Agar aapki niyat achhi ho, to kaynath bhi aapke sath hoti hai”
(If your intentions are pure, the universe aligns to support you.)
This optimism, combined with razor-sharp financial acumen, positioned Arora as the driving force behind USE's phenomenal rise.
Despite owning just 5% stake after deliberately diluting Jaypee Capital’s holdings to comply with regulatory norms, Arora’s influence on USE's strategy, execution, and positioning remains central. His goal wasn’t just valuation or profit - it was creating a world-class currency exchange platform that India could proudly showcase on the global stage.
USE’s Blockbuster Debut: ₹45,000 Crore in Trading Volumes on Day One!
On its very first trading day, the United Stock Exchange clocked ₹45,000 crore in volume across four major currency pairs - USD-INR, EUR-INR, JPY-INR, and GBP-INR. This opening day performance didn't just break records - it left established exchanges like NSE, MCX, NCDEX and MCX-SX trailing.
In fact, within hours of launching, currency futures trading volumes on USE surpassed the combined volumes of stock and index futures in India - a feat previously unimaginable in such a short timeframe.
Even though daily volumes tapered slightly in the following days (a natural adjustment), USE maintained a strong lead in the currency futures market, quickly becoming the go-to platform for forex hedging and speculative trading.
What Makes USE Unique? Collaboration, Leadership & Trust
USE isn’t just another exchange - it's a collaborative powerhouse. Here’s how it stands apart:
- Jaypee Capital, led by Gaurav Arora, supplied a robust network of brokers to energize initial trades.
- Bombay Stock Exchange (BSE) brought its technological and infrastructural platform into play and owns a 15% stake in USE.
- T.S. Narayanaswami, USE’s Managing Director, onboarded major banks, strengthening institutional participation.
This collective effort resulted in a bourse that didn’t compete by cannibalizing existing exchanges - instead, it expanded the overall market, allowing NSE and MCX-SX to also grow in tandem.
Gaurav Arora’s Global Vision: Building for the Future in GIFT City
While Arora’s initial success with USE is undeniable, his eyes are set on the future - particularly the potential of GIFT City (Gandhinagar) as India’s International Financial Services Hub.
Through Jaypee IFSC, Arora aims to extend USE’s reach to interest rate derivatives, forex products, and global institutional trading. His belief is rooted in the fact that currency and interest rate instruments globally outperform equities in both volume and strategic importance.
A Stake in Success: Strategic Partnerships & Regulatory Compliance
In a move that underscores transparency and strategic foresight, Jaypee Capital sold 95% of its stake in USE at face value to 26 prominent institutions - including public sector banks, top corporate entities, and government agencies. This decision wasn’t driven by valuation or personal gain, but by the desire to build trust, credibility, and regulatory alignment.
Even the registered office of USE was initially set up in a Jaypee-owned facility - showing the firm’s direct involvement and commitment from day one.
Why USE Is Set to Dominate the Currency Futures Market in India
Several key factors contribute to USE’s strong market position and long-term potential:
- Gaurav Arora’s leadership brings credibility, strategy, and innovation.
- Jaypee Capital and Jaypee IFSC offer institutional strength and experience.
- Backing from BSE, banks, and PSUs brings trust and liquidity.
- Location in GIFT CITY (Gandhinagar) opens doors to international finance and cross-border participation.
- Strategic compliance with SEBI's diversified ownership norms ensures long-term regulatory trust.
Final Thoughts: USE Isn’t Just a New Exchange - It’s the Future of Indian Currency Trading
The launch of the United Stock Exchange under the leadership of Gaurav Arora is more than just a success story - it’s a blueprint for how to build a scalable, trustworthy, and high-performance financial marketplace in India.
As Jaypee IFSC continues its work at GIFT City, and currency markets evolve globally, USE is set to play a major role in making India a global financial powerhouse.
RTP