MQC Bank of America Corp. Market Linked Step UP Notes Linked TO The S&P 500 Index

NEW YORK, April 3, 2008 /PRNewswire-FirstCall/ -- Millennium India Acquisition Company, Inc. ("MIAC") (AMEX:MQC) today 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 Stock Market LLC. Effective, April 15th, 2008, the company will trade under the symbol NASDAQ: SMCG. "This decision was reached after careful consideration of capital market alternatives and analysis of the electronic market model, which provides added visibility to our investors. We believe that NASDAQ's electronic multiple market maker structure will provide our company with enhanced exposure and liquidity, while at the same time providing investors with best prices, the fastest execution, and the lowest cost per trade. As the world's largest electronic stock market, NASDAQ promotes innovation and attracts leading growth companies from a diverse group of sectors. We are proud to be part of The NASDAQ Stock Market," said Suhel Kanuga, President & CFO of MIAC. NASDAQ is the largest US electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, its systems trade more shares per day than any other US market. NASDAQ is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ web site at http://www.nasdaq.com/ or the NASDAQ Newsroom http://www.nasdaq.com/newsroom. 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 http://www.smcindiaonline.com/. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about MIAC and SMC Group. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of MIAC's and SMC Group's management, are subject to risks and uncertainties which could cause actual results to differ from the forward- looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: a material variation in the assumptions upon which the projections are based, as well as other relevant risks and uncertainties discussed in MIAC's registration statement on Form N-2 filed March 20, 2008 with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Additionally, any information of SMC Group is provided by SMC Group and financial information of SMC Group is prepared by SMC Group and derived from financial statements prepared in accordance with Indian generally accepted accounting principles. Such financial information does not conform to SEC Regulation S-X. Statements included in this press release are based upon information known to MIAC as of the date that this press release, and MIAC assumes no obligation to update or alter our forward-looking statements made in this press release, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws. DATASOURCE: Millennium India Acquisition Company, Inc. CONTACT: F. Jacob Cherian, Chief Executive Officer, Millennium India Acquisition Company, Inc., +1-516-327-6079 Web site: http://www.smcindiaonline.com/ http://www.nasdaq.com/ http://www.nasdaq.com/newsroom

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