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Adag eyes presence in all segments of exchange business

Adag eyes presence in all segments of exchange business
PTI
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First Published: Tue, Sep 28 2010. 01 04 PM IST
Updated: Tue, Sep 28 2010. 01 04 PM IST
Mumbai: On the heels of entering the commodity bourse business, diversified conglomerate Anil Ambani group today announced its intention to enter all segments of the exchange business.
“We believe there is immense growth potential in this space and plan to have a presence across all segments of the exchange business in India,” group chairman Anil Ambani said here at the AGM of group firm Reliance Capital.
While Ambani did not name any specific segment, his comments were seen as indications towards the group eyeing a presence in the stock exchange space. The group has already entered segments like commodity exchange and spot exchange.
Currently, there are only two national-level full-fledged stock exchanges in the country, BSE and NSE, while the application for a third such bourse from MCX-SX was last week rejected by the capital market regulator Sebi.
“We entered the exchange business in late 2009. We have already started a spot exchange and have a 26% stake in a commodities exchange,” Ambani said.
Only last week, Anil Ambani group received in-principle approval from the government for purchasing 26% stake in commodity bourse Indian Commodity Exchange (ICEX) from one of its promoters, Indiabulls Financial Services.
The stake is being bought by a subsidiary of Reliance Capital.
At present, Indiabulls holds 40%, out of which it wants to sell 26% stake in the exchange to Adag group. MMTC has 26% stake in ICEX, which is the country’s fourth national commodity exchange launched late last year.
Adag Group firm Reliance Capital is already in the spot commodity space. Another group firm Reliance Money also has stake in the national commodity exchange NMCE.
ICEX, a national-level commodity bourse, offers futures trading in 18 commodities including bullion, metals and agricultural items.
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First Published: Tue, Sep 28 2010. 01 04 PM IST