Mumbai: India’s commodity market regulator has asked Indiabulls Financial Services to reduce stake in its proposed commodity exchange to 40% to meet regulatory requirements.
“No single entity can hold more than 40% stake in a commodity exchange. Indiabulls will have to reduce their stake accordingly within a month,” B.C. Khatua, chairman of Forward Markets Commission, said on 18 July.
The company, which received approval for setting up a new commodity exchange on 17 July, proposes to hold 74% stake in the said exchange.