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Indiabulls given a month to reduce stake in exchange

Indiabulls given a month to reduce stake in exchange
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First Published: Fri, Jul 18 2008. 03 03 PM IST
Updated: Fri, Jul 18 2008. 03 03 PM IST
Reuters
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.
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First Published: Fri, Jul 18 2008. 03 03 PM IST