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FMC may decide on BSE stake in NMCE by next week

FMC may decide on BSE stake in NMCE by next week
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First Published: Thu, Jun 14 2007. 06 47 PM IST
Updated: Thu, Jun 14 2007. 06 47 PM IST
PTI
New Delhi: Forward Markets Commission is likely to take a decision soon on the proposal of Bombay Stock Exchange to buy 26% stake in Ahmedabad-based National Multi Commodity Exchange (NMCE).
“It should not take much time, may be by next week we can take a decision,” FMC member Kewal Ram told PTI.
The commodity market regulator had in December asked all agri-bourses to maintain status quo in their shareholding pattern till guidelines were issued. The decision came after foreign firms Goldman Sachs and Fidelity bought stakes in Indian agri exchanges MCX and NCDEX.
An NMCE official said the discussions on BSE’s offer to buy a stake were going on for the last several months.
If BSE is allowed to buy 26%, it would be highest by a stock exchange in any commodity exchange.
The National Stock Exchange has 15% stake at leading agri commodity bourse NCDEX.
NMCE’s major shareholders are NAFED, Central Warehousing Corporation, Neptune Overseas and Punjab National Bank. But it could not be ascertained whether BSE plans to buy existing shares or would NMCE issue additional shares.
Rubber, cardamom and pepper are the main commodities traded on NMCE. The turnover of the exchange for the second fortnight of May stood at Rs1,006.75 crore.
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First Published: Thu, Jun 14 2007. 06 47 PM IST
More Topics: Money Matters | Commodities |