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FMC gives nod to Adag to buy 26% stake in ICEX

FMC gives nod to Adag to buy 26% stake in ICEX
PTI
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First Published: Wed, Sep 29 2010. 01 56 PM IST
Updated: Wed, Sep 29 2010. 01 56 PM IST
New Delhi: Commodity markets regulator FMC today said it has given approval to the Anil Ambani Group to acquire 26% stake in Indian Commodity Exchange (ICEX) from one of its promoters, Indiabulls group.
“We have given permission to Anil Ambani Group to buy 26% stake in ICEX from Indiabulls,” Forward Markets Commission (FMC) chairman B C Khatua told PTI.
Consumer Affairs Ministry, which frames policies for commodity futures markets, gave its assent to the ICEX’ proposal last week, he said.
FMC functions under the aegis of this ministry and oversees the functioning of four national and 19 regional commodity bourses.
At present, Indiabulls holds 40% in ICEX, of which it wants to sell 26% stake in the bourse to Adag.
MMTC has 26% stake in ICEX, which is the country’s fourth national commodity exchange launched late last year.
“We entered the exchange business in late 2009. We have already started a spot exchange and have a 26% stake in a commodities exchange,” Adag Group Chairman Anil Ambani had said yesterday at the AGM of group firm Reliance Capital.
The Group had also announced its intention to enter all segments of the exchange business.
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. The exchange clocked a business of Rs 13,009 crore in the first fortnight of September.
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First Published: Wed, Sep 29 2010. 01 56 PM IST
More Topics: FMC | Adag | ICEX | Anil Ambani Group | Stake |