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NSE to sell MCX stake, finds investment no more strategic

NSE to sell MCX stake, finds investment no more strategic
PTI
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First Published: Sun, Mar 29 2009. 03 37 PM IST
Updated: Sun, Mar 29 2009. 03 37 PM IST
Mumbai: The country’s leading stock exchange, National Stock Exchange, or NSE, is looking to offload its stake in commodity bourse Multi Commodity Exchange, or MCX, as it no longer finds the investment strategically important.
Financial Technologies, the promoter of the country’s largest commodity bourse MCX, has also agreed to NSE’s offer and has said that it would facilitate the transaction at a right time.
The National Stock Exchange holds 1% stake in MCX. However, MCX has said that it would not sell its 1% stake in NSE.
The two bourses have been operating in different areas for long - while NSE has been into stocks and only commodities are traded at MCX platform. However, the two exchanges have started to compete with each other in the recent past.
Speaking to PTI over phone, FTIL chairman Jignesh Shah said that NSE has written to them about selling their 1% stake and “we have replied that at a right opportune time, we will facilitate that.”
Shah added that “we hold 1% stake in NSE and we will continue to hold that.”
“We confirm that we have written to MCX to exit the stake. The stake had been taken originally when MCX had approached us to do so as a token stake,” an NSE spokesperson told PTI in an e-mailed statement.
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First Published: Sun, Mar 29 2009. 03 37 PM IST