STOCK MARKET BSE NSE

Indian Commodity Exchange to Start Operations in June

Indian Commodity Exchange, a screen-based on-line derivatives exchange for commodities with Reliance Capital as the largest shareholder.

Published: 11th April 2016 11:51 AM  |   Last Updated: 11th April 2016 11:51 AM   |  A+A-

By IANS

MUMBAI: Indian Commodity Exchange, a screen-based on-line derivatives exchange for commodities with Reliance Capital as the largest shareholder, on Monday said it will commence its operations in June and announced the completion of its maiden rights issue of Rs.50 crore.

 

"The board of directors of the exchange, in a meeting held here today (Monday), took on record that the rights issue has been fully subscribed at 100 percent premium to face value, valuing the exchange at Rs.250 crore," a company statement said.

 

The exchange is a public-private partnership with Anil-Ambani-led Reliance Exchangenext, MMTC, Indiabulls Housing Finance, Indian Potash, Kribhco and IDFC Bank as its main shareholders.

 

"The exchange will start its operations in June 2016, subject to regulatory approvals. Initial focus of will be on non-agri products -- such as precious metals and crude -- and the offerings will be expanded to other commodities in due course," the statement said.

 

"The exchange will focus on providing commodity value chain participants with neutral, secure and transparent trade mechanisms and help in formulating quality parameters and trade regulations, in conformity with the regulatory frame work", said chairman-designate Ashok Sinha.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp