"We expect that the RBI will issue necessary guidelines allowing foreign investment in commodity exchanges in another 15 days," Consumer Affairs Secretary Yashwant Bhave said. The RBI guidelines are expected to be similar to those issued for stock exchanges, he added.

This means foreign investors like New York Mercantile Stock Exchange will be allowed to buy up to 49 per cent stake in the bourses such as Multi Commodity Exchange and National Commodities Exchange. The apex bank had in December last year allowed foreign investment up to 49 per cent in stock exchanges.

While the Foreign Direct Investment cap was pegged at 26 per cent, Foreign Institutional Investors were allowed to take up to 23 per cent stake. However, individual investor can hold only up to five per cent stake. Consumer Affairs Ministry had sent its recommendations to RBI regarding foreign investment in commodity exchanges about a month ago.

Following world's top investment banking firm Goldman Sachs buying stake at National Commodities Exchange, commodity regulator Forward Markets Commission had asked all exchanges not to change their shareholding pattern till guidelines were issued.

Goldman Sachs picked up seven per cent equity in NCDEX at 23.1 million dollars from ICICI Bank [Get Quote] in July last year. However, the FMC directive did not allow the New York-based investment banker to increase its stake by buying the remaining eight per cent equity held by ICICI Bank.

Apart from ICICI Bank and Goldman Sachs, LIC [Get Quote], Nabard and NSE hold 15 per cent equity each in NCDEX while Crisil and Iffco hold 12 per cent stake each. Canara Bank [Get Quote] and Punjab National Bank [Get Quote] also hold eight per cent stake each.

On the other hand, the leading commodity exchange Multi Commodities Exchange can come out with its IPO once RBI issues the necessary guidelines on foreign investment, a commodities analyst said.

MCX is waiting for the RBI guidelines before launching its IPO, though the exchange earlier sold its nine per cent stake to Fidelity International. New York Mercantile Exchange is keen to buy stake in both NCDEX and MCX, market sources said.MCX, which started operations in November 2003, is promoted by Financial Technologies that has a majority 64 per cent equity. Other partners include HDFC Bank [Get Quote], State Bank of India [Get Quote] and its subsidiary banks, Nabard, NSE and Corporation Ban