The Forwards Markets Commission has been working on preventing any possible conflict of interest a promoter of a commodity exchange may have between their roles of running the exchange and other businesses such as broking and trading. "So far, we had two rounds of meeting in this regard. We are resolving the issues and guidelines would be finalised by the end of October," said FMC Chairman B C Khatua.
The move will allow regional bourses to demutualise and go national. Currently, there are three national and 19 regional commodity exchanges in India. FMC is likely to finalise the norms for demutualisation and upgrade of regional exchanges in the next fortnight. The regulator may grant the regional exchanges a period of 3-5 years to raise their networth to Rs 100 crore.
With satisfactory progress of monsoon rainfalls prompting farmers to bring in additional area under basmati sowing, prices are set to fall lower going forward.
Soon, traders in India could play in the global agri futures market. India's commodity exchanges have asked the market regulator, Forward Market Commission, to permit evening trading in internationally linked agri commodities.
Goldman Sachs and other foreign investors may have to cut stakes in Indian comexes, following the FDI policy.
ICICI Venture Funds Management Co. acquired 3.55 per cent, Infrastructure Leasing & Financial Services 5 per cent and Kotak Group 1 per cent in MCX from the holding company Financial Technologies. The transaction values the company at $1.1 billion.
It seems time has come for foreign institutional investors and mutual funds to trade in bullion and energy Futures on commodity exchanges in India.
The Reserve Bank of India is likely to issue the guidelines for allowing foreign investors to pick up stake in the country's commodity exchanges within a fortnight, a top government official said on Thursday.
India's largest commodity bourse-the Multi Commodity Exchange (MCX)-has bagged the highest ISO certification in information security management in the world.
The Union ministry of consumer affairs has given the finishing touches to the policy framework to allow foreign direct investment and foreign institutional investment in India's national commodity exchanges.
The board will have to take a decision that he cannot remain a permanent director and also have to decide to whether to amend the article of association of the exchange in this regard.
The company, which has applied for a license, is likely to get an ad hoc license in another 10 to 15 days.
Meet Poonam Gupta, vice president, business development, the National Multi Commodity Exchange of India (NMCE), India's leading multi-commodity exchange.
The Sebi Act deals with securities and the definition of securities, according to the Securities Contracts Act, doesn't include commodities.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
The department of consumer affairs is planning to put a ceiling on the stake that a single domestic investor can hold in a commodity exchange.
Indian farmers are getting technology-savvy day by day. Even as the first batch of Indian mangoes reached the US shelves last week, farmers here are betting on a major initiative to trade mangoes online.
The Indian rupee is going to get the futures contract soon. The Dubai Gold and Commodities Exchange will list a futures contract on the Indian rupee in mid-June.
Stay orders keep law out of citizen access even years after CIC rulings on opening market institutions to scrutiny
Shah, the forty-year-old managing director and CEO of Multi Commodity Exchange speaks about how he created this empire in a decade.
The sessions court on Thursday extended the police custody of the Financial Technologies and Multi Commodities Exchange (MCX) promoter Jignesh Shah and former managing director and chief executive of the commodity exchange Shreekant Javalgekar till May 19.
The higher margins imposed on pepper in the wake of volatiluity in the commodity's prices by the Forward Markets Commission is likely to reduced soon.
The turnover of commodity exchanges in the country dropped by seven per cent to Rs 10,14,845.30 crore (Rs 10,148.45 billion) till July 14 in the current financial year against Rs 10,92,426.40 crore (Rs 10,924.26 billion) in the year-ago period.
The Bombay Stock Exchange is set to pick up 26 per cent stake in India's first demutualised online multi commodity exchange the National Multi-Commodity Exchange.
The Multi Commodity Exchange of India has decided to start a one-year full-time certificate course on commodities in March this year in Mumbai.
Fidelity International, a leading foreign institutional investor, has picked up about 9 per cent in the Multi Commodity Exchange of India Ltd for $49 million.
The turnover of commodity exchanges in 2006-07 financial year is likely to touch a whopping Rs 37 lakh crore (Rs 37 trillion), according to the data from Forward Markets Commission.
The Dubai Gold and Commodities Exchange, set up by Dubai and two partners from India and the first electronic multi-commodity derivatives exchange in the Middle East, will commence trading in November this year in precious metals contracts.
The FMC had warned MCX that it would not renew contracts, allow new contracts and eventually take away the licence to run the bourse if the commodity exchange does not comply with regulatory norms.
An interview with Jignesh Shah.
The online gold futures trade on the National Multi Commodity Exchange of India will be launched by Union Minister for Consumer Affairs, Food and Public Distribution Sharad Yadav in New Delhi on Friday.
Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
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