Financial Daily from THE HINDU group of publications
Tuesday, Jun 04, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jun 04, 2002 |
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Agri-Biz & Commodities
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Commodity Exchanges 3 bourses bid for multi-commodity futures exchange
Dhimant Bhatt
MUMBAI, June 3 THREE stock exchanges (SEs) — two regional and one national-level — have evinced interest in setting up of the nationwide multi-commodity exchange. Among the total 16 applications received by the Forward Market Commission (FMC), three stock exchanges too have put in their bids. They include the Inter-Connected Stock Exchange, the Hyderabad Stock Exchange and the Ahmedabad Stock Exchange. Nine more applicants had bid for the multi-commodity exchange, apart from seven applications received by FMC before April 18. Among the nine applicants are the Ahmedabad Stock Exchange, Hyderabad Stock Exchange, Pepper and Ginger Merchants' Association (Mumbai), Green Cross Society (Chennai), People's Association (Vijayawada), Chandra Welfare Association and Education Society (Nellore), NDK Harinath (Chennai), Agriwatch.com (New Delhi), Ebizness.com (Indore). ``We feel it is a satisfactory response,'' Mr Anand Bhatt, Chairman, Forward Market Commission, told Business Line. ``Firstly, FMC will examine all the applications and shortlist some of them. Secondly, we will call for presentations as only a few of them have submitted their project reports along with the applications. After reviewing the presentations, we will recommend it to the Government for the final approval,'' he said. By August, we would be able to finish all these process, he added. On April 19, FMC extended the April 18-deadline for submitting the expression of interests to set up the commodity futures to May 31. The commission decided to wait a little longer as it had received only seven applications by then. These were from the ICICI bank, Inter-Connected Stock Exchange Ltd, the Federation of Rajasthan Trade and Industry Organisation of Jaipur, Mumbai-based Bombay Commodity Exchange, Indore-based National Board of Trade and Online Exchange and a newly set-up company.
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