The Hindu Business Line : Indiabulls to reduce stake in commodity exchange

MUMBAI: Indiabulls Financial Services has zeroed in on stakeholders, who would pick up stakes in a proposed commodity bourse, a top company official said.

"We are in the process of reducing our stake to 40 per cent and have identified the various stakeholders as per existing guidelines," said the Indiabulls Financial Services CEO, Mr Gagan Banga.

Mr Banga, however, did not reveal the names of the stakeholders. "As per Forward Markets Commission (FMC) guidelines, we need to have a government organisation, banks or financial institutions as stakeholders for the commodity bourse.

"We have identified these players," Mr Banga said. The names will be announced in the next few days as these organisations are in the process of getting approvals from Reserve Bank and other organisations, he said.

Last month, the commodity markets regulator FMC had given a month's time to Indiabulls Financial Services and state-run trading company MMTC, the promoters of the International Commodity Exchange, to rejig their shareholding pattern.

Indiabulls Financial Services presently holds a 74 per cent stake, while MMTC holds the rest 26 per cent. As per the guidelines framed by the regulator on May 14 this year, an individual promoter should not have more than one per cent, while a single en tity must not hold more than 40 per cent of equity in the exchange. - PTI

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