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The National Company Law Tribunal, Ahmedabad has approved the merger of National Multi-Commodity Exchange, one of India’s first commodity exchanges, with the Indian Commodity Exchange.
The merger will create the country’s third largest commodity exchange. NMCE will cease to exist post filing of relevant documents with the Registrar of Companies, said ICEX, in a statement on Monday.
Market regulator SEBI has already given in-principle approval for the merger. With the merger, all commodity contracts on the NMCE will be migrated to the ICEX platform and all members of NMCE will be allowed to trade on ICEX. Both agri and non-agri commodities will be available on ICEX platform for its members to trade.
The Board of Directors of both the exchanges will meet this week to formalise the merger. .
The merged entity will have a wide and diverse set of shareholders including, Central Warehousing Corporation, Bajaj Holdings, Reliance Capital, Punjab National Bank, among others.
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