Two Indian exchanges — Anil Dhirubhai Ambani Group-promoted Indian Commodity Exchange (ICEX) and Metropolitan Stock Exchange (MSE) – are in preliminary talks for a merger, assets told Moneycontrol.
MSE no longer has a lot of product listings. It has the most straightforward active foreign money product and becomes suffering to elevate capital to comply with the market regulator’s internet worth standards for an exchange and clearing organization. However, it raised around Rs two hundred crore in 2017 to fund its cutting-edge operations, following the regulatory criteria.
India’s Securities and Exchange Board, which did not allow the alternate to release new merchandise until this requirement was fulfilled, has given it the pass in advance.
Conversely, ICEX has a small product listing and is energetic within the commodity section. However, the change loses cash because of its more petite product kitty. It has three lively diamond, metallic, and rubber contracts, but the duo does not profit from the change. It plans to release petrol and diesel contracts turned into rejected using SEBI. The change’s operating value is around Rs 1-2 crore, consistent with a month at the gift.
Last year, the Ahmedabad-based National Multi-Commodity Exchange (NMCE) merged with ICEX.
Recently, ICEX received SEBI’s approval for using the MSE’s clearing agency subsidiary — Metropolitan Clearing Corporation of India. To complicate topics for MSE, the regulator has ordered a forensic audit of the alternate.
Refuting talks of the merger, an ICEX spokesperson said, “ICEX is on a growth trajectory with a completely robust economic basis. Our net worth is nicely above the mandated standards. After the merger with erstwhile NMCE, our internet worth has multiplied considerably to maintain the business on its own.
“The trade has witnessed a yearly growth of 10 instances in diamond contracts. In the last few months, we’ve released new contracts in metal, isabgol (also known as psyllium husk), a commonly used Indian home cure for treating constipation, diarrhea, and signs and symptoms of anal fissures), and rubber. We have already introduced plans to release black pepper contracts in May and paddy futures in multiple months. Hence, there is no plan for a merger with every other change as of now.”
An MSE spokesperson also denied any merger talks with ICEX, announcing: “There isn’t any inclination or this sort of agenda from MSE, and we deny any progress on the stated count.”
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