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 does 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 crores in 2017 to fund its cutting-edge operations, accordingly assembly the regulatory criteria.
India’s Securities and Exchange Board, which did not allow the alternate to release new merchandise till this requirement was fulfilled, has now given it the pass in advance.
On the opposite hand, ICEX has a small product listing and is energetic within the commodity section. However, the change continues to lose cash because of its more petite product kitty. It has three lively contracts in diamond, metallic, and rubber, 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 yr, 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, and ICEX spokesperson said, “ICEX is on a growth trajectory with a completely robust economic basis. Our net well 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 personal.
“The trade has witnessed a year-on-yr extent 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 too 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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