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FMC nod for Universal Commodity Exchange likely soon
10/2/2010
India's commodity futures market regulator may give its approval to India's fifth national-level commodity bourse in a month's time, officials at the bourse and the regulator confirmed.
"We may get nod to start operations soon...in a month's time..the FMC is considering final stages of the proposal," said an official with one of the promoters of the proposed Universal Commodity Exchange (UCX) on condition of anonymity.
UCX is promoted by IT People (India) Ltd, Indian Farmer and Fertiliser Cooperative Ltd, IFCI Venture Capital Funds, Haryana State Cooperative Supply Marketing Federation Ltd, Rashtriya Chemicals And Fertilisers Ltd, Bombay Bullion Association Ltd. see (www.ucxindia.com/)
"Yes we are considering their proposal for some time... we wanted some information to move ahead and they have provided it...we will have a look at it," said B.C Khatua, chairman of Forward Markets Commission (FMC).
The proposal for setting up UCX was submitted to FMC in June 2009.
India has four commodity bourses - National Commodity and Derivatives Exchange, Multi-Commodity Exchange, National Multi-Commodity Exchange and Indian Commodity Exchange - which operate at national level.
Turnover at India's 23 commodity bourses, including four operating at the national level, grew from 1.29 trillion rupees in 2003/04 to 52.49 trillion rupees in 2008/09.
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