ICEX decides to close down ops

The Indian Commodity Exchange (ICEX), promoted by Reliance Capital and the Indiabulls group, has decided to close down on account of poor performance and may sell the business.

The exchange will not offer any new contracts and expects to close by May, after existing contracts expire.

ICEX is jointly promoted by Reliance Exchangenext (26 per cent), a unit of Reliance Capital, state-owned MMTC (26 per cent) and Indiabulls Financial Services (14 per cent), among others. It started in 2009 and offered futures trading in precious metals, metals, energy, oils and oilseeds, and minerals on its electronic platform.

The exchange is also exploring strategic alternatives, according to a shareholder.
He shareholder added ICEX’s net worth had eroded by 80 per cent from Rs 100 crore at the start of operations in 2009.