ADAG gets Govt nod for 26 pc stake in ICEX, say sources

The Consumer Affairs Ministry has given permission to Indiabulls group to sell its 26 per cent stake in ICEX to ADAG group, a senior official told PTI. The ministry will soon communicate its decision to commodity market regulator Forward Markets Commission (FMC), the official added.

The Consumer Affairs Ministry frames policy for the commodity futures market and the FMC oversees the functioning of four national and 19 regional exchanges. Last week, FMC Chairman B C Khatua had said that it had sent its comments on the ICEX application to the Consumer Affairs Ministry.

At present, Indiabulls holds 40 per cent, out of which it wants to sell 26 per cent stake in the exchange to ADAG group. MMTC has 26 per cent stake in ICEX, which is the country's fourth national commodity exchange launched late last year.

ADAG Group firm Reliance Capital is already in the spot commodity space. Another group firm Reliance Money also has stake in the national commodity exchange NMCE.
ICEX, a national-level commodity bourse, offers futures trading in 18 commodities including bullion, metals and agricultural items.

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