Commodity Online AHMEDABAD: National Multi Commodity Exchange (NMCE) is in the process of registering a separate company National Currency Futures Exchange for its new venture.
According to Kailash Gupta, managing director, NMCE, the exchange will approach the registrar of companies in a few days’ time and the company’s name is subject to clearance. Once the company is registered, NMCE has to seek final approval from the market regulator Securities Exchange Board of India.
NMCE currency Futures initiative will be a joint venture with Reliance Money. The exchange is in the final stage of roping in three public sector banks for the venture and some of the private banks have also expressed keen interest.
Currently, SEBI has approved only the National Stock Exchange proposal to launch currency futures. On the other hand, the Multi Commodity Exchange and Bombay Stock Exchange have also applied to launch the futures.
Meanwhile, NMCE has clarified to the commodity markets regulator Forward Markets Commission (FMC) that Reliance Money chief executive officer Sudip Bandopadhyay will be appointed as non-government independent director on the board.
NMCE, in its earlier communication to FMC, has mentioned Bandopadhyay will be inducted as independent government nominee to which the regulator raised objection.
Reliance Money recently picked up 26 per cent in the Ahmedabad-based NMCE for Rs 26-30 crore, valuing the exchange at Rs 100 crore.
