FMC allows MCX to start contracts, with riders
New Delhi: The Forward Markets Commission (FMC) has allowed Multi-Commodity Exchange of India Ltd (MCX) to launch contracts up to March 2015 after a new technology agreement is signed between the exchange and Financial Technologies
New Delhi: The Forward Markets Commission (FMC) has allowed Multi-Commodity Exchange of India Ltd (MCX) to launch contracts up to March 2015 after a new technology agreement is signed between the exchange and Financial Technologies India Ltd (FTIL).
The regulator has said the commodity bourse can launch all its contracts for the year 2015 only after the divestment by FTIL is completed under the regulatory order dated 17 December 2013.
Last year, the commission declared FTIL unfit to hold a stake in any commodity exchange and ordered the company to sell its stake in MCX. FTIL has sold its stake to various entities, including well-known investor Rakesh Jhunjhunwala and Kotak Mahindra Bank Ltd.