The Bombay Stock Exchange Ltd. has offered to buy a 26 percent stake in Ahmedabad-based National Multi-Commodity Exchange of India (NMCE), a source close to the development said on Tuesday.
Incidentally, one of NMCE's founders, Neptune Overseas Ltd., is also looking to sell its 25 percent stake, the source said. Central Warehousing Corporation, another promoter, owns 26 percent.
BSE officials were not immediately available for comment. Reuters sent an email to the exchange seeking confirmation.
The futures market regulator, the Forward Markets Commission (FMC), which must approve any deal, has been approached, the source added.
However, Rajiv Agarwal, member of FMC, said “The matter has not come up before the commission yet.”
NMCE's other promoters include National Agricultural Cooperative Marketing Federation of India, Gujarat Agro-Industries Corp. Ltd., Gujarat State Agricultural Marketing Board and National Institute of Agricultural Marketing.
Top commodities on NMCE include pepper, rubber and cardamom.
Investment bank Goldman Sachs had earlier picked up 7 percent stake in country's second largest commodity exchange, National Commodity and Derivatives Exchange Ltd.
Source : Zee News