Indiabulls Commodity Exchange likely by November
The proposed fourth commodity exchange, planned by Indiabulls and MMTC, in the country is likely to start functioning by November this year.
By PTI |
MUMBAI: The proposed fourth commodity exchange, planned by Indiabulls and MMTC, in the country is likely to start functioning by November this year.
"The commodity exchange should happen by middle to end of this year and will focus on all commodities, including agriculture... We are hopeful that we should get licence within the next 3-4 months and trading will start in 3-6 months thereafter," Indiabulls CEO Gagan Banga told PTI.
Apart from futures trading, the joint venture of Indiabulls and MMTC also intends to launch spot trading of commodities in the country.
"Spot trading will also be launched simultaneously for all commodities," Banga said.
Currently there are three national level commodity bourses -- MCX, NCDEX and NMCE.
The Rs 9,000 crore Indiabulls Financial Services is also planning to foray into the life insurance business with a French partner, Sogecap.
The total investment in the insurance company would be USD 250 million over the next two-three years.
Indiabulls would invest USD 100 million and the balance would be invested by Sogecap, Banga said. The French company would have 26 per cent stake in the life insurance company.
Life insurance will be another key focus area, he said, adding, "We are currently undergoing regulatory approval process with Insurance Regulatory and Development Authority".
There is a four stage process to get IRDA's approval. "We are at stage one. It may take a little longer to launch," he said.
"The commodity exchange should happen by middle to end of this year and will focus on all commodities, including agriculture... We are hopeful that we should get licence within the next 3-4 months and trading will start in 3-6 months thereafter," Indiabulls CEO Gagan Banga told PTI.
Apart from futures trading, the joint venture of Indiabulls and MMTC also intends to launch spot trading of commodities in the country.
"Spot trading will also be launched simultaneously for all commodities," Banga said.
Currently there are three national level commodity bourses -- MCX, NCDEX and NMCE.
The Rs 9,000 crore Indiabulls Financial Services is also planning to foray into the life insurance business with a French partner, Sogecap.
ADVERTISEMENT
The total investment in the insurance company would be USD 250 million over the next two-three years.
Indiabulls would invest USD 100 million and the balance would be invested by Sogecap, Banga said. The French company would have 26 per cent stake in the life insurance company.
Life insurance will be another key focus area, he said, adding, "We are currently undergoing regulatory approval process with Insurance Regulatory and Development Authority".
There is a four stage process to get IRDA's approval. "We are at stage one. It may take a little longer to launch," he said.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
