MCX to submit CSE revival plan by Dec

KOLKATA: The Multi-Commodity Exchange said on Friday that it was waiting for guidelines from Securities and Exchange Board of India for investment in bourses before submitting its plant for reviving the Calcutta Stock Exchange.

"Our report is ready, but we will submit the report after making changes based on SEBI's report on investment by entities in local bourses," MCX CEO & MD Jignesh Shah told reporters on the sidelines of a seminar on commodity markets organised by the Indian Chamber of Commerce.

"Due to this, we plan to submit our report by December," he said.

CSE officials, however, did not have any clue about the development.

"We are not aware of the CSE revival plan. MCX officials did not have any meeting with us," a CSE official said.

CSE has been negotiating with the National Stock Exchange and The Stock Exchange, Mumbai to allow members to trade on these bourses.

Shah said tieups with NSE or BSE by CSE would not affect the revival strategy to be submitted by Financial Technologies, which owns MCX.

Earlier, the report was to be submitted by October end.

Consultant Ernst & Young had earlier advised CSE to diversify into commodity trading to improve viability.