NMCE to launch currency futures
Ahmedabad-based National Multi- Commodity Exchange (NMCE), plans to launch currency futures by the end of this year.
By ET Bureau |
MUMBAI: Ahmedabad-based National Multi- Commodity Exchange (NMCE), plans to launch currency futures by the end of this year.
Currency futures have already been launched this week by country���s largest commodity exchange- MCX following the launch by BSE and NSE. ���We are in the process of submitting the requisite application to SEBI,��� NMCE director Sudip Bandyopadhyay said at a press conference in city today. The NMCE will set up a separate company in line with the regulations of SEBI.
Mr Bandyopadhyay said that unlike the international markets, where a major chunk of volumes come through over the counter (OTC) markets , in India more volumes could be expected from currency futures once the restrictions are relaxed at a later stage.
NMCE, in which Reliance Money has proposed to take 26% stake, is re-positioning itself with a new identity and the exchange will invest close to Rs 100 crore in its expansion plans. ���The fresh capital will be infused by restructuring the existing shareholding pattern and issue of fresh shares,��� said NMCE managing director Kailash Gupta. NMCE is also in the process of recruiting 200 people and setting up its offices in all major commodity centres in the country.
The unveiling of the new identity comes with NMCE obtaining the approval from the government for Reliance Money���s acquisition of 10% stake in NMCE. Reliance Money acquired 10% stake in NMCE and it is in the process to acquire additional 16% in next three months, said Mr Bandyopadhyay who is also the director and chief executive of Reliance Money. NMCE is promoted by central warehousing corporation along with Nafed, Punjab National Bank and Government of Gujarat.
The exchange is in the process of relaunching its existing contracts which are not generating enough liquidity. It has relaunched coffee contract and will soon announce the relaunch cotton futures. NMCE chief executive officer Anil Mishra said that they are taking the opinion of various stakeholders in working out the new contract specification. ���After coffee we are working at relaunch of cotton, rapeseed and guar seed,��� Mr Mishra said. Futures contracts of zinc and lead may also be relaunched. NMCE currently offers futures trading in spices, food grains, non-ferrous metals, oilseeds and their derivatives.
Currency futures have already been launched this week by country���s largest commodity exchange- MCX following the launch by BSE and NSE. ���We are in the process of submitting the requisite application to SEBI,��� NMCE director Sudip Bandyopadhyay said at a press conference in city today. The NMCE will set up a separate company in line with the regulations of SEBI.
Mr Bandyopadhyay said that unlike the international markets, where a major chunk of volumes come through over the counter (OTC) markets , in India more volumes could be expected from currency futures once the restrictions are relaxed at a later stage.
NMCE, in which Reliance Money has proposed to take 26% stake, is re-positioning itself with a new identity and the exchange will invest close to Rs 100 crore in its expansion plans. ���The fresh capital will be infused by restructuring the existing shareholding pattern and issue of fresh shares,��� said NMCE managing director Kailash Gupta. NMCE is also in the process of recruiting 200 people and setting up its offices in all major commodity centres in the country.
The unveiling of the new identity comes with NMCE obtaining the approval from the government for Reliance Money���s acquisition of 10% stake in NMCE. Reliance Money acquired 10% stake in NMCE and it is in the process to acquire additional 16% in next three months, said Mr Bandyopadhyay who is also the director and chief executive of Reliance Money. NMCE is promoted by central warehousing corporation along with Nafed, Punjab National Bank and Government of Gujarat.
The exchange is in the process of relaunching its existing contracts which are not generating enough liquidity. It has relaunched coffee contract and will soon announce the relaunch cotton futures. NMCE chief executive officer Anil Mishra said that they are taking the opinion of various stakeholders in working out the new contract specification. ���After coffee we are working at relaunch of cotton, rapeseed and guar seed,��� Mr Mishra said. Futures contracts of zinc and lead may also be relaunched. NMCE currently offers futures trading in spices, food grains, non-ferrous metals, oilseeds and their derivatives.
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