Universal Commodity Exchange launch likely by Diwali: Ketan Sheth

NEW DELHI: Universal Commodity Exchange (UCX) is likely to be launched as the country's sixth national commodity bourse by Diwali this year, said anchor promoter Commexes Technology Managing Director Ketan Sheth.

The other five national level commodity exchanges are MCX, NCDEX, NMCE, ACE and ICEX.

"We have got recognition from Ministry of Consumers Affairs for starting the operations as national level commodity exchange on Friday. The exchange will be launched most likely by Diwali in November," Sheth told PTI.

The UCX will start operations with 15 contracts in agriculture, bullion and metal segment, he said.

The exchange had got in-principal permission to start the national bourse in 2010 and was supposed to go live last year. The launch was delayed as the exchange was asked to get government shareholders on board.

At present, Rural Electrification Corporation, IDBI Bank, Nabard and IFFCO are strategic partners in the exchange.

Apart from national commodity bourses, there are 16 regional level exchanges in the country.