Tuesday, February 6, 2007

Goldman Sachs propose to buy stake in Multi-Commodity Exchange

Goldman Sachs has put in a proposal to buy a stake in India’s largest commodity bourse, the Multi Commodity Exchange (MCX). Goldman Sachs already holds a 7% stake in the National Commodity and Derivatives Exchange Limited (NCDEX). The MCX stake would be considered as an investment and not a strategic acquisition. The New York Mercantile Exchange, London Metal Exchange and The Tokyo Commodity Exchange have also initiated talks with MCX. The talks were being initiated ahead of the publication of final guidelines on foreign shareholding in Indian commodity exchanges. The idea is to firm up plans in readiness for the guidelines. The Forward Markets Commission has told all commodity exchanges not to change shareholding patterns until the new guidelines are issued. The shareholders of MCX include Financial Technologies Limited, State Bank of India and its associates, National Bank for Agriculture and Rural Development (NABARD), National Stock Exchange of India, Fidelity International, Corporation Bank, Union Bank of India, Canara Bank, Bank of India, Bank of Baroda, HDFC Bank and SBI Life Insurance.

Read the Business Standard article.

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