BSE picks up 26 pc stake in National Multi Commodity Exchange

Mumbai, Feb 25 (UNI) In a significant move, Bombay Stock Exchange (BSE) today signed an agreement to pick up 26 per cent stake in worth of around Rs 100 crore in Ahmedabad based National Multi-Commodity Exchange of India (NMCE). This is the first foray of BSE in the commodities market. The acquisition will be through fresh issue of shares.

The agreement to fomalise the deal was signed by Managing Director and CEO, BSE Rajnikant Patel and Managing Director NMCE Kailash Gupta in the presence of Chairman Forward Markets Commission (FMC), B C Khatua.

After the agreement, speaking to media, Mr Patel said, ''BSE's foray into the commodities market space will bring 133 years of expertise, the global brand value, technology, best corporate governance practices and nation wide reach. It denotes BSE 's expanding horizon in the financial market space.'' Mr Kailash Gupta said, ''This tie up is truly futuristic. I beleive that the futures trading of the National Commodity Exchange in Ahmedabad will make an important contribution to the furture development of the Indian economy, especially India's agricultural economy. We start a new journey that will bring rewards to all the stake holders in the commodity markets.

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