Commodities exchanges industry in India will likely double its turnover in just three years, if the country?s biggest commodity exchange by market share Multi Commodity Exchange of India (MCX) is to be believed.

MCX on Friday celebrated the industry reaching a milestone of R100-lakh crore turnover. ?You ain?t seen nothing yet. We are only just scratching the surface,? said Lamon Rutten, managing director and CEO, MCX. He added that if prices continue on the current path, the commodities exchanges will achieve the R200-trillion mark by 2014. “2010-2020 will be the decade of commodity derivatives and exchange-traded businesses,” said Rutten.

MCX , which began operations about eight years ago, enjoyed at least 83% share in the commodities market in January-December 2010, followed by the National Commodity and Derivatives Exchange of India, which had 10% market share.

On the impending listing of the commodities exchange in which Jignesh Shah-promoted Financial Technologies (FT) owns 31%, Rutten said ?it is definitely on the cards? and that MCX is only waiting for ?the last box to be ticked?. He emphasised that the delay had nothing to do with the majority stakeholder FT reducing its stake to the mandated 26%. ?There is no necessary co-relation with FT reducing its stake,? he said, adding that the September deadline for going public that had been publicised in a national business daily had drawn a fallacious connection between FT?s now extended deadline for complying with this rule till September and the listing.

He elaborated that MCX was only waiting to get the green signal from markets regulator Securities and Exchange Board of India (Sebi) and its lawyers that it had satisfied the conditions including supporting claims such as global and national ranking with data before submitting the draft red herring prospectus to Sebi. Companies are required to share information including history and financials with the regulator ahead of an initial public offering, or IPO.

MCX claims it is the country?s largest commodities exchange and globally it ranks No.6.