Universal Commodity Exchange (UCX), newly-promoted commodity exchange, has approached the Forward Markets Commission (FMC) for setting up a national-level commodity exchange.
If the exchange gets formal approval from the regulator, it will be the country?s sixth national commodity exchange.
?Universal Commodity Exchange (UCX) is promoted by Ketan Sheth and people in the information technology industry,? BC Khatua, chairman of FMC said on Tuesday. ?They have approached us to set up a national-level commodity exchange and we are looking into it,? Khatua said.
It can be noted that a fourth national bourse, International Multi Commodity Exchange (IMCX), is expected to become functional by end July, while a fifth one, Ahmadabad Commodity Exchange (ACE), will operate as a national bourse in a year.
?There is a space for the new exchange in the commodity futures space and the market requires clean, transparent and e-governance exchange. We have applied for the national status.
It will be a full-fledged commodity exchange having the entire commodity baskets like agri-commodities, metals & energy products,? Ketan Sheth, chief promoter of UCX told Fe. Sheth is an entrepreneur with IT background.
?As prescribed in the new guidelines, we have all the participants from different sectors and our exchange will be both private and a public exchange,? Sheth said.