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| Shree Renuka Sugars surrenders trading membership in NCDEX |
| Press Trust of India / New Delhi Sep 21, 2009, 19:33 IST |
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Shree Renuka Sugars has applied to the NCDEX for surrendering its trading membership, which will pave the way for the country's leading sugar refiner to buy 5 per cent stake in the exchange.
"We have already applied for surrendering our trading membership to the exchange," Shree Renuka Sugars Managing Director Narendra Murukumbi told PTI.
Renuka Sugars, a major trader in sugar futures on the NCDEX platform, had to submit the cancellation of its trading membership in order to acquire five per cent stake in the exchange. It wants to buy the stake being divested by the Inter-Continental Exchange (ICE) and Goldman Sachs.
As per the guidelines, the company cannot remain a shareholder and enjoy trading rights in the same exchange.
Renuka Sugars showed interest to buy stake in NCDEX last month and was given time till September 20 to liquidate its open positions in the exchange.
"We can sign the deal only after we get clearance from the exchange and the regulator," Murukumbi said.
When contacted, an NCDEX official confirmed the development and said, "Renuka Sugars have squared off their entire open position in sugar contracts."
The exchange has further written to the commodity market regulator Forward Markets Commission (FMC) informing about the surrender of trading rights by Renuka Sugars in NCDEX, he said.
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