GPIL seeks FMC node for national-level bourse status

Commodity market regulator Forward Markets Commission (FMC) today said it has received a proposal from Gontermann Peipers (India) for setting up a national-level commodity exchange.

"We have received a proposal from Gontermann Peipers (India) few days back. The proposal is yet to be scrutinised and process takes time," FMC Chairman B C Khatua told PTI.

Gontermann Peipers (India) (GPIL), which is engaged in the manufacturing of iron and steel rolls for rolling mills, has sought permission to become a national-level commodity bourse, he said.

At present, four national-level commodity exchanges -- MCX, NCDEX, NMCE and ICEX -- are operative in the country.

Two other bourses, Ahmedabad Commodity Exchange (ACE) and Universal Commodity Exchange (UCX), are still in the process to become national-level exchanges.

ACE has been given time till August 13 to transform itself from a regional bourse into national bourse. As regards to UCX, the regulator said the proposal has been sent to the Consumer Affairs Ministry for approval.

Khatua said, "The final approval is awaited from the Consumer Affairs Ministry, which overseas FMC."

According to the official data, the turnover at commodity exchanges has surged by 58 per cent to Rs 28,71,202 crore till July 15 in the current fiscal from Rs 18,15,807 crore in the same period last year.