The country's fourth commodity exchange planned by Indiabulls Financial Services and MMTC, a state-run canalising agency, is likely to begin operations by November this year. | |
| "The commodity exchange should happen by middle to end of this year and will focus on all commodities, including agriculture. We are hopeful of getting a licence within the next three to four months. Trading will begin in three to six months thereafter," Indiabulls CEO Gagan Banga said. |
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| Apart from futures trading, the Indiabulls-MMTC joint venture also intends to launch spot trading of commodities. |
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| "Spot trading will also be launched simultaneously for all commodities," Banga said. |
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| At present, there are three national level commodity bourses "" the Multi Commodity Exchange (MCX), the National Commodity & Derivatives Exchange (NCDEX) and the National Multi-Commodity Exchange (NMCE). |
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| Indiabulls Financial Services is also planning to foray into the life insurance business with a French partner, Sogecap. The total investment in the insurance company would be $250 million over the next two-three years. |
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