MMTC comex to begin ops by year-end

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.

Apart from futures trading, the Indiabulls-MMTC joint venture also intends to launch spot trading of commodities.

"Spot trading will also be launched simultaneously for all commodities," Banga said.

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).

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.