Reliance Exchange Next CEO says spot bourse launch on October 17

Reliance Spot Exchange will launch its formal operations with muhurat trading October 17 and will offer trade in steel, said Rajnikant Patel, chief executive officer of Reliance Exchange Next.

“Diwali is an auspicious day to formally launch our steel ingots and billet spot contracts. We already have a soft launch for steel in place and will expand the operations after the formal launch,” Patel said.

Reliance Spot Exchange is the first venture to be started by Reliance Exchange Next, the bourse business vertical under Reliance Capital. “We hope to be in the commodity futures and equity exchange spaces in the next three-five years. But, we have not set a timeline for ourselves as we want to initially concentrate on getting it right with our first venture, which is the commodity spot market business,” Patel said. The exchange’s membership is by invitation and it has already roped in 10 top players in the steel and other allied industries.