UCX seeks FMC nod to set up national commodity bourse

Universal Commodity Exchange has applied for necessary clearance from the commodity market regulator, FMC, to set up a national level exchange in the country.     

According to an industry source, UCX is in talks with fertiliser major IFFCO, Haryana State Cooperative Supply and Marketing Federation (HAFED), Rashtriya Chemicals and Fertilisers and Bombay Bullion Association (BBA) about buying equity stakes in them.     

"We have submitted a proposal to the Forward Markets Commission (FMC) for setting up national level commodity exchange," Universal Commodity Exchange (UCX) Promoter Ketan Sheth told PTI.     

UCX will be the sixth national commodity bourse if it gets approval from the regulator.     

NCDEX, MCX and NMCE are the three existing national exchanges, besides Indiabulls-MMTC and the Kotak Group's proposed exchange, which are yet to be launched.     

When contacted FMC Chairman B Khatua said, "We have received an application from the UCX."     

Sheth, an entrepreneur with IT background, said that the proposed exchange will focus on bullion, metal and farm commodities.