BSE seeks clarification from MCX on CBI probe reports

BSE has sought clarification from leading commodity bourse MCX on reports that the CBI has launched a probe into the company's IPO offer which was launched way back in 2012.
In a filing, MCX said that the BSE has sought clarification with respect to media report stating, "The CBI has launched a probe into the initial public offer (IPO) of commodity futures exchange MCX to see if there were irregularities in clearing the share sale, which had received a healthy response."
The reply is awaited on this issue, the exchange added.
According to sources, CBI has initiated an inquiry into the clearance given by commodity markets regulator Forward Markets Commission (FMC) to MCX to bring its IPO in 2012 which was allegedly against certain regulations.

The discreet inquiry could be turned into a regular case if the agency found prima facie evidence of any alleged irregularities, they added.
The sources said the CBI is looking into the role of regulator FMC which has given some exemptions to MCX before bringing its IPO.

MCX, promoted by Jignesh Shah who is facing number of probes, had planned an IPO in 2009-10 but it was postponed because of global financial meltdown.
Meanwhile, FMC brought in new regulations from which MCX sought exemptions to float an IPO again. The IPO became a gainer in 2012 despite poor market conditions.

MCX' shares were trading up by 2 per cent at Rs 1,062.75 apiece in the afternoon trade today.