MCX plans to sell stake in group firms

Multi Commodity Exchange (MCX) is planning to its divest stake in group firms like MCX-SX, MCX-SX Clearing Corporation and Dubai Gold and Commodity Exchange (DGCX), sources said.
The leading commodity exchange today issued an advertisement saying, "MCX intends to divest its shareholding in a few ventures."
MCX has invited applications from merchant bankers to advise on the stake sale.
The advertisement comes amid a dispute between MCX and its promoter Financial Technologies (FTIL) over dilution of the stake by the latter to comply with the regulator FMC's directions.
MCX has asked FTIL to bring down its stake to 2 per cent in the exchange from the existing 26 per cent, following the FMC's order that FTIL was not fit and proper to run an exchange in the wake of the Rs 5,600 crore payment crisis at its group firm National Spot Exchange Ltd (NSEL).

Although the advertisement did not specify the companies in which MCX is looking to divest its stake, sources said it could be in MCX-SX, MCX-SX Clearing Corp, and the Dubai Gold and Commodity Exchange (DGCX).
MCX holds 26 per cent stake in MCX-SX, 5 per cent stake in MCX-SX Clearing Corp, and 3.5 per cent in the Dubai Gold and Commodity Exchange (DGCX).