ICEX, NMCE considering merger: EY to do due diligence

Key deal hurdle: NMCE's promoters' stake is in an escrow, its main promoter is in jail

NMCE   

• Net worth Rs 70 cr, required to meet Rs 100 cr criterion    
• Rubber contract most successful with farmers’ participation 
• Total volume: Average Rs 268 cr daily
• Legal case relating to promoter’s holding major dampener for the exchange’s performance

ICEX
 

• Net worth already in accordance with regulatory requirement of Rs 100 crore
• Launching diamond futures, first in the world, on or before April
• After merger, new entity will have presence in agri and non-agri commodities
• Challenge is relaunching of trading after suspension

Ahmedabad-based National Multi Commodity Exchange (NMCE) and Mumbai-based Indian Commodity Exchange (ICEX) are considering a merger.

According to sources, accounting firm