Multi-Commodity Exchange Held Up

The National Multi-Commodity Exchange is unlikely to be functional before mid-2003 because the government was yet to finalise the party for setting up the exchange, S Bandyopadhyay, secretary, department of consumer affairs, said at a press briefing at the second national conference of commodity exchanges. The conference was organised by the Forward Market Commission (FMC).

According to official sources, the FMC had forwarded a list of four parties but the food and consumer affairs ministry had sought some clarifications. The FMC has sent the clarifications, but the government could take another month and a half to select the party or parties, the sources added.