BSE to pick 26 percent stake in NMCE

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Mumbai: The Bombay Stock Exchange (BSE) has plans to pick up a 26 percent stake in Ahmedabad-based National Multi-Commodity Exchange of India (NMCE). Though the transaction is yet be finalized, the approximate value of the deal remains undisclosed. BSE will be issued fresh shares, which will bring down the promoters? stake substantially in NMCE. Currently, Central Warehousing holds a 26 percent stake while the National Agricultural Co-Operative Marketing Federation of India (Nafed) and the Punjab National Bank (PNB) hold around 10 percent each. Gujarat Agro Industries also has a 5 percent stake in it. With BSE taking a stake in it, NMCE will become the second commodity exchange in the country with a stock exchange as promoter, reported The Economic Times. As several common brokers operate in both capital and commodities markets, BSE?s support to NMCE will be of mutually benefit both. BSE is also reportedly considering a proposal to allow trading in commodity futures on approximately 15,000 terminals of its members. The exchange is upgrading hardware and processing capacities to introduce an integrated platform for equity, futures and options, commodities and bond trading. BSE has also appointed one of its key executives, SS Vyas, as the chief operating officer of NMCE.