Indiabulls and MMTC promoted commodity exchange, ICE, today received the regulator's approval to begin operation as a national bourse and futures trading is likely to start in its platform from next month.
"Today, Indian Commodity Exhange (ICE) got recognition as a full fledeged exchange. I hope they will bring value to Indian economy and the farm sector," Forward Markets Commission Chairman B C Khatua told PTI.
When contacted, ICE Managing Director Ajit Mittal confirmed receiving the nod and said futures trading would commence from the first week of November.
He added the exchange would launch 12 contracts both in agriculture and non-farm products, and would apply to FMC next week for approval of the contracts.
Apart from agricultural products, ICE would also start gold, silver, copper, zinc, crude oil contracts, Mittal said.
The MD said the exchange is ready to start operation as it has already enrolled close to 100 members and more are likely to join.
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ICE becomes the fourth national level exchange after MCX, NCDEX and NMCE. Kotak group, which recently bought stake in the regional Ahmedabad Commodity Exchange, plans to upgrade it to a national exchange.
Earlier, the regulator had given in-principle approval to ICE and the final approval depended on fulfilling shareholding guidelines.