Kolkata-based Gontermann-Peipers (India), which plans to set up a national commodity exchange, has been asked to submit more information, as regulator FMC has found its proposal incomplete.
"The proposal was not complete. We have asked them to submit more documents," Forward Markets Commission (FMC) Chairman B C Khatua told PTI.
The Gontermann-Peipers (India), the largest manufacturer and exporter of cast and forged rolls, had submitted a proposal with FMC in September seeking permission to establish a national commodity bourse.
The company has plans to offer specially steel and metals futures trading on the proposed bourse.
"The final decision on the Gontermann's proposal will be taken after vetting all documents," the regulator said.
At present, there are five national level commodity exhanges and 18 regional exchanges. Regional bourse NBOT has also sent a proposal to FMC seeking permission to upgrade itself into a national bourse.
BSE-listed, Gontermann-Peipers (India) (GPI) is the only Indian roll maker with both vertical and horizontal spin casting technology and enjoys a 40 per cent market share in the Indian roll industry. GPI holds the number one position in India and ranks among the top 10 players in the world.
The company reported an annual turnover of Rs 140-crore for the financial year ended 2009-10.