Indiabulls Financial Services plans to pare its holding to 40 per cent in its proposed commodity exchange -- International Commodity Exchange -- to comply with regulatory norms on shareholding pattern, a top company official said.
"We are in the process of reducing our stake to 40 per cent and will announce new shareholders by August 18," Indiabulls Financial Services CEO Gagan Banga told PTI here.
The move is to comply with the guidelines issued by commodities market regulator, the Forward Markets Commission (FMC) on May 14, stipulating that an individual promoter shall not hold more than one per cent while a single entity must not hold more than 40 per cent of equity in the exchange.
According to the guidelines, any large shareholder having more than 40 per cent equity, should revise it to 40 per cent.
Presently, Indiabulls Financial Services holds 74 per cent equity while MMTC, the balance 26 per cent in the proposed commodity exchange which would be the fourth national-level multi-commodity exchange.
"We are in talks with some entities as we have to comply with the Forward Markets Commission (FMC) guidelines," Banga said, without, however, divulging their identities.
The company is understood to be in talks with a couple of financial institutions on the issue.
