"The commodity regulator Forward Markets Commission (FMC) has given its in-principal approval for setting up of Nationwide Multi Commodity Exchange," Indiabulls senior group official said.
The FMC today approved MMTC's application for the multi-commodity exchange, which would be set up in Gurgaon, subject to fulfilling the commitments made in the detailed project report submitted to the commission.
The approval also entails that the proposed exchange be incorporated as a public limited company and also attain the equity shareholding pattern of the company as per the requirements of the guidelines within a period of one month from the in-principal consent.
Following this approval, the two companies may go ahead with plans to rope in some international commodity exchanges as strategic partner for the ventures, industry sources said.
