Indiabulls Financial Services, has zeroed in on stakeholders who would pick up stakes in its proposed commdodity bourse, a top company official said.
"We are in the process of reducing our stake to 40 per cent and have identified the various stakeholders as per existing guidelines," Indiabulls Financial Services' CEO, Gagan Banga, told PTI here.
Banga, however, did not identify the names of the stakeholders.
"As per Forward Markets Commission (FMC) guidelines, we need to have a Government organisation, banks or financial institutions as stakeholders for the commodity bourse. We have identified these players," Banga said.
The names will be announced in the next few days as these organisations are in the process of getting Reserve Bank and other approvals, he said.
Last month, the Forward Markets Commission (FMC), the commodity markets regulator, had given a month's time to Indiabulls Financial Services and state-owned trading company, MMTC, the promoters of the International Commodity Exchange, to rejig their shareholding pattern.
Indiabulls Financial Services presently holds a 74 per cent stake while MMTC, the balance 26 per cent.
As per the guidelines framed by the regulator on May 14 this year, an individual promoter should not have more than one per cent while a single entity must not hold more than 40 per cent of equity in the exchange.
