Commodity bourse National Commodity & Derivatives Exchange (NCDEX) has decided to rope in Jaypee Capital Services as an anchor investor, a top official of the exchange said.
"We have decided to rope in Jaypee Capital Services as an anchor investor in the bourse. Jaypee will pick up 22 per cent equity in the bourse," NCDEX CEO and Managing Director R Ramaseshan told reporters here today.
He said that the bourse would issue additional equity by virtue of which shareholding of major promoters, NSE, LIC and Nabard would come down from 15 per cent to 11.5 per cent each.
Ramaseshan said that following government guidelines, the anchor investor only would be able to hold beyond 15 per cent and less than 26 per cent.
According to him, the anchor investor would bring in the expertise to identify market requirement and do hand-holding with professional managers of the bourse.
Ramaseshan said that NCDEX would be the first commodity bourse in the country to comply with the government norms of having Rs 50 crore equity capital and of Rs 100 crore networth.
The other stakeholders in NCDEX were IFFCO, Crisil, PNB and Goldman Sachs.
Asked when NSE would shed its holding in NCDEX as guidelines required that it was able to hold five per cent only, Ramaseshan said that the shareholding would have to be pared down by March 2011.
"How it will be done is their concern," he said. Ramaseshan said that NCDEX had the largest marketshare in the agri-commodity space among bourses.
He said that while focus would continue to stay on agri-commodities, the bourse would now start focussing on non-agri commodities.
For NCDEX, the average daily turnover for the last two months was hovering around Rs 4,000 crore with annual turnover clocking more than Rs five lakh crore.
At present, NCDEX was trading in 47 commodities in the agri and non-agri space. The bourse also facilitates physical delivery of commodities.
