Multi Commodity Exchange (MCX) added to the number of its designated cold storages to boost potato futures trading, reports Business Standard.
The MCX has opened new storages (delivery centres) from 6 in 2007 to 12 this year in West Bengal. The new delivery centres would operate in Bankura, Bardhhaman and Medinipore, apart from the existing ones in Hooghly, said sources at MCX.
None of the cold storages will be owned by the exchange, but only run by MCX through franchisee arrangements with the existing cold storage owners. The holding capacity of each of the storages is close to 3-5 lakh potato bags, each of 50 kg.
A majority of participants in the exchange are traders and cold storage owners. Framers largely remain out of the purview of commodity exchanges, due to their limited reach and the traditional supply chain for marketing potato. Therefore, MCX has conducted around 27 farmers programs in the 4 districts where the delivery centres are located.
Friday, March 7, 2008
CTT may force a delay in IPO of MCX
NEW DELHI: The country's leading commodity exchange MCX may consider delaying its Initial Public Offer because of introduction of Commodities Transaction Tax (CTT), which is likely to affect the turnover of the bourse.
"It will require a deliberation in the company," a source said commenting on whether MCX would shelve or delay the plan to launch IPO due to negative sentiments created by the introduction of CTT in commodity market.
The introduction of CTT would affect the business of the commodity market, source added. The turnover of MCX, which has a stronghold in bullion, metal and energy commodities, was Rs 27,29,822 crore during April-December 2007.
MCX had last month filed a draft prospectus with the market regulator SEBI for its IPO, through which the company plans to raise about Rs 500 crore from sale of one crore equity shares.
NYSE Euronext, which owns the New York Stock Exchange and four European bourses, had picked up five per cent stake in MCX for USD 55 million last month. The deal had valued MCX at about $1.1 billion (over Rs 4,300 crore).
According to DRHP, the public issue of one crore equity shares of Rs five each at a premium to be determined through a 100 per cent book-building process would comprise fresh issue of 60 lakh shares. Another 40 lakh shares will be sold by Financial Technologies (India) Ltd, the main promoter of MCX, and Corporation Bank.
The company had filed a Draft Red Herring Prospectus for its IPO way back in 2006, but the plans were later shelved.
Proceeds of the issue would be used for the exchange's technology infrastructure and strategic investment and acquisitions, besides other usages.
"It will require a deliberation in the company," a source said commenting on whether MCX would shelve or delay the plan to launch IPO due to negative sentiments created by the introduction of CTT in commodity market.
The introduction of CTT would affect the business of the commodity market, source added. The turnover of MCX, which has a stronghold in bullion, metal and energy commodities, was Rs 27,29,822 crore during April-December 2007.
MCX had last month filed a draft prospectus with the market regulator SEBI for its IPO, through which the company plans to raise about Rs 500 crore from sale of one crore equity shares.
NYSE Euronext, which owns the New York Stock Exchange and four European bourses, had picked up five per cent stake in MCX for USD 55 million last month. The deal had valued MCX at about $1.1 billion (over Rs 4,300 crore).
According to DRHP, the public issue of one crore equity shares of Rs five each at a premium to be determined through a 100 per cent book-building process would comprise fresh issue of 60 lakh shares. Another 40 lakh shares will be sold by Financial Technologies (India) Ltd, the main promoter of MCX, and Corporation Bank.
The company had filed a Draft Red Herring Prospectus for its IPO way back in 2006, but the plans were later shelved.
Proceeds of the issue would be used for the exchange's technology infrastructure and strategic investment and acquisitions, besides other usages.
Friday, February 29, 2008
MCX to enter global league with IPO
NEW DELHI: Commodity exchanges have come of age. Mumbai-based MCX’s decision to file for an IPO marks India’s entry into an exclusive global club of listed exchanges, whose members include biggies like the Chicago Mercantile Exchange, the Chicago Board of Trade and Euronext-Liffe and Bursa (Malaysia). As exchanges guard street credibility with their lives, opening themselves up for even more stringent public scrutiny only adds to trader trust.
Though MCX is already a demutualised exchange, it will now be opening itself to even more regulation by getting listed. MCX will be regulated both, by the Forward Markets Commission, which is the commodity trading regulator, and Sebi, which keeps an eye on India’s 10,000 listed companies.
Once the MCX IPO is through, the exchange would be listed on both, the NSE and the BSE. But even though the NSE has a 2% stake in the company, it is unlikely to create any conflicts of interest between its roles as shareholder and regulator of MCX.
Experts say the matter has been investigated and settled more than 20 years ago. “The Kania committee in India, which included renowned names like justices MH Kania, M N Chandurkar and YH Malegam deliberated on these issues and that it would be desirable for a demutualised stock exchange to list its shares on itself or on any other stock exchange,” said an observer.
More importantly, as the seventh largest exchange in the world, NSE itself has sufficient credibility and effective regulatory mechanisms in place to deal with such potential conflicts. “When NYSE, LSE and NASDAQ can be self-listed and be trusted by their regulator to manage a conflict situation of 100%, we see no reason why the same cannot be replicated in India as well,” he added.
Companies that promoted NSE and on its board of directors are also listed on it. NSE had had no problems till now in regulating them as it does any other company. “There is no reason to believe that any information sent by MCX to NSE and BSE will be released to the public only by the BSE and not by the NSE due to conflict of interest. After all, the promoters of NSE are already being regulated by NSE for the last 10 years,” said an industry observer.
Getting listed is also unlikely to create any conflict of interest within MCX itself. While it will continue to act as regulator of the trading on its platform, it will simultaneously further shareholder value by improving business prospects.
“When MCX is listed on the NSE and the BSE, they will only regulate MCX only as a company for its financial performance as per the listing agreement. The NSE and the BSE will have nothing to do with the trading on MCX,” said an analyst here.
“If MCX as a corporate has gone in for voluntarily listing, then it displays its readiness for greater scrutiny and compliance, which could have easily been avoided by just avoiding listing,” he added.
Source : http://economictimes.indiatimes.com/
Wednesday, February 27, 2008
MCX files IPO draft prospectus; may raise about Rs 500 cr
The country's leading commodity bourse, Multi Commodity Exchange of India, today filed a draft prospectus with the market regulator SEBI for its IPO, through which the company is estimated to raise about Rs 500 crore through sale of one crore equity shares.
Financial Technologies India, the parent company of the bourse, informed the stock exchanges today about the filing.
According to DRHP, the public issue of one crore equity shares of Rs five each at a premium to be determined through a 100 per cent book-building process would comprise fresh issue of 60 lakh shares and another 40 lakh shares to be sold by FTIL and Corporation Bank.
"The issue comprises a net issue of 90 lakh equity shares to the public, a reservation of up to 2.5 lakh equity shares for the existing FTIL shareholders, a reservation of up to five lakh equity shares for eligible employees and a reservation of up to 2.5 lakh equity shares for the business associates." The company had filed a Draft Red Herring Prospectus for its IPO way back in 2006, but the plans were later shelved.
The revival of IPO plan comes within a week of NYSE Euronext, which owns the New York Stock Exchange and four European bourses, announcing picking up five per cent stake in MCX for about Rs 218 crore (USD 55 million). The deal had valued MCX at about 1.1 billion dollars (over Rs 4,300 crore).
When asked whether bringing an IPO in the midst of a turbulent stock market conditions that have seen shelving of three IPOs mid-way their book-building process was a good idea, MCX's Deputy Managing Director Joseph Massey told PTI, "We have just filed the prospectus and it will take some more time (for IPO to start)... We cannot take a decision based on what has happened on some particular days."
Earlier this month, realty giant EmaarMGF, Wockhardt Hospital and SVEC Construction had to withdraw their IPOs citing weak investors' response. However, some other firms such as PSU power sector lender REC have decided to go ahead with their IPOs, while public offer by GSS America Infotech managed to complete with full subscription. REC IPO is scheduled to begin tomorrow. The MCX public issue would constitute 11.88 per cent of its post-issue paid-up equity capital, while the net issue would be of 10.7 per cent. The IPO proceeds would be used for the exchange's technology infrastructure and strategic investment and acquisitions, besides other usages.
MCX intends to use Rs 135.1 crore for expansion and enhancement of its technology infrastructure, about Rs 50 crore set up a commodity ecosystem infrastructure, Rs 100 crore in equity investment in a clearing corporation promoted by MCX and Rs 25 crore for "strategic investments and acquisitions." Besides, the IPO proceeds would be also used for general corporate purposes and IPO expenses.
The NYSE deal, expected to close by June, brings down the stake of FTIL, the main promoter of MCX, to about 32 per cent. This would further fall after the IPO.
Late last month, leading banking and financial services groups ICICI, Kotak and IL&FS had picked up 9.55 per cent stake in MCX. The ICICI Group had picked up a 3.5 per cent stake, while Kotak and IL&FS acquired five per cent and one per cent respectively. Merrill Lynch and Citigroup had also bought five per cent stake each last year.
Other shareholders are Fidelity, SBI and its 7 associate banks, SBI Life Insurance Co Ltd, HDFC Bank, NSE, NABARD, Canara Bank, Bank of India, Union Bank of India, Bank of Baroda and Corporation Bank. The turnover of MCX, which has a stronghold in bullion, metal and energy commodities, was Rs 27,29,822 crore during April-December 2007
Financial Technologies India, the parent company of the bourse, informed the stock exchanges today about the filing.
According to DRHP, the public issue of one crore equity shares of Rs five each at a premium to be determined through a 100 per cent book-building process would comprise fresh issue of 60 lakh shares and another 40 lakh shares to be sold by FTIL and Corporation Bank.
"The issue comprises a net issue of 90 lakh equity shares to the public, a reservation of up to 2.5 lakh equity shares for the existing FTIL shareholders, a reservation of up to five lakh equity shares for eligible employees and a reservation of up to 2.5 lakh equity shares for the business associates." The company had filed a Draft Red Herring Prospectus for its IPO way back in 2006, but the plans were later shelved.
The revival of IPO plan comes within a week of NYSE Euronext, which owns the New York Stock Exchange and four European bourses, announcing picking up five per cent stake in MCX for about Rs 218 crore (USD 55 million). The deal had valued MCX at about 1.1 billion dollars (over Rs 4,300 crore).
When asked whether bringing an IPO in the midst of a turbulent stock market conditions that have seen shelving of three IPOs mid-way their book-building process was a good idea, MCX's Deputy Managing Director Joseph Massey told PTI, "We have just filed the prospectus and it will take some more time (for IPO to start)... We cannot take a decision based on what has happened on some particular days."
Earlier this month, realty giant EmaarMGF, Wockhardt Hospital and SVEC Construction had to withdraw their IPOs citing weak investors' response. However, some other firms such as PSU power sector lender REC have decided to go ahead with their IPOs, while public offer by GSS America Infotech managed to complete with full subscription. REC IPO is scheduled to begin tomorrow. The MCX public issue would constitute 11.88 per cent of its post-issue paid-up equity capital, while the net issue would be of 10.7 per cent. The IPO proceeds would be used for the exchange's technology infrastructure and strategic investment and acquisitions, besides other usages.
MCX intends to use Rs 135.1 crore for expansion and enhancement of its technology infrastructure, about Rs 50 crore set up a commodity ecosystem infrastructure, Rs 100 crore in equity investment in a clearing corporation promoted by MCX and Rs 25 crore for "strategic investments and acquisitions." Besides, the IPO proceeds would be also used for general corporate purposes and IPO expenses.
The NYSE deal, expected to close by June, brings down the stake of FTIL, the main promoter of MCX, to about 32 per cent. This would further fall after the IPO.
Late last month, leading banking and financial services groups ICICI, Kotak and IL&FS had picked up 9.55 per cent stake in MCX. The ICICI Group had picked up a 3.5 per cent stake, while Kotak and IL&FS acquired five per cent and one per cent respectively. Merrill Lynch and Citigroup had also bought five per cent stake each last year.
Other shareholders are Fidelity, SBI and its 7 associate banks, SBI Life Insurance Co Ltd, HDFC Bank, NSE, NABARD, Canara Bank, Bank of India, Union Bank of India, Bank of Baroda and Corporation Bank. The turnover of MCX, which has a stronghold in bullion, metal and energy commodities, was Rs 27,29,822 crore during April-December 2007
Saturday, February 16, 2008
MCX to file revised IPO papers in mid-Feb
Financial Technologies India (FTIL), the country’s leading technology solutions provider to exchanges and brokerage firms, is in the process of filing a revised draft red herring prospectus (DRHP) in the second fortnight of February to dilute another 5.5 per cent stake in the Multi Commodity Exchange (MCX) through an initial public offering (IPO).
The proposed IPO would be the country’s first public issue by any exchange.
MCX had earlier filed papers with Sebi in March 2006. However, the proposal remained under Sebi’s consideration because of unclear government policies on foreign direct investment (FDI) and foreign institutional investment (FII).
With the Centre finalising the policy on foreign investment in commodity exchanges, experts believe there will be no problem for MCX’s public issue this time.
Sources close to the development said the IPO size could be between Rs 500 crore and Rs 600 crore. The company is planning to enter the capital market by the first week of May.
FTIL, the promoter of the exchange, holds 37.45 per cent of equity in MCX. The promoter plans to dilute its stake to 32 per cent after the IPO.
The capital raised would be spent mainly on developing facilities at its subsidiaries such as National Bulk Handling Corporation (NBHC) and National Spot Exchange (NSEL).
The exchange has also chalked out a major rural connectivity programme to create direct backward and forward linkages with farmers by installing ticker boards in rural post offices and mandis.
In December 2007, FTIL had sold a 9.55 per cent stake to ICICI Venture, Infrastructure Leasing & Financial Services and the Kotak Group for around Rs 420 crore at a total valuation of the exchange at Rs 4,400 crore ($1.2 billion).
While ICICI Venture, ICICI Bank’s private equity arm, bought 3.55 per cent, IL&FS picked up 5 per cent and Kotak’s India Growth Fund took 1 per cent in the commodity exchange. Fidelity has 9 per cent stake in the exchange, while Citigroup and Merrill Lynch own 5 per cent each.
MCX is the world’s third biggest gold bourse and accounts for more than four-fifths of gold futures traded in India.
The exchange currently offers futures trading in 56 commodities and is a leader in commodity derivatives with a total daily average turnover of $3.5 billion.
Dilip Kumar Jha / Mumbai February 07, 2008
Source : http://www.business-standard.com/
The proposed IPO would be the country’s first public issue by any exchange.
MCX had earlier filed papers with Sebi in March 2006. However, the proposal remained under Sebi’s consideration because of unclear government policies on foreign direct investment (FDI) and foreign institutional investment (FII).
With the Centre finalising the policy on foreign investment in commodity exchanges, experts believe there will be no problem for MCX’s public issue this time.
Sources close to the development said the IPO size could be between Rs 500 crore and Rs 600 crore. The company is planning to enter the capital market by the first week of May.
FTIL, the promoter of the exchange, holds 37.45 per cent of equity in MCX. The promoter plans to dilute its stake to 32 per cent after the IPO.
The capital raised would be spent mainly on developing facilities at its subsidiaries such as National Bulk Handling Corporation (NBHC) and National Spot Exchange (NSEL).
The exchange has also chalked out a major rural connectivity programme to create direct backward and forward linkages with farmers by installing ticker boards in rural post offices and mandis.
In December 2007, FTIL had sold a 9.55 per cent stake to ICICI Venture, Infrastructure Leasing & Financial Services and the Kotak Group for around Rs 420 crore at a total valuation of the exchange at Rs 4,400 crore ($1.2 billion).
While ICICI Venture, ICICI Bank’s private equity arm, bought 3.55 per cent, IL&FS picked up 5 per cent and Kotak’s India Growth Fund took 1 per cent in the commodity exchange. Fidelity has 9 per cent stake in the exchange, while Citigroup and Merrill Lynch own 5 per cent each.
MCX is the world’s third biggest gold bourse and accounts for more than four-fifths of gold futures traded in India.
The exchange currently offers futures trading in 56 commodities and is a leader in commodity derivatives with a total daily average turnover of $3.5 billion.
Dilip Kumar Jha / Mumbai February 07, 2008
Source : http://www.business-standard.com/
Multi Commodity Exchange of India Ltd, MCX
MCX is an independent and de-mutulised multi commodity exchange. It was inaugurated on November 10, 2003 by Mr. Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd.; and has permanent recognition from the Government of India for facilitating online trading, clearing and settlement operations for commodities futures market across the country. Today, MCX features amongst the world's top three bullion exchanges and top four energy exchanges.
MCX offers a wide spectrum of opportunities to a large cross section of participants including producers/ processors, traders, corporate, regional trading centre, importers, exporters, co-operatives and industry associations amongst others. Headquartered in the financial capital of India, Mumbai, MCX is led by an expert management team with deep domain knowledge of the commodities futures market. Presently, the average daily turnover of MCX is around USD1.55 bn (Rs.7,000 crore - April 2006), with a record peak turnover of USD3.98 bn (Rs.17,987 crore) on April 20, 2006. In the first calendar quarter of 2006, MCX holds more than 55% market share of the total trading volume of all the domestic commodity exchanges. The exchange has also affected large deliveries in domestic commodities, signifying the efficiency of price discovery.
Being a nation-wide commodity exchange having state-of-the-art infrastructure, offering multiple commodities for trading with wide reach and penetration, MCX is well placed to tap the vast potential poised by the commodities market.
Key shareholders
Financial Technologies (I) Ltd., State Bank of India and it's associates, National Bank for Agriculture and Rural Development (NABARD), National Stock Exchange of India Ltd. (NSE), Fid Fund (Mauritius) Ltd. - an affiliate of Fidelity International, Corporation Bank, Union Bank of India, Canara Bank, Bank of India, Bank of Baroda , HDFC Bank, SBI Life Insurance Co. Ltd., Merrill Lynch and Citigroup
Board of Directors
Mr. Venkat Chary - Chairman
IAS, Former Chairman of the Forward Markets Commission (FMC)
Mr. Jignesh Shah - Managing Director and Chief Executive Officer
Ex-BSE, Founder of FTIL
Mr. Lamon Rutten - Joint Managing Director
Ex-UNCTAD, Ex- World Bank
Mr. Joseph Massey - Deputy Managing Director
Ex-MD ISE, ED VSE, SCHIL, RBI, LIC
Mr. V. Hariharan - Director
CTO, FTIL, Ex-Group Head, NSE IT, AVP NSE, Ex-DGM, BSE
Mr. Bharat Tripathi - Director
Director, Forward Markets Commission
Mrs. Asha Das - Director
Retired IAS - FMC Nominee
Dr. Prakash Apte - Director
Director, Indian Institute of Management Bangalore - FMC Nominee
Dr. Ajit Ranade - Director
President & Group Chief Economist , Aditya Birla Group - FMC Nominee
Dr. R. Balakrishnan - Director
Nominee NABARD
Mr. Anup Banerji - Director
Nominee NABARD
Dr. S. Narayan - Director
Former Economic Advisor to Prime Minister of India
Mr. P G Kakodkar - Director
Director - FTIL, Ex-Chairman - State Bank of India
Mr. Ashish Dalal - Director
Senior Partner, Dalal & Shah, Chartered Accountants
Mr. C. Subramaniam - Director
Financial Consultant
Mr. C. M. Maniar - Director
Partner, Crawford Bayley & Co
Mr. Shevtal S. Vakil - Director
Ex. Hindustan Lever Ltd. (HLL), ex President, International Castor Oil Association, New York , COO Setco Automotive Limited
Mr. Urjit R. Patel - Director
Economist
Key Management Team
Mr. Jignesh Shah - Managing Director and Chief Executive Officer
Chairman & Managing Director - Financial Technologies (India) Ltd
Ex-Incharge of automation in BSE
Strong relationship with the broking community
Mr. Joseph Massey- Deputy Managing Director
Ex- Managing Director, Interconnected Stock Exchange
Ex- Executive Director, VSE
Prior association with SCHIL and RBI
Mr. Lamon Rutten- Joint Managing Director
Ex-UNCTAD, Chief - Finance, Risk Management and Information in the Commodities Branch of UNCTAD
Ex- World Bank, Senior Advisor with the International Task Force on Commodity Price Risk Management of the World Bank
Mr. V. Hariharan - Director
Ex-Group Head, NSE.IT,
Ex- AVP, NSE
Ex- DGM, BSE
Mr. Anjani Sinha - Director
Ex-Executive Director , Ahmedabad Stock Exchange
Ex-Executive Director, Magadh Stock Exchange
Ex-Head (Marketing), Interconnected Stock Exchange
Ex- Bombay Commodity Exchange
Mr. Shreekant Javalgekar - Group Finance Controller
Ex-India Advisor, NexGen Financial Solutions, Singapore
Ex-Managing Director, Lazard India Ltd.
Ex-Advisor, Lazard Birla Fund
Ex-Advisor, Mayur Fund
Ex-Larsen & Toubro Ltd.
Ex-Crompton Greaves Ltd.
Ex-Toyo Engineering India Ltd.
Advisory Team
Mr. Vithaldas G Udeshi, Chairman - Jayant Agro-Organics Ltd.
Mr. Kamlesh Tanna, Director - Jamnadas Madhavji International
Mr. B. Mallik, MD - IVP Ltd.
Mr. Mayur Mehta - Senior journalist in the field of commodities
Mr. Sunder Kankal - Reputed commodities expert
Mr. Atul Chaturvedi, President - Agro, Adani Exports Ltd.
Mr. T. K. Kannan, General Manager - Edible Oil Trading, Adani Wilmar Ltd.
Mr. Parvez H. Kader, Managing Director - Liberty Oil Mills Ltd.
Mr. Kishore Tanna, Director - Jamnadas Madhavji International Ltd.
Mr. B. V. Mehta, Executive Director - The Solvent Extractors Association of India
Mr. Vineet Bhatnagar, Managing Director - Refco (India) Pvt. Ltd.
Mr. H. P. Rajdev, Proprietor - Commodities & Financial Analysts
Mr. Keshav Kumar Nachani - M. P. Bullion
Mr. P. M. Chheda, Partner - Mulji Devshi & Company
Mr. Pravin Dongre, Managing Director - Andargo Services Ltd.
Mr. Prem Kogta, Director - Kogta Global Pvt. Ltd.
Mr. Arvind G. Salecha, Managing Director - Salecha Industries
Mr. C. Subramaniam (Special Invitee) , Director - Financial Technologies (India) Ltd.
MCX offers a wide spectrum of opportunities to a large cross section of participants including producers/ processors, traders, corporate, regional trading centre, importers, exporters, co-operatives and industry associations amongst others. Headquartered in the financial capital of India, Mumbai, MCX is led by an expert management team with deep domain knowledge of the commodities futures market. Presently, the average daily turnover of MCX is around USD1.55 bn (Rs.7,000 crore - April 2006), with a record peak turnover of USD3.98 bn (Rs.17,987 crore) on April 20, 2006. In the first calendar quarter of 2006, MCX holds more than 55% market share of the total trading volume of all the domestic commodity exchanges. The exchange has also affected large deliveries in domestic commodities, signifying the efficiency of price discovery.
Being a nation-wide commodity exchange having state-of-the-art infrastructure, offering multiple commodities for trading with wide reach and penetration, MCX is well placed to tap the vast potential poised by the commodities market.
Key shareholders
Financial Technologies (I) Ltd., State Bank of India and it's associates, National Bank for Agriculture and Rural Development (NABARD), National Stock Exchange of India Ltd. (NSE), Fid Fund (Mauritius) Ltd. - an affiliate of Fidelity International, Corporation Bank, Union Bank of India, Canara Bank, Bank of India, Bank of Baroda , HDFC Bank, SBI Life Insurance Co. Ltd., Merrill Lynch and Citigroup
Board of Directors
Mr. Venkat Chary - Chairman
IAS, Former Chairman of the Forward Markets Commission (FMC)
Mr. Jignesh Shah - Managing Director and Chief Executive Officer
Ex-BSE, Founder of FTIL
Mr. Lamon Rutten - Joint Managing Director
Ex-UNCTAD, Ex- World Bank
Mr. Joseph Massey - Deputy Managing Director
Ex-MD ISE, ED VSE, SCHIL, RBI, LIC
Mr. V. Hariharan - Director
CTO, FTIL, Ex-Group Head, NSE IT, AVP NSE, Ex-DGM, BSE
Mr. Bharat Tripathi - Director
Director, Forward Markets Commission
Mrs. Asha Das - Director
Retired IAS - FMC Nominee
Dr. Prakash Apte - Director
Director, Indian Institute of Management Bangalore - FMC Nominee
Dr. Ajit Ranade - Director
President & Group Chief Economist , Aditya Birla Group - FMC Nominee
Dr. R. Balakrishnan - Director
Nominee NABARD
Mr. Anup Banerji - Director
Nominee NABARD
Dr. S. Narayan - Director
Former Economic Advisor to Prime Minister of India
Mr. P G Kakodkar - Director
Director - FTIL, Ex-Chairman - State Bank of India
Mr. Ashish Dalal - Director
Senior Partner, Dalal & Shah, Chartered Accountants
Mr. C. Subramaniam - Director
Financial Consultant
Mr. C. M. Maniar - Director
Partner, Crawford Bayley & Co
Mr. Shevtal S. Vakil - Director
Ex. Hindustan Lever Ltd. (HLL), ex President, International Castor Oil Association, New York , COO Setco Automotive Limited
Mr. Urjit R. Patel - Director
Economist
Key Management Team
Mr. Jignesh Shah - Managing Director and Chief Executive Officer
Chairman & Managing Director - Financial Technologies (India) Ltd
Ex-Incharge of automation in BSE
Strong relationship with the broking community
Mr. Joseph Massey- Deputy Managing Director
Ex- Managing Director, Interconnected Stock Exchange
Ex- Executive Director, VSE
Prior association with SCHIL and RBI
Mr. Lamon Rutten- Joint Managing Director
Ex-UNCTAD, Chief - Finance, Risk Management and Information in the Commodities Branch of UNCTAD
Ex- World Bank, Senior Advisor with the International Task Force on Commodity Price Risk Management of the World Bank
Mr. V. Hariharan - Director
Ex-Group Head, NSE.IT,
Ex- AVP, NSE
Ex- DGM, BSE
Mr. Anjani Sinha - Director
Ex-Executive Director , Ahmedabad Stock Exchange
Ex-Executive Director, Magadh Stock Exchange
Ex-Head (Marketing), Interconnected Stock Exchange
Ex- Bombay Commodity Exchange
Mr. Shreekant Javalgekar - Group Finance Controller
Ex-India Advisor, NexGen Financial Solutions, Singapore
Ex-Managing Director, Lazard India Ltd.
Ex-Advisor, Lazard Birla Fund
Ex-Advisor, Mayur Fund
Ex-Larsen & Toubro Ltd.
Ex-Crompton Greaves Ltd.
Ex-Toyo Engineering India Ltd.
Advisory Team
Mr. Vithaldas G Udeshi, Chairman - Jayant Agro-Organics Ltd.
Mr. Kamlesh Tanna, Director - Jamnadas Madhavji International
Mr. B. Mallik, MD - IVP Ltd.
Mr. Mayur Mehta - Senior journalist in the field of commodities
Mr. Sunder Kankal - Reputed commodities expert
Mr. Atul Chaturvedi, President - Agro, Adani Exports Ltd.
Mr. T. K. Kannan, General Manager - Edible Oil Trading, Adani Wilmar Ltd.
Mr. Parvez H. Kader, Managing Director - Liberty Oil Mills Ltd.
Mr. Kishore Tanna, Director - Jamnadas Madhavji International Ltd.
Mr. B. V. Mehta, Executive Director - The Solvent Extractors Association of India
Mr. Vineet Bhatnagar, Managing Director - Refco (India) Pvt. Ltd.
Mr. H. P. Rajdev, Proprietor - Commodities & Financial Analysts
Mr. Keshav Kumar Nachani - M. P. Bullion
Mr. P. M. Chheda, Partner - Mulji Devshi & Company
Mr. Pravin Dongre, Managing Director - Andargo Services Ltd.
Mr. Prem Kogta, Director - Kogta Global Pvt. Ltd.
Mr. Arvind G. Salecha, Managing Director - Salecha Industries
Mr. C. Subramaniam (Special Invitee) , Director - Financial Technologies (India) Ltd.
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