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Two Indian exchanges – Anil Dhirubhai Ambani Group-promoted Indian Commodity Exchange (ICEX) and Metropolitan Stock Exchange (MSE) – are in initial talks for a merger. For ICEX, a merger will enable it to get access to readymade stock market platform.
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ICEX clocks an average daily turnover of around Rs 200-300 crore which is around 1% of the overall commodity derivatives market turnover.
ICEX is on the growth trajectory of very strong financial foundation. Our net-worth is well above the mandated criteria and after merger with erstwhile NMCE (National Multi-Commodity Exchange), the net worth has increased substantially to sustain its business on its own. The exchange has witnessed 10x growth in volumes of Diamond contracts compared to last year,” ICEX said.