National Multi-Commodity Exchange

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National Multi-Commodity Exchange (NMCE)
NMCE.gif
Founded 2002
Headquarters Ahmedabad, India
Key People Anil Mishra, CEO
Products Commodity futures contracts
Website http://www.nmce.com/

The NMCE merged with the Indian Commodity Exchange, (ICEX) in 2017.[1]

The combined exchange is India's third-largest commodities market offering contracts on oils and oil seeds, coffee, rubber and spices, ranked behind the Multi-Commodity Exchange (MCX) and the National Commodity & Derivatives Exchange (NCDEX).

Background

The National Multi Commodity Exchange of India Ltd. (NMCE) was launched on November 26, 2002 as India's first online, demutualized commodity exchange by a group of Indian commodity-based corporations and public agencies, and listed its first contracts on 24 commodities in November 2002.[2][3]

As of July 2016, the NMCE listed futures contracts on a total of 13 different commodities, ranging from oils and oil seeds, to rubber, sacking, raw jute, coffee, Isabgul seed, chana, pepper and cardamom.

India's commodities market space received a fourth exchange competitor named the Indian Commodity Exchange (ICEX) in 2009 but it closed in 2014.[4]

NMCE and ICEX agreed to merge in July 2017 and were to close the deal by December 2017. The merger was forged in part by an Indian regulatory requirement that the exchange meet a Rs 100-core minimum net worth for commodity exchanges. At the time of the merger, the NMCE's net worth was Rs 76 core, while ICEX's net worth was Rs 100 core. ICEX was given regulatory approval in July 2017 to restart its operations.[5][6]

Key people

Anil Mishra, CEO


References

  1. NMCE to merge with ICEX by Dec, regulatory nod awaited. Economic Times.
  2. First state-of-the art National Multi Commodity Exchange set up by Public Institutions: NMCE. National Multi-Commodity Exchange.
  3. Annual Report 2014-2015. National Multi-Commodity Exchange.
  4. 'A cost-competitive and transparent system will automatically attract customers'. Business Standard (India).
  5. NMCE, ICEX to merge to create third largest commodity exchange. IIFL.
  6. ICEX gets final nod from Sebi to restart trading operation. ET Markets.