MUMBAI: The country's oldest commodity futures bourse, the Ahmedabad-based National Multi Commodity Exchange (NMCE), is exploring a merger proposal with Reliance Capital-promoted Indian Commodity Exchange (ICEX), which is readying for a re-launch soon, two persons aware of the development told ET NMCE, which came on stream late in 2002, years after the Atal Behari Vajpayee-led NDA government relaunched commodity futures after a 40-year ban, is struggling for survival after seeing turnover plummet to a fourth in recent times. MCX's average daily turnover so far this month was Rs 20,213 crore, NCDEX's is Rs 1,365 crore and NMCE's, according to Mishra, is Rs 275 crore. This puts NMCE's market share at 1.14% against MCX's 92.4% and NCDEX's 6.2%.Central Warehousing Corporation holds 29.7% of NMCE's equity. Other shareholders include Reliance Capital (around 8.7%) and Punjab National Bank (8.12%). ICEX's share holders include Reliance Capital (26%), MMTC (14%), Indiabulls (14%) and IDFC (around 5%).

Source: Economic Times February 20, 2017 03:29 UTC