Indian Commodity Exchange (ICEX) expects to restart operations by the end of March 2017, subject to regulatory approvals. The trading had been suspended on the exchange for nearly three years and it has now completed its right issues. With this, the exchange now meets all SEBI norms, including the prescribed Rs 100 crore net worth criteria prescribed for commencement of trading operations.
ICEX would rival Multi-Commodity Exchange (MCX), the only listed commodity bourse in the country. The other commodity bourse NCDEX (National Commodity and Derivatives Exchange) mostly focuses on agri commodities.
ICEX, a screen-based online derivatives exchange for commodities, has already received in-principle approval from SEBI for commencement of business and trade operations for diamond, crude and Brent oil contracts. It will be the first exchange in the world to launch diamond futures contracts, and plans to initially launch three such contracts - 30 cents, 50 cents, and 1 carat.
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