IDBI Bank picks up 10% in bourse

IDBI Bank has acquired 10 per cent stake in Universal Commodity Exchange (UCX), which is yet to start operations, for Rs 10 crore. UCX is promoted by Mumbai headquartered IT People that provide software solutions to capital and commodity markets. As per commodity norms, IT People, promoted by Mr Ketan Sheth, has to reduce its stake in the exchange to 26 per cent from the 40 per cent within five years of its operations.crackcrack