AHMEDABAD: National Mutui-Commodity Exchange (NMCE) of India Ltd., the country's first online demutualised, multi-commodity exchange, has announced its plans to move its Corporate Office from Ahmedabad to Mumbai.
This announcement comes at the back of Reliance Money, India’s largest financial conglomerate and distribution house, agreeing to acquire up to 26 per cent stake in NMCE, subject to approval and clearances from regulatory authorities.
“With a renewed focus on growth, NMCE is aggressively looking at expanding its membership network and commodity base offered. We plan to not only launch newer commodities, but also plan to reach out to the huge investor base in the commodity arena through various new schemes and tie-ups,” said Mr. Sudip Bandopadhyay, CEO, Reliance Money and recently inducted Director on the NMCE Board.
Besides plans to move its corporate office to Mumbai, NMCE is also looking at recruitments at various levels to further strengthen its management.
"The decision to move our Corporate Office from Ahmedabad to Mumbai is a part of our overall strategy to revamp the entire working of the exchange. Though being the country's first online demutualised, multi-commodity exchange, we have missed out by not being present in the financial capital of the country,” said Mr. Kailash Gupta, Managing Director, NMCE.
NMCE is the country's first online de-mutualised, multi-commodity exchange with nationwide reach. It not only revived futures trade electronically in the commodities in India after a gap of 41 years but also integrated the centuries old commodity market with the latest technology.
About National Multi-Commodity Exchange of India
www.nmce.com
The National Multi-Commodity Exchange (NMCE) was launched on November 26, 2002 as the country's first online demutualised, multi-commodity exchange with nationwide reach. It is promoted by the country's largest warehousing corporation CWC along with NAFED - the country's apex body of marketing cooperatives, Punjab National Bank, the second largest public sector bank and the Government of Gujarat. NMCE not only revived futures trade electronically in commodities in India after a gap of 41 years, but also integrated the centuries old commodity market with the latest technology.
NMCE offers an electronic platform for futures trading in plantation, spices, food grains, non-ferrous metals, oilseeds and their derivatives and is backed by compulsory delivery based settlement to ensure transparent and fair trade practices. It is the first to introduce efficient clearing and settlement system backed by adequately capitalised corporate brokerage houses in commodities with sound and reliable transferable warehouse receipt system, using appropriate communication channels.
For further details –
Kailash Gupta B. N. Kumar
National Multi-Commodity Exchange Concept Communication
+91-79-40086039 +91-9321048332
mailbnk@gmail.com
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