On August 27, 2018 the NCLT, Ahmedabad approves merger of NMCE with ICEX effective 7th September, 2018.
The merged entity will retain the name of ICEX. New board is to be re-constituted soon.
The merger creates India’s third largest commodity derivatives exchange offering a wide range of commodity contracts which includes Rubber, Castor Seed, Mustard Seed and Jute apart from Diamond and Steel.
Merged entity draws on support from its prominent shareholders such as MMTC, Indian Potash, Krishak Bharti Cooperative (KRIBHCO), IDFC Bank, Indiabulls Housing Finance, Reliance Exchangenext, Bajaj Holdings, Central Warehousing Corporation, Punjab National Bank and Gujarat Agro Industries.
MD & CEO of ICEX, Sanjit Prasad said “Merger shall result into synergy with increase in overall depth of product offerings, addition of members & their clients and the well diversified experience manpower. We thank respective boards and shareholders for making this merger through.”
