India’s three national commodity exchanges may soon face competition after three newcomers each announced an intention to launch a rival bourse.
The Press Trust of India reported on June 30 that the Universal Commodity Exchange (UCX) has applied to the Forward Markets Commission (FMC), the country’s regulator, for permission to set-up a commodity exchange.
The UCX project is being headed by Ketan Seth, an entrepreneur with a background in information technology, alongside various others in the IT industry.
Seth told the Press Trust of India that the proposed...