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FMC approves Kotak Mahindra stake in MCX

img_0204Commodity market regulator Forward Markets Commission has approved Kotak Mahindra Bank’s deal to acquire 15% stake in MCX for Rs 459 crore from Jignesh Shah-led FTIL. FMC has asked Kotak Mahindra Bank to disclose every-year to commodity exchange MCX that it is in compliance with ‘fit and proper’ criteria. In July, FTIL had announced that it has signed an agreement to sell 15% stake in MCX to Kotak Mahindra Bank. FTIL originally held a 26% stake in MCX and it is divesting stake in MCX after market regulator FMC had declared the company unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange. The regulator had asked FTIL to reduce its stake in MCX to 2% from 26%.

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