Universal Commodity Exchange Explained
Universal Commodity Exchange (UCX) was India’s sixth national level commodity exchange. [4] [5] It went live in 2012 but was shut down by the regulator in 2014.[6]
It was promoted by IT Professional Ketan Sheth from Commex technology Ltd (40%) and institutions such as IDBI Bank (10%), IFFCO (15%), National Bank for Agriculture and Rural Development (16%), Rural Electrification Corporation (16%) are shareholders in the bourse.[7] [8] [9]
It received Ministry approval and Government certification on 30 August 2012. UCX started its operations on 19 April 2013 with 11 contracts in 9 commodities under the leadership of Praveen Pillai as UCX Managing director and CEO.[10]
Notes and References
- Web site: UCX . ucxindia.com . 2014-08-08.
- News: Nabard buys 16% in Universal Commodity Exchange for 16 crore. The Economic Times. Ram. Sahgal. 14 March 2012. 2022-06-01.
- Web site: IDBI bank buys 10% in UCX for Rs 10 crore . The Economic Times. 2014-08-08.
- Web site: Universal Commodity Exchange 6th in the country goes live. samachar.com. 2014-08-08.
- Web site: Ketan Sheth's promoted UCX gets Consumers Affairs Ministry's approval . The Economic Times. 2014-08-08.
- Web site: Indian Commodity Regulator Pulls the Plug on Universal Commodity Exchange . 19 July 2014 . forex magnates.
- Web site: Universal Commodity Exchange goes live - Livemint. livemint.com. 2014-08-08.
- Web site: Universal Commodity Exchange, 7th in the country, goes live | Business Line. thehindubusinessline.com. 2014-08-08.
- Web site: Universal Commodity Exchange goes live . . 2014-08-08.
- Web site: National Exchanges - Forward Markets Commission, Government Of India. fmc.gov.in. 2014-08-08.
