MCX denies UCX stake buying reports

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MCX denies UCX stake buying reports
Multi Commodity Exchange of India (MCX), an independent commodity exchange based in India, has declined media report that UCX is eyeing FTIL's stake buying, which led company's shares soaring over 20 per cent on Friday.

"As a policy of the Company, we would not like to comment on any intent/rumors which are speculative in nature. Hence, we refrain from commenting on the said news articles. We are not aware of any such developments," MCX said in a filing to Bombay Stock Exchange.

The company said that the exchange, being a regulated entity by the Forward Markets Commission, any acquisition in excess of 2 per cent or more of the paid-up equity capital of company has to satisfy the criteria of "fit and proper person" for becoming a share holder of the Exchange as prescribed under the guidelines issued by the Government of India for capital structure of commodity exchanges post 5-years of operation. This requirement is in addition to other applicable laws.

Dion Global Solutions Ltd.

Story first published: Monday, January 6, 2014, 9:11 [IST]
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