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India to strengthen corporate governance of commodity exchanges

Posted on 24 September 2013

India’s commodity regulator has moved to strengthen corporate governance of commodity exchanges by issuing guidelines to restrict board representation by promoter members. Under the guidelines, a promoter of an exchange cannot have board representation higher than their total shareholding, capped at 26 percent at the end of the fifth year of operation, the Forwards Market Commission said.
These revised guidelines follow the National Spot Exchange Ltd (NSEL), MCX-SX’s affiliated commodity exchange, abruptly suspending trading in August. NSEL has since struggled to square off outstanding contracts worth over 55 billion rupees ($868.81 million)…………………………………..Full Article: Source


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