Universal Commodity Exchange

Universal Commodity Exchange
Type Commodities exchange
Location Mumbai, India
Founded2012
Owner[1][2][3]
Key peopleKetan Sheth
CurrencyIndian rupee (INR)
Websiteucxindia.com

Universal Commodity Exchange (UCX) is India’s sixth national level commodity exchange. [4][5] It went live in 2012 but was shut down by the regulator in 2014 as a result of suspected fraud.[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 August 30, 2012. UCX started its operations on April 19, 2013 with 11 contracts in 9 commodities under the leadership of Praveen Pillai as UCX Managing director and CEO.[10]

References

  1. ↑ "UCX". ucxindia.com. Retrieved 2014-08-08.
  2. ↑ "Nabard buys 16% in Universal Commodity Exchange for 16 crore - The Economic Times on Mobile". m.economictimes.com. Retrieved 2014-08-08.
  3. ↑ "IDBI bank buys 10% in UCX for Rs 10 crore - The Economic Times on Mobile". m.economictimes.com. Retrieved 2014-08-08.
  4. ↑ "Universal Commodity Exchange 6th in the country goes live". samachar.com. Retrieved 2014-08-08.
  5. ↑ "Ketan Sheth's promoted UCX gets Consumers Affairs Ministry's approval - The Economic Times on Mobile". m.economictimes.com. Retrieved 2014-08-08.
  6. ↑ "Indian Commodity Regulator Pulls the Plug on Universal Commodity Exchange". forex magnates. July 19, 2014.
  7. ↑ "Universal Commodity Exchange goes live - Livemint". livemint.com. Retrieved 2014-08-08.
  8. ↑ "Universal Commodity Exchange, 6th in the country, goes live | Business Line". thehindubusinessline.com. Retrieved 2014-08-08.
  9. ↑ "Universal Commodity Exchange goes live - The Economic Times on Mobile". m.economictimes.com. Retrieved 2014-08-08.
  10. ↑ "National Exchanges - Forward Markets Commission, Government Of India". fmc.gov.in. Retrieved 2014-08-08.