ICEX readies for futures trade relaunch in diamonds

With completion of a second rights issue, of Rs 85 crore, the Reliance ADA Group-anchored Indian Commodity Exchange (ICEX) is ready to restart futures trading in polished diamonds by the end of this month. Final approval is needed from the Securities and Exchange Board of India (Sebi). The exchange suspended futures trading in 2014, four years after launch. It has in-principle approval from Sebi for going live. To achieve the mandatory minimum net worth criterion of Rs 100 crore, the exchange had floated a second rights issue (it concluded this week), to raise money from its existing investors. In April 2016, the exchange had raised Rs 50 crore from its shareholders; with the second round, its net worth is Rs 125 crore. However, government-owned commodity trading entity MMTC did not participate. So, after the second round, MMTC's stake is expected to decline to below 10 per cent, from the earlier 13 per cent. Astrology and Numerology Trading Tips