Website ucxindia.com Founded 2008 | Key people Ketan Sheth Type of business Commodities exchange | |
Owner Commex technology Ltd (40%)IDBI Bank (10%)IFFCO (15%)National Bank for Agriculture and Rural Development (16%)Rural Electrification Corporation (16%) | ||
Universal Commodity Exchange (UCX) is India’s sixth national level commodity exchange. It went live in 2012 but was shut down by the regulator in 2014 as a result of suspected fraud.
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.
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.
References
Universal Commodity Exchange Wikipedia(Text) CC BY-SA