MUMBAI: Oman Investment Fund (OIF), the Sultanate of Oman's sovereign wealth fund, has filed a fresh application with the government to buy a stake in Universal Commodity Exchange (UCX), promoted by software solutions company, IT People, a person close to the development said.
"The fresh proposal made by Funderburk 2 Mauritius , an OIF arm, relates to UCX," said the person, who did not wish to be named A single foreign entity can invest up to 5% in a commex. Funderburk Mauritius 2's investment proposal was slated for discussion last Friday by Foreign Investment Promotion Board (FIPB), which approves foreign direct investments into the country. A senior government official said the FIPB's decision will be known soon.
An OIF official acquainted with the matter was on vacation while Ketan Sheth, promoter of UCX, said he did not wish to comment.
OIF was earlier in talks with NSE to pick up half of its 10% holding in agri bourse NCDEX but these remained inconclusive till September-end, the deadline for divesting its excess stake. A stock exchange can hold maximum 5% stake in a commex. Government norms allow up to 49% foreign investment -- 26% FDI and 23% FII --in commexes subject to a 5% cap per investor. Fidelity is one of the foreign stakeholders in MCX, while Goldman Sachs, InterContinental Exchange and Crisil, a part of Standard and Poor's, hold small stakes in NCDEX.
UCX promoters had an August deadline for tying up Rs 100-crore equity capital, a year after receiving the government's in-principle approval to start operations. They sought an extension for roping in government
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