The government has rejected the foreign direct investment (FDI) proposal of the country's leading commodity bourse MCX.
The proposal of the Mumbai-based MCX was rejected by the Foreign Investment Promotion Board (FIPB) in its meeting held on June 14, 2013, an official statement said.
MCX was seeking post facto approval for FDI received before issuance of Press Note 2 of 2008. The Press Note detailed guidelines of foreign investment in commodity exchanges.
Besides the MCX proposal, the government has rejected five proposals. The FIPB has accepted eight proposals of FDI amounting to Rs 1,311.54 crore approximately, it said.
MCX, the leading commodity bourse, largely offers futures trading in non-agricultural commodities. The exchange contributes maximum business to the total turnover of the commodity futures market.