India rejects MCX's foreign investment plan: govt

India has rejected the foreign direct investment proposal of the Mumbai-based commodity exchange MCX, a government statement said on Wednesday, without giving any details.

India has rejected the foreign direct investment proposal of the Mumbai-based commodity exchange MCX, a government statement said on Wednesday, without giving any details.

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The Foreign Investment Promotion Board (FIPB), which met on June 14, rejected the proposal of the commodity exchange, the statement said.

MCX was seeking post facto approval for FDI received before issuance of the government guidelines for overseas investment in commodity exchanges, according to media reports. The guidelines were issued in 2008.