Mumbai, Jan 3 (IANS) Reliance Exchangenext Limited (R Next), a subsidiary of financial services major Reliance Capital Monday said it has acquired a 26 percent stake in Indian Commodity Exchange (ICEX), marking its foray into the commodity futures exchange business.
The Reliance Capital unit, part of the Anil Dhirubhai Ambani Group, acquired the stake from Indiabulls Financial Services and has been inducted as the anchor investor in ICEX.
"R Next has already received necessary regulatory approvals for completing this transfer and being an anchor investor in ICEX," the company said in a statement.
ICEX is a screen based on-line derivatives exchange for commodities.
"We see a huge potential in the commodity market space. With this, we plan to develop an integrated and transparent national electronic commodity market place. ICEX has pedigreed investors and we look forward to working with them for taking ICEX to next level of growth", said Rajnikant Patel, president and chief executive, R Next.
Patel has been inducted as a whole-time director in ICEX.
R Next, which already has set up a national commodity spot exchange through its wholly-owned subsidiary - Reliance Spot Exchange (RSX) will offer comprehensive range of integrated products in collaboration with ICEX.
Reliance Spot Exchange focuses on agri-commodities and offers an integrated solution of warehousing, collateral management, quality testing, assaying & grading and other value added services through its e-auction platform.
"We feel there was a need to have an integrated spot and futures market and see a great synergy between these two institutions. ICEX and RSX both offer complementary products. ICEX will be able to offer physical delivery facility to its members while RSX members will have the ability to hedge," said Patel.
Post the announcement, the Reliance Capital scrip rose 2.37 percent in noon trade to an intra-day high of Rs.683.90, while Indiabulls Financial Services soared 6.2 percent in early trade to touch its intra-day high of Rs.184.50.
Why the haste to close Aarushi case, court asks CBI (Lead)
Ghaziabad, Jan 3 (IANS) The Central Bureau of Investigation (CBI) report seeking closure of the Aarushi Talwar murder case was Monday registered in a court here, which questioned the agency on its haste to shut the case.
However, the CBI special court has deferred its hearing in the case saying it would declare the next date of hearing in the afternoon.
In fact, the probe agency had to face the wrath of the CBI court. At 11.20 a.m., when CBI special magistrate Preeti Singh took up the case, she asked the CBI lawyer what was the agency's reason to file the closure report in haste.
CBI lawyer R.S. Saini, in his reply, said that they have to file closure reports on cases by Dec 31, which is a routine affair.
Saini said: "It is a routine affair in the agency. The investigating officer would submit all the annexures later when the court observes that the closure report is lacking annexures."
Rajesh and Nupur Talwar, the parents of murdered teenager Aarushi, were also present in the court. They had come to seek a copy of the CBI closure report after the agency named Rajesh Talwar as the lone suspect in the murder of Aarushi and their servant Hemraj in May 16, 2008.
Asked what the Talwars planned to do, their lawyer Satish Tamta said: "We are here to look into the developments and were to file a protest (against Rajesh Talwar being named as lone suspect). But the scenario has changed with the court now asking the CBI to get the closure report first registered in the case."
The court asked the CBI to come in the afternoon to know the next hearing date.
Fourteen-year-old Aarushi was found murdered under mysterious circumstances in her parents' Jalvayu Vihar apartment in Noida, Delhi's suburban town in Uttar Pradesh, May 16, 2008. The family's domestic help, Hemraj, was also found killed on the flat's terrace a day later.
The CBI Wednesday moved the Ghaziabad court seeking permission to close the Aarushi murder as an unsolved case on grounds of lack of conclusive evidence.