Goldman, Fidelity may cut stakes in Indian commexes

The troubled times at the National Commodity & Derivatives Exchange (NCDEX) seem to be far from over. First it was the resignation of top boss Ravi Kumar, last week it was the setback in the High Court in its fight against the commodities regulator and now for reasons beyond its control, one of its investors is facing the heat. Goldman Sachs will have to divest 2 per cent of its 7 per cent stake in the exchange as it violates the norms, which cap the limit per foreign investor at 5 per cent. Though the stake was bought from ICICI Bank in 2006 and the norms came into effect in 2007, the company finds itself in a corner.

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News & Politics

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• commexes
• Fidelity
• FIPB
• Goldman
• NDTV
• Profit