Incidentally, NSE did not even approach the Forward Markets Commission, the regulator of commodity futures market which has jurisdiction over NCDEX, before seeking North Block’s help to up its stake in the commodity exchange. FMC chairman BC Khatua told FE: “We have never been approached officially by the NSE or NCDEX on this matter.” NSE has 15% stake in NCDEX at present. Its intention was to get 5% each from LIC and Nabard (both of which hold 15% each) so as to gain management control and use its experience in running exchanges to make headway in commodities futures segment. “The right course (for NSE or NCDEX) could have been to approach LIC and Nabard for their consent and then come to the FMC and the consumer affairs ministry,” Khatua said.
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