Universal Commodity Exchange

Universal Commodity Exchange

Type	Commodities exchange
Location	Mumbai, India
Founded	2012 (2012)
Owner	Commex Technology Ltd (40%) National Bank for Agriculture and Rural Development (16%) REC (16%) IFFCO (15%) IDBI Bank (10%) [1][2][3]
Key people	Ketan Sheth
Currency	Indian rupee (₹)
Website	ucxindia.com

Universal Commodity Exchange (UCX) was India’s sixth national level commodity exchange. ^[4][5] It went live in 2012 but was shut down by the regulator in 2014.^[6]

It was promoted by IT Professional Ketan Sheth from Commex technology Ltd (40%) and institutions such as IDBI Bank (10%), IFFCO (15%), National Bank for Agriculture and Rural Development (16%), Rural Electrification Corporation (16%) are shareholders in the bourse.^[7][8][9]

It received Ministry approval and Government certification on 30 August 2012. UCX started its operations on 19 April 2013 with 11 contracts in 9 commodities under the leadership of Praveen Pillai as UCX Managing director and CEO.^[10]

References

1. "UCX". ucxindia.com. Retrieved 8 August 2014.
2. Sahgal, Ram (14 March 2012). "Nabard buys 16% in Universal Commodity Exchange for 16 crore". The Economic Times. Retrieved 1 June 2022.
3. "IDBI bank buys 10% in UCX for Rs 10 crore". The Economic Times. Retrieved 8 August 2014.
4. "Universal Commodity Exchange 6th in the country goes live". samachar.com. Retrieved 8 August 2014.
5. "Ketan Sheth's promoted UCX gets Consumers Affairs Ministry's approval". The Economic Times. Retrieved 8 August 2014.
6. "Indian Commodity Regulator Pulls the Plug on Universal Commodity Exchange". forex magnates. 19 July 2014.
7. "Universal Commodity Exchange goes live - Livemint". livemint.com. Retrieved 8 August 2014.
8. "Universal Commodity Exchange, 7th in the country, goes live | Business Line". thehindubusinessline.com. Retrieved 8 August 2014.
9. "Universal Commodity Exchange goes live". The Economic Times. Retrieved 8 August 2014.
10. "National Exchanges - Forward Markets Commission, Government Of India". fmc.gov.in. Retrieved 8 August 2014.