MUMBAI: IDFC and Kribhco have bought 5% stake each in Indian Commodity Exchange, which is jointly promoted by Indiabulls Financial Services and MMTC.

Kribhco is a co-operative society for the manufacture of fertilisers, while IDFC is a non-banking financial services company focused on the infrastructure space.

“Once the formalities of the shareholding agreement are completed, we will apply to the regulator (Forward Markets Commission), to get their clearance,” Ajit Mittal, the bourse’s managing director told ET.

Earlier, FMC rejected United Stock Exchange’s proposal to pick up 10% stake in Indian Commodity Exchange since it was yet to receive full recognition from capital markets regulator SEBI.

When contacted, FMC chairman BC Khatua said the final approval for trading would come from the ministry of consumer affairs. “We will register the exchange once they approach us, but the approval for trading will come from the ministry,” he said.

The bourse is the latest entrant into the commodity futures space and will vie with the predominantly metals and energy bourse MCX and agri bourses NCDEX and NMCE. With the latest round of divestment, Indiabulls now holds 40% in the exchange, while MMTC has 26%. Other shareholders include HDFC Bank, Yes Bank and Indian Potash.

FMC guidelines allows an anchor investor a maximum shareholding of 40% in a commodity exchange. This has to be brought down to 26% within two years, beginning with the fourth year from the date of recognition of the exchange.