MERRIL Lynch and Citigroup have been given permission by the ForwardMarkets Commission (FMC) to acquire a 5% stake each in the Multi Commodity Exchange of India (MCX). The aggregate 10% stake was purchased from Financial Technologies (India) Ltd (FTIL), which plans to invest the proceeds in the National Spot Exchange and National Bulk Handling Corporation. FTIL has also signed definitive agreements with Passport India Investment (Mauritius) and GLG Financials Fund for the sale of a 3% and 2% stake respectively, inMCX, which had received a valuation ranging from $1bn and $1.1bn for the above transactions. Following the sale of all these stakes, FTIL's holding in MCX will come down to 38%... Read More