Multi Commodity Exchange shares gain on hopes of Sebi-FMC merger

Shares of Multi Commodity Exchange of India (MCX) gained over 1 per cent on Wednesday after the stock market regulator Sebi announced that it expects the proposed merger of commodities regulator Forward Markets Commission (FMC) with it to be completed by September-end.

Analysts believe a merger of Sebi and FMC will lead to more institutional participation in commodities market and aid exchange's volumes.

The share price of of MCX jumped 1.54 per cent to Rs 1,082.55. Meanwhile, it opened at Rs 1,079, and touched an intra-day high and low of Rs 1,105 and Rs 1,072.95, respectively.

The BSE Sensex slid 0.27 per cent at 27,729.67.

At present, there are four national and six regional bourses for commodity futures in the country.

(With inputs from Reuters)