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"We are in the process of reducing our stake to 40 per cent and have identified the various stakeholders as per existing guidelines," Indiabulls Financial Services CEO Gagan Banga told PTI here.
Banga, however, did not reveal the names of the stakeholders.
"As per Forward Markets Commission (FMC) guidelines, we need to have a government organisation, banks or financial institutions as stakeholders for the commodity bourse. We have identified these players," Banga said.
The names will be announced in the next few days as these organisations are in the process of getting approvals from Reserve Bank and other organisations, he said.
Last month, the commodity markets regulator FMC had given a month's time to Indiabulls Financial Services and state-run trading company MMTC, the promoters of the International Commodity Exchange, to rejig their shareholding pattern.
Indiabulls Financial Services presently holds a 74 per cent stake, while MMTC holds the rest 26 per cent.
As per the guidelines framed by the regulator on May 14 this year, an individual promoter should not have more than one per cent, while a single entity must not hold more than 40 per cent of equity in the exchange.
According to the guidelines, a big shareholder having more than a 40 per cent equity in a new national exchange should revise it to 40 per cent. FMC had also said that institutions connected with financial and commodity markets may be allowed to hold up to 20 per cent, while foreign investors may be allowed to hold a maximum five per cent equity in Indian exchanges.
The exchange that will be located near Gurgaon will facilitate trading in commodities across all sectors.
The new exchange would offer trading facilities in the entire spectrum of commodities, including plantation crops, metals and precious metals like gold and silver.
Multi-Commodity Exchange of India (MCX), National Commodity & Derivatives Exchange (NCDEX) and National Multi-Commodity Exchange of India (NMCE) are the other three national level exchanges operating in the country.
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