INTERVIEW - ICEX to go live soon, could skew market

By Sourav Mishra & Siddesh Mayenkar

MUMBAI (Reuters) - Indian Commodity Exchange Ltd (ICEX), country's fourth national commodity bourse, will go live in less than a week's time with 10 futures contracts and 250 members, its chief executive said on Monday.

"We are ready with all the necessary approvals and may go live in less than a week's time," Ajit Mittal, chief executive of ICEX told Reuters in a telephonic interview.

"We will begin trade with 10 contracts which includes five agricultural commodities, gold, silver, crude oil...." he said.

ICEX is promoted by Indiabulls Financial Services Ltd. and India's biggest state-run trading firm, MMTC Ltd, and part-owned by three more institutions.

MMTC, with a turnover of 369.5 billion rupees in 2008/09, is India's biggest importer of bullion, non-ferrous metals, fertilisers and has significant presence in iron ore and agri-commodity trade.

Indiabulls owns 40 percent of ICEX, MMTC 26 percent, Indian Potash Ltd 10 percent and KRIBHCO and IDFC have 5 percent each.

India has three national level commodity exchanges -- National Multi-Commodity Exchange, National Commodity and Derivatives Exchange and Multi-Commodity Exchange of India (MCX).

Mittal said ICEX has 250 members as of now and it will continue its membership drive after the bourse goes live.