19�WWW.ECONOMICTIMES.COM

Economy & Commodities

OUR BUREAUMUMBAI

Each investor in the commodity fu-tures market can now claim a com-pensation of up to .̀ 2 lakh if a bro-ker defaults in making payments tohim/her. This money will be paidout of a commodity futures ex-change’s investor protection fund(IPF), which will be funded by thepenalties levied and collected by anexchange from its brokers less ad-ministration costs, which has beencapped at 10% of such penalties.

The corpus of IPF will also in-clude one percent of transactionfees collected by bourses from eachmember or Rs 25 lakh, whichever islower, in a financial year. These arethe crux of norms spelt out by theForward Markets Commission(FMC), regulator of the commodityfutures market, for the creation ofIPFs by the five national commodi-ty exchanges — Financial Technol-ogies-promoted MCX, NSE-found-ed NCDEX, Ahemedabad-basedNMCE, Kotak-promoted Ace andReliance ADA-anchored ICEX.

FMC has asked exchanges to setup trusts to administer the IPF,which, it said, must become oper-ational by March 31, 2012. The trustwill comprise of two eminent per-

sons, an independent director onthe exchange board, an FMC nomi-nee on the board and the bourse’ sMD & CEO. Till the trust becomesoperational, all the penalties col-lected by the exchange will be keptin a separate bank account. Also,FMC has asked the exchanges toconstitute an IPF committee to op-erationalise the IPF trust by mid-November.

“We want more retail clients toparticipate in this growing marketand these measures are intended toprovide them with the comfort andconfidence that they will be protect-ed against any default by an erringbroker,” said Ramesh Abhishek,chairman of FMC. “We have optedfor the trust model over a Section 25company as this is a time-testedmodel and invests the trust’s cor-pus in risk-free instruments likegovernment securities.”

The IPF has been modelled on sim-ilar lines of IPFs prevalent in thecapital market. The trust will re-port to the charity commissionersof respective states in which theyoperate. The norms for the creationof IPF were pending since the past 4years with exchanges offering dif-fering suggestions on the manage-ment of the fund. At least two ex-

changes, it is learnt, pitched formanaging the fund as a Sec 25 com-pany, where its corpus could be in-vested in high yielding instru-ments. “The creation of IPF is onexpected lines, but is a good moveconsidering the growing investorinterest in the commodity market,”said Dilip Bhatia, CEO, Ace Deriva-tives & Commodity Exchange. IPFcomes into play when a broker de-

faults in paying his clients and hisdeposits with the exchange are notenough to compensate them. For in-stance, if a member defaults to thetune of Rs 5 crore and his depositswith the exchange amount to Rs 1crore, all his clients may not be ableto get compensation. Under the re-vised norms, each client will be eli-gible for a maximum claim of Rs 2lakh from the IPF.

Commodity Futures Investor canClaim .̀ 2 lakh if a Broker Defaults

BUILDING MATERIALBRICKS(1000 Pc)� DELHI

Awwal (Haryana) . . . . .4100Awwal (UP) . . . . . . . . . .4000Doyam (Haryana) . . . . .3850Doyam (UP) . . . . . . . . .3800Lal Peti (Red) . . . . . . . .3300CEMENT(50 Kg)� DELHI

ACC . . . . . . . . . . . . . . . .257Ambuja . . . . . . . . . . . . . .252Binani (43 Grade) . . . . . .270Binani (PPC) . . . . . . . . . .255JK Lakshmi (PPC) . . . . . .246JK Super (43 Grade) . . . .257JK Super (PPC) . . . . . . . .240Shriram Nirman . . . . . . .254

� MUMBAI

ACC Suraksha . . . . . . . .283Ambuja . . . . . . . . . . . . . .285Grasim . . . . . . . . . . . . . .283Ultrateck . . . . . . . . . . . . .285Vasav Datta . . . . . . . . . .275POP(20 Kg)� DELHI

Aadhar Shree . . . . . . . . .108Aadhar Shree(20 Kg) . . . .83Sakrani (ISI) . . . . . . . . . .110

RODI STONES & SAND(300 Sqft)� DELHI

Badarpur-Bold . . . . . .13100Badarpur-Fine . . . . . .11500Chips Blue . . . . . . . . .13000Sand(Sonepat) . . . . . . .9500Stone Dust(Haryana) . .12500Stone Dust(Rajasthan) 10800

BULLIONGOLD(10 Gm)� DELHI

Biscuit . . . . . . . . . . . .26425

Gold Sovereign . . . . . .27375

Old . . . . . . . . . . . . . . .26240

One Kg.Bar(99.5) . . . .26300

Ornaments (22 C) . . . .24237

Standard (99.5) . . . . .26440

� MUMBAI

(23 Carat) . . . . . . . . . .26600

Bar . . . . . . . . . . . . . . .27350

Ornaments (22 C) . . . .25000

Standard (99.5) . . . . .25915

SILVER(1 Kg)� DELHI

Coins Local(10gms a Pc) 580

Spot(.999) . . . . . . . . .50500

Weekly Delivery . . . . .49900

� MUMBAI

Delivery . . . . . . . . . . .51500

Raw . . . . . . . . . . . . . .48925

Ready . . . . . . . . . . . . .50145

CHEMICALSACIDS(50 Kg)� DELHI

Acetic Glacial . . . . . . . .2250Acid Slurry . . . . . . . . . .3750Citric Acid-China . . . . . .3800Formel Dehyde . . . . . . .1000Formic Acid . . . . . . . . .2500Oxalic-PCPL(Blue) . . . . .2600Oxalic-PCPL(Red) . . . . .2700Phenol Carbolic Acid . . .6900Tartaric Acid . . . . . . . .22000CALCIUM(Tonne)� DELHI

Calcium Carb.-H . . . . . .8000Calcium Carb.-L . . . . .11600MENTHOL(1 Kg)� DELHI

Crystal . . . . . . . . . . . . .1625Flake . . . . . . . . . . . . . .1570Oil . . . . . . . . . . . . . . . .1480Powder . . . . . . . . . . . . .1575OTHERS-CHEMICAL(25 Kg)� MUMBAI

Caustic Soda Flake . . . . . .30PARAFFIN WAX(1 Kg)� DELHI

China . . . . . . . . . . . . . . .100Indian . . . . . . . . . . . . . . . .96Iran . . . . . . . . . . . . . . . . .82Residue Wax . . . . . . . . . . .47SODA-ASH(50 Kg)� DELHI

Birla . . . . . . . . . . . . . . .1000DCW . . . . . . . . . . . . . . .1000Gujarat . . . . . . . . . . . . .1000Tata . . . . . . . . . . . . . . .1060� MUMBAI

Soda Ash . . . . . . . . . . . .975SODIUM(50 Kg)� DELHI

Hexamine . . . . . . . . . . .4250Hydro Sulphite-China . .4750Hydro Sulphite-Demosha . . . . . . . . . . .4900Meta Silicate . . . . . . . . .850Nitrate . . . . . . . . . . . . .1650Nitrite . . . . . . . . . . . . . .1900Safolite . . . . . . . . . . . . .7250Silicate . . . . . . . . . . . . . .600

Sod.Bicarb.-Tata . . . . . .1010Sod.Bichromate . . . . . .6250Sod.HexametaPhosphate . . . . . . . . . .3250Sod.Sulphate . . . . . . . . .600Tri-Sod.Phoshphate . . .1800TITANIUM DIOXIDE(1 Kg)� DELHI

China . . . . . . . . . . . . . . .164Dupont . . . . . . . . . . . . . .260R.C.-822 . . . . . . . . . . . .240T.R.-92 . . . . . . . . . . . . . .240T.T.K. . . . . . . . . . . . . . . .182� MUMBAI

China . . . . . . . . . . . . . . .170TTK . . . . . . . . . . . . . . . .190

GHEE & VANASPATIDESI GHEE(1 Ltr)� MUMBAI

Amul . . . . . . . . . . . . . . .300Gokul . . . . . . . . . . . . . . .285Krishana . . . . . . . . . . . . .275Vijaya . . . . . . . . . . . . . . .310GHEE(15 Kg)� DELHI

Gopalji . . . . . . . . . . . . .4370Haveli . . . . . . . . . . . . . .4860Kailash . . . . . . . . . . . . .4330Krishana . . . . . . . . . . . .4400Madhusudan . . . . . . . .4425Meera Premium . . . . . .4225Om . . . . . . . . . . . . . . . .4750Padam Shri . . . . . . . . . .4330Pal Kachora . . . . . . . . .4750Param Premium . . . . . .4420Paras Premium . . . . . . .4300Partap . . . . . . . . . . . . .4750Radha . . . . . . . . . . . . . .4450Shreedhar . . . . . . . . . .4300Vasudev . . . . . . . . . . . .4320VANASPATI(15 Kg)� DELHI

Dhruv . . . . . . . . . . . . . . .940Panghat . . . . . . . . . . . .1100Sainik . . . . . . . . . . . . . . .880Shagun . . . . . . . . . . . . .1000

GRAINS & PULSESARHAR(Quintal)� DELHI

Dal Dara . . . . . . . . . . . .4800Dal Patka . . . . . . . . . . .5600

Mah/K’taka . . . . . . . . . .3460Rangoon . . . . . . . . . . . .3350� DELHI LAWRENCE

ROAD

Arhar Karnataka . . . . . .3480Arhar Rangoon . . . . . . .3375� HAPUR

Arhar . . . . . . . . . . . . . .3000Dal Arhar . . . . . . . . . . .5300� MUMBAI

Arhar . . . . . . . . . . . . . .3181FLOUR(10 Kg)� DELHI

Besan-Agro Pure . . . . . .456Besan-Rajdhani . . . . . . .469Besan-Shakti Bhog . . . . .469Bran . . . . . . . . . . . . . . . .103Maida . . . . . . . . . . . . . . .146Roller Flour . . . . . . . . . . .125Suji . . . . . . . . . . . . . . . . .180Wheat-Rajdhani . . . . . . .185Wheat-Shakti Bhog . . . . .185GRAM(Quintal)� AKOLA

Gram . . . . . . . . . . . . . .3500Gram Dal . . . . . . . . . . .4500Tur . . . . . . . . . . . . . . . .3100Tur Dal . . . . . . . . . . . . .5600� DELHI

Gram Dal Best . . . . . . .4200Gram Dal Local . . . . . . .4000Gram MP . . . . . . . . . . .3325Gram Rajasthan . . . . . .3260Kabli Lobia . . . . . . . . . .4100Kabli Medium . . . . . . . .7700Kabli Small . . . . . . . . . .5800Kabli-Maxican/Indian New . . . . . . . . . .8700Peas Green . . . . . . . . . .2750Peas White . . . . . . . . . .2530Rajmash-China . . . . . . .5350Rajmash-Pune/Chennai 5250Rajmash-Sharmili . . . . .4650� DELHI LAWRENCE

ROAD

Gram Dal . . . . . . . . . . .4300Gram-MP . . . . . . . . . . .3325Gram-Rajasthan . . . . . .3260� HAPUR

Gram . . . . . . . . . . . . . .3550Gram Chhilka . . . . . . . .3214Gram Dal . . . . . . . . . . .4050Kabligram . . . . . . . . . . .8500

Peas . . . . . . . . . . . . . . .2625Peas Dal . . . . . . . . . . . .5450Rajmash Chitra . . . . . . .5400� KOLHAPUR

Gram Dal . . . . . . . . . . .4600Tur Dal (1.25 No) . . . . .5700� MUMBAI

Rajmash Chitra . . . . . . .5150Rajmash Red . . . . . . . .4200� NANDED

Gram . . . . . . . . . . . . . .3000Tur . . . . . . . . . . . . . . . .2950� PUNE

Gram . . . . . . . . . . . . . .3600Gram Dal . . . . . . . . . . .4900Tur Dal Patka . . . . . . . .5600MASOOR(Quintal)� DELHI

Bold . . . . . . . . . . . . . . .2850Dal Best . . . . . . . . . . . .3800Dal Local . . . . . . . . . . .3500Small . . . . . . . . . . . . . .3050� KOLHAPUR

Masoor Dal . . . . . . . . . .3700MOONG(Quintal)� AKOLA

Dal Mogar Dhoya . . . . .5500Moong . . . . . . . . . . . . .4000� DELHI

Dal Chhilka Best . . . . . .5800Dal Chhilka Local . . . . .4500Dal Dhoya Best . . . . . . .5900Dal Dhoya Local . . . . . .4900Karnataka . . . . . . . . . . .4500Mereta . . . . . . . . . . . . .4800Moong-Rajasthan . . . . .3500� KOLHAPUR

Moong Dal . . . . . . . . . .5700OTHERS-GRAINS & PULSES(Quintal)� DELHI

Bajra Cattlefeed . . . . . . .807Barley New . . . . . . . . . .1150Jowar White . . . . . . . . .1700Jowar Yellow . . . . . . . . .875Maize-UP . . . . . . . . . . .1000Malka Best . . . . . . . . . .3900Malka Local . . . . . . . . .3600Moth . . . . . . . . . . . . . .2100� KOLHAPUR

Moth . . . . . . . . . . . . . .4700� NANDED

Jowari . . . . . . . . . . . . .3200

RICE(Quintal)� DELHI

1121 No . . . . . . . . . . . .4700Basmati Common . . . . .5200DB . . . . . . . . . . . . . . . .3800IR-8 . . . . . . . . . . . . . . .1875PR (11) . . . . . . . . . . . . .2400Permal Raw . . . . . . . . .2000Permal Wand . . . . . . . .2100Rice Basmati Lal Qilla . .9300Sela . . . . . . . . . . . . . . .2275Sharbati . . . . . . . . . . . .2900Shri Lal Mahal . . . . . . .9100Sortex . . . . . . . . . . . . . .5500� GONDIA

HMT . . . . . . . . . . . . . . .1400HMT Raw . . . . . . . . . . .2600HMT Sela . . . . . . . . . . .2200IR-36 . . . . . . . . . . . . . .1900IR-64 . . . . . . . . . . . . . .2000Kanki . . . . . . . . . . . . . .1350Paddy IR-64 No. . . . . . .1150� HAPUR

Basmati-1121 . . . . . . .4800Duplicate Basmati . . . .3900Rice Permal . . . . . . . . .1600� MUMBAI

Kolam (New) . . . . . . . . .3800Kolam Old . . . . . . . . . . .3100Mansoori . . . . . . . . . . .2100Permal . . . . . . . . . . . . .2050URAD(Quintal)� AKOLA

Dal Mogar Dhoya . . . . .5500Urad . . . . . . . . . . . . . . .3650� DELHI

Dal Chhilka Best . . . . . .5500Dal Chhilka Local . . . . .4500Dal Dhoya Best . . . . . . .5700Dal Dhoya Local . . . . . .4600Urad Desi . . . . . . . . . . .3400Urad Rangoon . . . . . . . .3710� KOLHAPUR

Urad Dal . . . . . . . . . . . .5500� MUMBAI

Urad . . . . . . . . . . . . . . .3540� PUNE

Urad Dal . . . . . . . . . . . .5800WHEAT(Quintal)� DELHI

Chakki (Delivery) . . . . .1150Dara (For Mill) . . . . . . . .1145M.P. Desi . . . . . . . . . . .1900� KOLHAPUR

Wheat . . . . . . . . . . . . . .1700� MUMBAI

Lokvan . . . . . . . . . . . . .1500Sharbati . . . . . . . . . . . .1750Thana Mill . . . . . . . . . .1200� NANDED

Wheat . . . . . . . . . . . . . .1050

GUR & SUGARCO-OPERATIVE MILLS(Quintal)

� DELHI

Bagpat(Old) . . . . . . . . .2770Morena . . . . . . . . . . . . .2770Najibabad . . . . . . . . . . .2750Ramala(Old) . . . . . . . . .2750CORPORATION MILLS(Quintal)GUR(Quintal)� DELHI

Gur New . . . . . . . . . . . .3100Shakkar . . . . . . . . . . . .3300� HAPUR

Balti . . . . . . . . . . . . . . .2550� MUMBAI

Bheli-Sangli . . . . . . . . .4000Neera Baramati . . . . . .3900PRIVATE MILLS(Quintal)� DELHI

Kenoni . . . . . . . . . . . . .2975Khatauli . . . . . . . . . . . .2880Simbhaoli . . . . . . . . . . .2960SUGAR(Quintal)� DELHI

Sugar Ready . . . . . . . . .3150� MUMBAI

Sugar-M . . . . . . . . . . . .2991Sugar-S . . . . . . . . . . . .2846

HERBSAFGHANISTANI HERBS(1 Kg)� DELHI

Mulethi Medium . . . . . . . .80Mulethi Powder . . . . . . . .95Mulethi Special . . . . . . . .120Ratanjot . . . . . . . . . . . . .140Unnab Black . . . . . . . . . .150Unnab Red . . . . . . . . . . .130DESI HERBS(1 Kg)� DELHI

Ajmoda . . . . . . . . . . . . . . .55Akek Pathar . . . . . . . . . . .35Amala . . . . . . . . . . . . . . . .75Amaltas Gudha . . . . . . . . .30Amaltas Phali . . . . . . . . . .12Anantmool Black . . . . . . .30Anantmool Madrasi . . . . .180Arjun Chhal . . . . . . . . . . . .16Asgandha . . . . . . . . . . . .170Badyan Desi . . . . . . . . . .250Badyan Imported . . . . . .310Bahera Chhal . . . . . . . . . .25Bahera Whole . . . . . . . . . .12Baibadang . . . . . . . . . . .160Bala Seed . . . . . . . . . . . . .75Bale Kernel . . . . . . . . . . . .30Banpsha . . . . . . . . . . . .1200Bawechi . . . . . . . . . . . . . .75Bindal . . . . . . . . . . . . . . .115Brahmi Best . . . . . . . . . .140Chitrak Chhal Desi . . . . . .80Chitrak Chhal South . . . .120Dhaiphool . . . . . . . . . . . . .25

Gajarseed . . . . . . . . . . . . .60Giloy . . . . . . . . . . . . . . . . .20Gokhru Large . . . . . . . . . .80Gokhru Small . . . . . . . . . .50Gondsohjana . . . . . . . . .240Gugal . . . . . . . . . . . . . . .550Gurvach . . . . . . . . . . . . . .55Harar Big . . . . . . . . . . . . .35Harar Kachara . . . . . . . . .35Harar Small . . . . . . . . . . .70Hauber . . . . . . . . . . . . . . .50Heena . . . . . . . . . . . . . . . .80Indrayana Phal . . . . . . . . .35Jangli . . . . . . . . . . . . . .1900Jard Sathi . . . . . . . . . . . . .40Kalijiri . . . . . . . . . . . . . . . .65Kalmegh . . . . . . . . . . . . . .37Kamarkas . . . . . . . . . . . .350Kapur Kachari . . . . . . . . . .20Karela Dry . . . . . . . . . . . .40Karela Seed . . . . . . . . . . .50Kasni . . . . . . . . . . . . . . . .70Katni . . . . . . . . . . . . . . . .60Kaunch Seed Black . . . . . .32Kaunch Seed White . . . . . .32Khatmi . . . . . . . . . . . . . .100Kondru Gond . . . . . . . . .200Kulanjan . . . . . . . . . . . . . .75Kura Chhal . . . . . . . . . . . .30Kusum Phool . . . . . . . . .450Kutki . . . . . . . . . . . . . . . .550Lajvanti . . . . . . . . . . . . .155Lakh Peepal Small . . . . . .95Lakh Peppal Large . . . . .130Lakhdana . . . . . . . . . . . .230Laxman Booti . . . . . . . . . .16Lode Pathani . . . . . . . . . .35Lokhandi . . . . . . . . . . . .600Longpatta . . . . . . . . . . . . .45Madrasi Chitrak Mool . . . .80Majuphal . . . . . . . . . . . .230Makoye . . . . . . . . . . . . . .60Malkangani . . . . . . . . . .450Marod Phali . . . . . . . . . . .25Mint Leaf . . . . . . . . . . . .100Musali Farmi . . . . . . . .1200Musali Sudan . . . . . . . . .400Mushk Dana . . . . . . . . . .320Nagarmotha . . . . . . . . . . .26Nisot . . . . . . . . . . . . . . .130Paneer Dody . . . . . . . . . . .40Phool Gulab . . . . . . . . . .280Pipal Gol . . . . . . . . . . . . .370Pipal Small . . . . . . . . . . .560Priyangu Phool . . . . . . . . .80Sagar Gota . . . . . . . . . . . .55Shankh Pushpi . . . . . . . . .25Sheetal Cheeni . . . . . . . .380Sitawar White . . . . . . . . .105Sitawar Yellow . . . . . . . .450South . . . . . . . . . . . . . . .110Sugandh Mantri . . . . . . .125Tukhmariya Large . . . . . . .70

Tukhmariya Small . . . . . . .85Tulsi Patra . . . . . . . . . . . .55Tulsi Seed . . . . . . . . . . . .175Vidhara Mool . . . . . . . . . .20Warahikand Red . . . . . . . .25Widharikand White . . . . . .65NEPALI HERBS(1 Kg)� DELHI

Balchhar Nepal . . . . . . . .450Chharila . . . . . . . . . . . . .170Chiraita Nepali . . . . . . . .330Himachal . . . . . . . . . . . .160Kaiphal . . . . . . . . . . . . . . .60Kakra Singi . . . . . . . . . . .200Majeeth . . . . . . . . . . . . . .90Pipal Big . . . . . . . . . . . . .600Reetha . . . . . . . . . . . . . . .35Salab Gattha . . . . . . . . . .150Salabdana . . . . . . . . . . .450Shikakai Nepali . . . . . . . . .20Shikakai South . . . . . . . . .26Sugandh Kokla . . . . . . . .120Tagar Ganth . . . . . . . . . .210Taj . . . . . . . . . . . . . . . . . .50Talispatar . . . . . . . . . . . . .82

TEA & COFFEETEA(1 Kg)� DELHI

Assam . . . . . . . . . . . . . .200Kochi . . . . . . . . . . . . . . . .80Koonoor . . . . . . . . . . . . . .80Siliguri . . . . . . . . . . . . . .180� MUMBAI

Assam Dust . . . . . . . . . .210Assam Mamri . . . . . . . . .160South . . . . . . . . . . . . . . . .95

IRON & STEELBILETS(Tonne)� DELHI

(2”- 3”) . . . . . . . . . . .40000(3+”) . . . . . . . . . . . . .40000(4”) . . . . . . . . . . . . . . .40000(5”) . . . . . . . . . . . . . . .40000(6”) . . . . . . . . . . . . . . .40000INGOT(Tonne)� DELHI

Bhiwari . . . . . . . . . . . .33700Ghaziabad . . . . . . . . .33800Gobindgarh . . . . . . . . .33900Muzaffarnagar . . . . . .33800IRON ANGLES(Tonne)� DELHI

Capital(35x5)(65x6) . .41700Capital(40x5)(40x6) . .41400Capital(50x5)(50x6) . .40900Garder(Joist)(125x70) .41400Garder(Joist)(150x75) .41400Garder(Joist)(175x85) .41400Garder(Joist)(200x100) 41400MS(25x5)(50x6)F . . . .41200MS(50x5)(50x6) . . . . .40400MS(75x10) . . . . . . . . .40800

Commodities Day’s Prev. Week MonthIndex Index Ago Ago(Dec 2003=1000)

Compiled By ET Intelligence Group

Commodity Close Commodity Close Commodity Close Commodity Close

Commodity Close Commodity Close

Commodity Close Commodity Close Commodity Close Commodity Close

Index 2262.1 2284.3 2279.4 2348.6Bullion 5091.5 5282.1 5278.1 6197.8Cement 1695.1 1695.1 1628.2 1494.9Chemicals 1711.3 1711.3 1711.3 1732.3Edible Oil 1352.7 1360.4 1422.7 1444.8Foodgrains 1793.2 1791.6 1812.0 1744.2Fuel 1970.8 1970.8 1971.9 1931.2Indl Metals 1782.7 1765.7 1736.0 1642.6Other Agricom 1786.8 1785.0 1811.5 1813.3Plastics 1741.5 1743.2 1733.0 1750.0

As on October 05, 2011

Inputs: NNS OnlineFor Commodity Historical Prices – www.etintelligence.com

RAM SAHGALMUMBAI

Kotak Mahindra Bank, pro-moter of Ace Derivativesand Commodities Exchange,

could rake in between .̀ 24 crore and.̀ 29.5 crore by selling 11% of itsstake in the exchange by November10. The valuation is well over twiceof what it paid when it bought 51%in the exchange more than twoyears ago.

The price is based on a premiumof .̀ 12-18 for each share valued at.̀ 10, said a person with knowledgeof the development. “They arelooking at a price of .̀ 22-28 a shareby inducting foreign or domesticinvestors,” said the person, who de-

clined to be identified because ofthe deal’s sensitivity. If a deal goesthrough at this price, the exchangewould be valued at .̀ 210-268 crore,or more than the .̀ 180 crore rival In-dian Commodity Exchange (ICEX)was learnt to be valued at after an-

chor investor In-diabulls sold 26%of its stake in thebourse to RelianceADA Group lastyear for .̀ 47 crore.

Dilip Bhatia,CEO, Ace, said,“The process of thereduction of Kotakfrom 51-40% is re-quired as per li-cence conditions.We understand

that discussions are on between Ko-tak Bank and various investors inthis regard. Since it is Kotak'sshares that are in question, Ace isnot in the know of details of thesediscussions.”

The company is scouting for do-mestic and foreign investors to cut

its stake in line with governmentnorms that require a strategic in-vestor of an upgraded exchange —converted to national from region-al status — to reduce its stake from51-40% within one year of gettingfinal regulatory approval. Ace re-ceived in-principle approval fromForward Markets Commission(FMC) in May 2009 and final ap-proval in August 2010. It had to re-duce its stake to 40% by August thisyear but was given a three-monthextension till November.

The promoter is examining theoption of selling 11% out of the51% it holds to domestic as well asforeign investors. It has alreadysubmitted a proposal to the For-eign Investor Promotion Board(FIPB) on the possible induction offoreign partners, each of whomcan hold a maximum of 5% in acommodity exchange.

“Apart from a high one-time capi-tal expense to set up a bourse, in-cremental costs for running oneare not so high, while revenuestreams are known. Therefore, net

profit can be in the region of 15-20% compared with 5-6% for, say, acompany in the manufacturingsector where input costs tend to behigher. Thus, exchange valuationstend to rise more rapidly...of

course success is predicated onmanagement strength and sinceri-ty to grow business,” said BC Kha-tua, former FMC chairman, whoapproved Indiabulls’ stake sale toReliance ADA Group.

Kotak Bank may Get up to .̀ 29.5 crfrom Sale of 11% Stake in CommexValuation is well over

twice what co paid

when it bought 51%

in Ace ExchangeIf a deal goes

through at

this price,

the Ace

Derivatives &

Commodities

Exchange

would be

valued

at .̀ 210-

268 crore

For Red Hat, this is the secondacquisition in the cloud spaceand will help them make theirdebut in storage solutions. Itbought US-based cloud solu-tions firm Makara late lastyear. Red Hat will also makeGluster’s Bangalore unit itsfirst research and develop-ment centre in India.

Red Hat’s customers, Ste-vens said, are looking for soft-ware-based storage solutionsthat manage their file-baseddata on-premise, in the cloudand will act as a bridge be-tween the two. “We needed theright technology,” said Ste-vens. “Now, we will be able tointroduce this solution forour customers.”

With over $1 billion in thebank, Stevens said the compa-ny is scouting for more suchstart-ups globally. The acqui-sition is expected to have nomaterial impact on Red Hat’s

revenue this fiscal year, butshould begin to grow nextyear based on a subscription-revenue model.

For India-based Nexus Ven-ture Partners, who along withIndex Ventures, has invested$12 million in Gluster sincethe 2008, it is a blockbuster ex-it. “We are very happy. We gotvery significant returns. Butmore importantly, Gluster isthe first example where thetechnology and product wascompletely developed in In-dia, which is a big achieve-ment,” said Jishnu Bhatta-charjee from Nexus, who hasinvested in over seven cloudcomputing start-ups in India.

This is the second exit forNexus in the cloud computingindustry this year. In July,Nexus-backed Cloud.com wasacquired by global technolo-gy firm Citrix Systems for$200-250 million. “The new ac-quisition is a great testamentof how strong and mature the

in July this year.Cloud-based services, which

cost just half of what tradi-tional services do, areprompting entrepreneursacross telecom and network-ing, facilities and fabric,hardware, software, internallabour and external IT servic-es to change track. In cloudcomputing, the informationis stored and processed oncomputers ‘in the cloud’ orthe web instead of local serv-ers. This data can then be re-motely accessed through apersonal computer, cellphoneor any other device.

Industry analysts estimatethe total addressable marketfor unstructured data storageat approximately $4 billionand growing.

“This is an exciting new areaof potential growth for RedHat and one in which we in-tend to invest aggressively,”said Charlie Peters, EVP andCFO of Red Hat.

cloud ecosystem is becomingin India,” said Ravi Gururaj,VP-products, in the cloudplatforms group at Citrix.Gururaj's start-up, VMLogix,was acquired by Citrix lastyear.

M&A activity in India’scloud computing start-up eco-system is gaining pace. Lastmonth in Chennai, VembuTechnologies, which pro-vides cloud-based data back-up and retrieval solutions tosmall business owners, ac-quired another city-basedfirm, CloudNucleus, in a dealvalued at around $10 million.

The global cloud computingmarket is expected to reach$241 billion in 2020 comparedto $40.7 billion in 2010, accord-ing to Forrester Research. InIndia, the cloud market,which stands at $400 milliontoday, is estimated to growover 10 times to $4.5 billion by2015, according to the EMC-Zinnov India Study released

Red Hat can Now Foray into Storage Solutions��From Page 1

PTIMUMBAI

Sell-off in the precious metalsoverseas took a heavy toll on thedomestic bullion market here onWednesday as prices of gold andsilver dropped sharply under theimpact of frantic unwinding byspeculators and traders. Gold losta whopping .̀ 760 per 10 grams,while silver tanked by .̀ 2,070 perkilo.

Globally, gold fell below the psy-chological $1,600-mark along withother safe-heaven investmentsamid US Federal Reserve Chair-man Ben Bernanke's commentthat the central bank is ready totake further steps to promotestrong economic recovery,prompting investors to sell themetal. Standard gold (99.5 purity)plunged .̀ 760 per 10 grams to end at.̀ 25,915 from Tuesday's closing lev-el of .̀ 26,675. Pure gold (99.9 puri-ty) tumbled by .̀ 745 per 10 grams tofinish at .̀ 26,050 from .̀ 26,795 previ-ously. Silver ready (.999 fineness)slumped by .̀ 2,070 per kg to close at.̀ 50,145 as against .̀ 52,215 on Tues-day. In London, spot gold was downby 1.3% at $ 1,599.70 an ounce inearly trade. Silver also lost nearly5% to quote at $ 28.62 an ounce.

Gold, SilverTumble onSpeculativeSell-off

There have been allega-tions that his candida-ture was being support-ed by the financeministry. Paul has rub-bished these allegationsand earlier this year toldET it was ridiculous tosuggest that she wouldbe able to influence thedecision.

“He is a respected se-nior IAS officer and hehas applied for the job. Ifhe gets it, he will have toquit the service of theGovernment of India tojoin,” she had said then.

If this proposal is ac-cepted by the board, itwill end the unseemlycontroversy that has sur-rounded the appoint-ment of the chairman ofthe asset managementcompany and left it lead-

erless since the lastchairman UK Sinhamoved out in February2011 to head SEBI (Secu-rities and ExchangeBoard of India).

UTI Mutual Fund hastraditionally been thecountry’s fourth-largestfund house, but it recent-ly dropped to the sixthposition with assets un-der management of.̀ 62,580 crore as of Sep-tember 30 as against .̀

69,100 crore in June thisyear.

Suyash, 44, is managingdirector and countryhead of Fidelity Interna-tional’s Indian assetmanagement businessthat has assets undermanagement of nearly .̀9,500 crore with morethan a million investors.Before Fidelity, she wasworking with Citibank.

��From Page 1

From Fourth-largest, UTIMF has Dropped to Sixth

P K KRISHNAKUMAR &

MADHVI SALLYKOCHI | AHMEDABAD

As purchases from Europe andthe US dwindle, Indian seafoodexporters are turning more toChina. Already, China is the topbuyer and with the ongoing eco-nomic distress in the US and Eu-rope, China could further raiseits share in the Indian seafoodmarket.

“China is quite active in themarket. They are reducing costby going for direct purchase,avoiding middlemen. By the endof the current fiscal, their sharein Indian seafood by value couldrise beyond the current 15%,’’said N Ramesh, director of mar-keting, Marine Products ExportDevelopment Authority.

Though the EU accounts for amajor share of 27% in valueterms, its offtake is showingsigns of a gradual decline.

This can be seen in the purchaseas, unlike in the past, they are go-ing for small-sized shrimps to cutdown cost.

Higher demand from China andSoutheast Asia is partly due to

some problems faced by thesecountries. “They are facing someshortage of the product as farmsof vannamei shrimps, whichcommand the best prices in themarket now, have been hit by dis-eases. Floods in Thailand haveled to a washout,’’ said AnwarHashim, president of Seafood Ex-

porters Associ-ation of India.

Gujarat, thelargest exporterof fish in bothquantity and val-ue from India,saw demandfrom Europe andthe US fall by 5%to 7%. “We expecta further decline

of 5% from these markets. TheEuropean buyers are currentlyadopting a wait-and-watch policy,anticipating that the prices willfall by 10% or the market will sta-bilise. This is a matter of concernas the Christmas and Easter or-ders account for 70% of the totalexport orders from Europe,” saidJagdish Fofandi, secretary-Guja-rat, Seafood Exporters Associ-ation of India.

Seafood ExportersEye Chinese Market

Though EU

accounts for a

major share

of 27% in

value terms,

its offtake is

showing

signs of

decline

4. 301311526610811112011 I Rehabilitation of High RiseStacking 01 Nos.

— — System.As per Spec. No. MECH/M&P/2500/15-Rev-01.

_________

5. 3004110048 ! 02/11/2011 I Steel Sheet (in 06 Sizes) 3445000

(Scanning shall be continuous over 100% of plate surface) Kgs.

— — to DIN EN 10025-5_S355_J2W+N

_________

�1�1 RAIL COACH FACTORYKAPURTHALA

Sealed tenders are invited by COS , RCF on behalf of President of India

for followinq Items:

St TenderNo. ! Description Qty.No. Due Date

________

1. 3017110381/06/12/2011 WaterPuri fierSystem (R.O. System) 60 Sets

— — for high Speed Stainless Steel Coaches.

_________

2. 3013115278! 16/11120111 Side Loader5-ton capacity.As per 01 Nos.

— — Spec. No. MECH/M&P/2600/20.

________

3016110155/21!11!2011 0) Brush FIat5OMM Spec. No. lS:384 (2002)

Qty.:1100 Nos. (ii) Brush Flat75MM Spec. No. PST2326/SPEC/BRUSHESBased on IS:384/79 & IS-1844/93 Qty. : 853 Nos. (iii) Brush Flat 100MMSpec. No. IS:384 (2002) Qty. 1090 Nos. (iv) Brush FIat 25MM Spec.No. IS:384 (2002) Qty. :350 Nos.

1. Download tender documents from http:llwww.rcf.indianrailways.gov.inor purchase from the office of Controller of Stores , RCF, Tilak Bridge,New Delhi - 110002 or Chief Materials Manager , RCF, Kapurthala - 144602

on any working day before the date oftenderopening.2. Bids will be close at 14:25 hrs. on due date and will be opened at 14:30 hrs .

Tenders from Sr. No. 1 to 4 will open at RCF, Hussainpur , Kapurthala

& Tender Sr. No. 5 to be open atTi lak Bridge , New Delhi Office.

3. Tender cost for Sr. No. 1 2 & 3 Rs. 500/- , Sr. No. 4 & 5 is Rs. 2000/- .Tender cost upto Rs. 500/- can be paid by Cash / / DD and above Rs. 500/-by “Account Payee” DD only, in f/a FA&CAO/RCF payable at Kapurthala or

New Delhi (Place of tender opening). Deposit tender cost alongwith offer byDD , if downloaded from net. Bidswithout tender cost will be rejected.

4. Earnest Money to be deposited with the bid, as per detail given in the

tender document.

5. Drawings / / Specifications , wherever required , can be downloaded from

RCF website or can be provided on CD at a cost of Rs. 250/- per tender.

CORRIGENDUMBidders may please note the following changes :

1. T. No.3013115159 for Procurement of Fire Prevention System, the due date tobe readas24. 10.2011 instead of26.09.2011.

No. : G-122-OIICOS & CMM/100/11-12 Controller of Stores

PENSION FUND REGULATORY &DEVELOPMENT AUTHORITY

1st FLOOR, ICADR BUILDINGPLOT NO. 6, VASANT KUNJ

INSTITUTIONAL AREA, NEW DELHI-i 10070

CORRIGENDUMADVERTISEMENT FOR INVITING REQUESTS FOR PROPOSAL FORPROJECT MANAGEMENT CONSULTANT

The following corrigendum is hereby incorporated as part of

Request for Proposal (RFP) issued in relation relation to Selection of ProjectManagement Consultant dated 16th Sept’ 2011.The last date of submission of Proposals should be read as 18th

Oct’ 2011 instead of 11 Oct’ 2011.All other terms and conditions will remain unchanged.The RFP document containing detailed information, terms andconditions can be downloaded from the websitehttp://www.pfrdaorg.in

davp 15102/11/0008/1112

CORRIGENDUMDevelopment , up-gradation and con stru ction of 4(Four)

roads on DBFOT mode in the State of Punjab:

(i) Bata la—Mehta Beas Road

(ii) Kotkapura — — Muktsar Road

(iii) Kapurtha la—Nakodar—Phi ll aurRoad

(iv) Morinda-Kura li-Siswan to Himachal PradeshBorder Road

1. The clarifications regarding the queries received! raised duringthe Pre-Application conference held on 23.09.2011 has beenuploaded on on PIDB ’s website www.pidb.org.

2. The revised date for the receipt of the Applications now is25.10.2011 (upto l500hrs ).

3. For subsequent corrigendum , additions and clarifications ,please refer to the website www.pidb .org .

4. All other terms and conditions remain the same as perthe RFQ.

For further information contact:

Managing Director I Chief Engineer (IP)PUNJAB INFRASTRUCTURE I PUNJAB PWD B&R BRANCHDEVELOPMENT BOARD I

I SCO 341-342 , 2nd Floor ,SCO 33-34-35 , Secto r 34-A,

Sector 34-A , Chandigarh-1 60022Chandigarh 160022. I Ph. No.: 0172-2665573 ,Ph No.: 0172-2665410 ,

Fax: 0172-2665478Fax: 0172-2665596

PUNJAB INFRASTRUCTURE DEVELOPMENTBOARD & PUBLIC WORKS DEPARTMENT

(B&R), GoP

Government of India

gg�

Public Enterpri ses Selection Board(PESB)

f�ik�r�T5 (� w�r) ‘i f�iq 3ii��

Invites applications for the post of DIRECTOR (OPERATIONS)tTf ft � i�� i��ii �t�ii �i� ii f�if��

POWER GRID CORPORATION OF INDIA LIMITED

3�1� � � 1�1�t 21 + 2011 * I

Last date of receipt of applications in PESB Is 21st November . 2011.

Iittp: llwww .peeb.gov. ln

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For details login to websitehttp:Ilwww.pesb.gov.in