Government rejects MCX's FDI proposal

Mumbai-based commodity exchange MCX's  foreign direct investment (FDI) proposal has been rejected, a government statement said on Wednesday, without giving any details.

The Foreign Investment Promotion Board (FIPB), which met on June 14, rejected the proposal of the commodity exchange, the statement said.

MCX was seeking post facto approval for FDI received before issuance of the government guidelines for overseas investment in commodity exchanges, according to media reports.

The guidelines were issued in 2008.

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