To comply with regulatory norms, city-based brokerage Jaypee Capital Services Ltd has sold off 14.7 per cent stake in agri-commodity bourse NCDEX to three investors, including IDFC and Oman India Joint Investment Fund.

“After the regulator FMC’s approval, Jaypee Capital Services has sold 14.7 per cent stake in exchange to three investors,” a senior NCDEX official said.

Of 14.7 per cent stake, Jaypee Capital has sold five per cent each to Build India Capital Advisors LLP and IDFC Private Equity Fund III, while the rest 4.7 per cent stake to Oman India Joint Investment Fund, the official said.

The brokerage firm has sold part of its stake in NCDEX to comply with the FMC norm that do not allow shareholders having more than one per cent of the shares in a bourse to trade on it.

With this stake sale, Jaypee Capital ceases to be an anchor investor in agri-commodity bourse NCDEX as its shares have come down to 7.66 per cent from 22.36 per cent earlier.

Also, the exchange will operate without an anchor investor as none of the existing shareholders has more than 15 per cent stake in the bourse. Maximum stake of 12.5 per cent is being held by top sugar refiner Shree Renuka Sugars.

According to sources, Jaypee Capital plans to exit the bourse and focus more on its brokerage business. It is in talks with Oman India to sell off more shares.

Besides Jaypee and Renuka Sugars, other key shareholders of NCDEX include NSE, Nabard, LIC, IIFCO, PNB, Canara Bank and Intercontinental Exchange of the US.

NCDEX is the second largest agri-commodity bourse in the country. Its turnover stood at Rs 54,280 crore in the second fortnight of October.

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