Trading briefsThis article was originally published in The Public Ledger
INDIA'S ministry of commerce and industry said foreign investors must cut their stake in Indian commodities exchanges to 5% by June 30, 2009. By the same date, the overall overseas holding in any single exchange must be cut to no more than 49%. The 5% equity investment is the maximum permitted by a foreign investor in derivatives exchanges under Indian law. Intercontinental Exchange Holdings has 8% and investment bank Goldman Sachs holds 7% in India's National Commodities and Derivatives Exchange.