Commodity futures exchanges are set for another round of equity restructuring with the Forward Markets Commission, the regulator, currently finalising guidelines that will require anchor investors to prune their equity holding to 26 per cent from the present 40 per cent after three years but before five years.

A further reduction is being considered after five years, though the amount is yet to be decided.

At present Financial Technologies holds around 40 per cent in the Multi-Commodity Exchange and Indiabulls [Get Quote] has proposed to hold 40 per cent in its new exchange in which public sector trading company MMTC will be holding 26 per cent. Both these promoters will have to prune their stakes once the guidelines are issued.

Meanwhile, FMC is also considering norms for demutualising regional exchanges under which member-brokers will have to acquire shares. A new ownership structure, which addresses issues such as what stakes broker-members and outside entities can hold, is being finalised.

India has about 21 regional commodity exchanges of which the Indore-based NBOT, and the exchanges in Ahmedabad, Rajkot, Hissar and Hapur generate good volumes.

FMC chairman B C Khatua confirmed that guidelines for demutualisation of regional commodity exchanges are being prepared. "We will address the issue of equity holdings of non-broker-member entities also," he said.

These norms include the issue of valuing their assets (which include brand value, goodwill and so on, apart from physical assets).

Several of these exchanges also have reserves and surplus. Since these were tax-free, there is a view that the reserves distribution requires clear guidelines because it contains some public interest element in the form of a tax exemption.

FMC is also understood to be considering the issue of fixing a minimum net worth for such exchanges. According to current thinking, they may be permitted to increase their net worth in phases.