ADAG group’s Reliance Money, the broking and financial services arm of Reliance Capital, has entered into an agreement with the Ahmedabad-based National Multi-Commodities Exchange (NMCE), to pick up 26% stake in the bourse, for an undisclosed amount.

NMCE, the third largest commodities bourse in the country in terms of turnover, is strong in three agro commodities pepper, rubber and raw jute. It also has presence in commodities like isabgul, sacking and rapeseed.

Earlier, the Bombay Stock Exchange (BSE), the oldest stock exchange in India, had announced in February its intentions to buy a 26% stake in NMCE. The deal is yet to be closed.

However, the stake sale by NMCE, is subject to the approval of the Forward Markets Commission (FMC), the commodity markets regulator.