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National Multi Commodity Exchange (NMCE) will merge with Indian Commodity Exchange (ICEX) creating the country's third biggest commodity exchange, both the exchanges said in a statement on July 3, 2017.

ICEX will hold a 62.8 per cent stake in the merged entity, while NMCE shareholders will own the rest, they said.

The merger has been approved by the boards of both exchanges and is expected to be completed by December, subject to regulatory approvals.