The National Commodity and Derivatives Exchange (NCDEX) will introduce Internet-based trading facility for members in all eligible contracts with effect from April 12, 2004.

This will be in addition to the existing methods of connecting to the exchange.

At present, NCDEX is providing trading facility to its trading and clearing members through VSATs and leased lines.

"The introduction of Internet trading is yet another milestone in our endeavour to enlarge the basket of choices for our members. We introduced longer hours of trading since February 2004 and are now facilitating connecting to the Exchange through the Internet," said Meher Baburaj, chief operating officer of NCDEX.

The facility will enable members to access the exchange from anywhere with ease during trading hours.

The connectivity between the terminals and the central trading server is through a virtual private network (VPN) that would be provided on receipt of request from the member.

Members would be allotted username and password to maintain privacy. "This will make it convenient for them to trade and should reach out more to the retail client who will find it more accessible", she added.

NCDEX, which kicked off futures trading on December 16, 2004, currently clocks an average daily turnover around Rs 60-70 crore (Rs 600-700 million) [one-sided] in 10 commodities.

The 430-odd NCDEX members are currently permitted to trade in gold, silver, mustard seed, mustard oil, soya bean, soya oil, long staple cotton, medium staple cotton, RBD palmolein and crude palm oil.

The exchange is expected to add five more commodities next week for futures trading.

NCDEX is promoted by ICICI Bank, the National Stock Exchange, Nabard and the Life Insurance Corporation. Later, PNB and Crisil also picked up stake in the professionally managed and demutualised exchange.