DIPP's proposal is believed to have the support of the ministry of consumer affairs, food and public distribution and was originally mooted by the Forward Markets Commission.
In a memorandum to the Finance Minister, the exchanges said that FM's proposal to impose the Commodities Transaction Tax (CTT) will ruin the budding commodity futures business in India. In its arguments, it said CDM is at a nascent stage. It is only 4 years old. Participation of banks, mutual funds, FIs, FIIs is still not allowed. Options contracts, index futures & futures based on intangibles are still to come. Cost increase in India will induce hedgers to global exchanges.
The Kotak group is set to launch the country's fifth national commodity exchange, in association with the Ahmedabad Commodity Exchange (ACE), in which it is picking up a majority equity stake as an anchor investor.
The Union ministry of consumer affairs has given the finishing touches to the policy framework to allow foreign direct investment and foreign institutional investment in India's national commodity exchanges.
India's leading national commodity exchanges have asked the government to immediately lift the ban on futures trading on certain agricultural commodities.
India's national commodity exchanges will have to now wait longer for the government nod for foreign direct investment.
The economic turmoil has also hit the demand for luxury goods and hence the demand for jewellery has fallen considerably.
Before entering into buy and sell transactions please be aware of all the factors that go into the mechanism of pricing, trading and clearing.
The demand for ban on futures trading in more commodities is increasing day by day.
The higher margins imposed on pepper in the wake of volatiluity in the commodity's prices by the Forward Markets Commission is likely to reduced soon.
Slew of resignations at NSEL over past month in the wake of scrutiny; MCX gaps caused by new-age norms for commexes.
The Agricultural Produce Marketing Committee Act of a state regulates the purchase of agricultural products, such as cereals, pulses, fruits and vegetables for that region. It hobbles farmers, imposing multiple levies on produce and disallows direct sales to private companies.
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