Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 crore scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business, with turnover estimated to dip by 30 per cent to Rs 125 lakh crore.
The turnover of 23 commodity bourses rose by 49.38 per cent to Rs 9,04,686 crore (Rs 9,046.86 billion) in August this year despite low business recorded during the month at the leading exchanges, MCX and NMCE, according to the Forward Markets Commission.
The Bombay Stock Exchange and Foreign Exchange market will remain closed today due to a terrorist attack in Mumbai.
But big brokerages see no problem with Sebi panel's recommendations.
"The Securities and Exchange Board of India is working on the concept paper on SME exchanges. It may soon release the guidelines," Minister of State for Micro, Small and Medium Enterprises Dinsha Patel said at a seminar jointly organised by MCX-SX and the Society for Capital Market Research and Development in New Delhi on Tuesday.
The five-month-old exchange traded currency futures market is set to witness competition, rising volumes and innovations with the United Stock Exchange of India gearing up to launch the product in April.
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FTIL group is in big trouble after over Rs 5,500 crore payment crisis surfaced at its subsidiary NSEL last year.
The Bombay Stock Exchange and National Stock Exchange will remain closed on Thursday in the wake of the terror attack in Mumbai.
Asia's oldest bourse, Bombay Stock Exchange on Wednesday launched currency derivatives segment (BSE-CDX) that would enable participants to hedge their currency risks through trading in the US dollar-rupee future platform.
While some bankers said that responses to the Sebi are being delayed deliberately in some of the cases in view of the turbulent market conditions prevailing on the bourses, those associated with some of these deals said these are 'routine' clarifications and would be responded in the due course. According to the latest processing status as on March 14 of draft offer documents filed with Sebi, clarifications are currently awaited from lead managers in relation to 20 IPOs.
"The National Exchanges were directed on July 23 to ensure that multiple client codes are not given to a single client," Forward Markets Commission said. A separate sting or suffix may be provided after the unique client code to represent different characteristics and branches of the client, if any, it said, adding that these directions would come in force from January 2009.
Amidst concerns of liquidity crunch due to weak sentiments in stock markets across the globe, investors have started winding up their positions in commodities such as gold, silver and nickel. Investors are selling off their positions in commodities market globally because of the liquidity crisis owing to weak stock market trends internationally, analysts said.
The Ahmedabad-based Kunvarji Group has has signed with India's leading bourse, Multi Commodity Exchange of India (MCX) for offering Commodities related Training Programs in Ahmedabad.
India's commodity bourses -- Multi-Commodity Exchange and National Commodity and Derivatives Exchange -- are gearing up to launch futures trading in carbon credits.
Gold is ruling over Rs 14,990 per 10 grams level in the spot market and on leading commodity exchange MCX gold for August was trading at Rs 14,724 per 10 grams.
The move will help in increasing transparency as well as providing correct picture of the actual shareholding of a listed company.
Jignesh Shah, who is fighting legal cases in the NSEL's Rs 5,600-crore scam, has resigned as the Managing Director of Financial Technologies India, a company set up by him, and will become its Chairman-Emeritus.
The commodity transaction tax (CTT) proposal has started taking its toll on commodity exchanges. According to exchange officials, the turnover of commodity bourses has dropped sharply on transaction tax proposal and reports that the government may ban Futures trading of more commodities. The turnover may get eroded by another 20-30% once CTT comes into effect. CTT was unique and it has not been imposed on any Futures market anywhere in the world.
Jewellery stores remained deserted as buyers deferred their non-essential purchases awaiting softness in gold prices.
NSE's own handle @nseindia was content tweeting out the press release in seven tweets.
Indian Energy Exchange has joined world's leading power exchanges like Powernext (France), EEX (Germany, Northern Europe), PJM (USA), JEPX (Japan and Norway's Nordpool which is the largest power exchange in the world). IEX, India's first power exchange got its approval from CERC on August 31, 2007. It is promoted by Financial Technologies Ltd & PTC financial services, a wholly owned subsidiary of PTC India Ltd. Joseph Massey, Deputy MD of MCX, is in charge of the exchange.
With the government extending its ban on forward trading in more agricultural commodities, a section of jewellery traders has sought a similar curb on gold and silver futures as well to curtail the volatility in rates. The government suspended futures trading in soya oil, potato, rubber, chana (gram) on Wednesday, while rice, wheat, urad and tur were banned early last year. Sudden rise and fall in prices of gold and silver, many times in a day, has created instability.
Financial Technologies India Ltd, the main promoter of India's largest commodity exchange MCX, on Thursday said it has acquired 90 per cent stake in a South Africa-based ICX Platform (Pty) Ltd for $1.5 million (about Rs 6 crore).Financial Technologies has acquired 90 per cent stake in ICX Platform (Pty) Ltd, a technology company situated at Johannesburg, South Africa, the firm said in a filing to the Bombay Stock Exchange.
The National Stock Exchange is chalking out a strategy to launch a separate trading platform for small and medium companies.
Officials in the FMC said the regulator is planning to permit active role for the state marketing federations in commodity futures trading.
Low-cost carriers SpiceJet and IndiGo were two of the main traders of aviation turbine fuel (ATF) at the Multi Commodity Exchange of India (MCX), which started trading of ATF futures on Monday, market sources said. Around Rs 34.8 crore worth of ATF was traded till five on Monday evening.
The MCX chief was in the US to clinch a deal with the NYSE that has bought 5 per cent stake in MCX.
The yellow metal witnessed some token buying but failed to take off on Dhanteras, a day considered auspicious for buying gold, silver and other valuables and is largely celebrated in North and West India.
The Safal National Exchange, an on-line spot exchange based in Bangalore has begun online spot trading in mangoes.
'It is not impossible that there will be some arrangement with the Congress in West Bengal after the ongoing local body polls.'
Kerala's cardamom growers have reason to cheer
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
India's leading commodity bourse - the Multi Commodity Exchange - has tied up with the US-based Institute of Financial Management to conduct training programmes on futures and options across the country.
Gold has risen from Rs 9,290 on March 5 to Rs 9,530 by mid-April, a rise of 4% while copper rose from Rs 268 on March 2 to Rs 330 by mid-April, a jump of 25%.
Silencing all rumours and speculations on its future, the total commodity futures trading volume in the last financial year showed an increase of 70 per cent to Rs 37 lakh crore (Rs 37 trillion).
'India Inc has been afraid to criticise the government of the day for many years now, and it is perhaps unfair to blame the current one alone,' says Shyamal Majumdar.
Apple Pay also faces competition from Merchant Customer Exchange (MCX) - a consortium of retailers including Wal-Mart and Best Buy - which is developing its own mobile payment platform.
Allegations of a particular market player being favoured over others were flying thick and fast in the early days of the scam.
Gold prices in Mumbai hit a five-month low at Rs 8,800 (99.5) and Rs 8,850 (99.9) per 10 gram on Thursday following a decline in the global prices and falling demand in the domestic market.
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