NCDEX and NMCE to review transaction fee
NCDEX and NMCE will consider reducing transaction fees for their members.
By PTI |
NEW DELHI: Commodity exchanges NCDEX and NMCE today said they will consider reducing transaction fees for their members, a move that comes after the country's largest commodity bourse MCX decided to slash the charges.
NCDEX, the second largest exchange of the country will seek market regulator FMC and stakeholders' opinion before taking any decision.
Last week, MCX reduced transaction charges to Rs 2.50 from Rs 4 for every Rs one lakh of turnover. This rate will be applicable for average daily turnover of up to Rs 250 crore. At present, NCDEX and NMCE imposes Rs 4 for every Rs one lakh turnover up to Rs 20 crore of average daily business.
NCDEX Chief Business Officer Vijay Kumar said, "We will review the transaction fee soon. The decision will be taken after consultations with our stakeholders and the regulator."
A similar view was expressed by NMCE Managing Director Kailash Gupta, who said, "We will look into it."
In January, NCDEX had announced uniform fees of Rs 3 for every one lakh of the total value of all trades in all commodities from 10 am to 5 pm and five paise in the second session from 5 pm to 11 pm.
"In the beginning of the current year, NCDEX had also proposed a change in transaction fee. FMC, however, did not approve it. We had even filed petition with the Bombay High Court on this issue," NCDEX's Kumar said.
NCDEX, the second largest exchange of the country will seek market regulator FMC and stakeholders' opinion before taking any decision.
Last week, MCX reduced transaction charges to Rs 2.50 from Rs 4 for every Rs one lakh of turnover. This rate will be applicable for average daily turnover of up to Rs 250 crore. At present, NCDEX and NMCE imposes Rs 4 for every Rs one lakh turnover up to Rs 20 crore of average daily business.
NCDEX Chief Business Officer Vijay Kumar said, "We will review the transaction fee soon. The decision will be taken after consultations with our stakeholders and the regulator."
A similar view was expressed by NMCE Managing Director Kailash Gupta, who said, "We will look into it."
In January, NCDEX had announced uniform fees of Rs 3 for every one lakh of the total value of all trades in all commodities from 10 am to 5 pm and five paise in the second session from 5 pm to 11 pm.
ADVERTISEMENT
"In the beginning of the current year, NCDEX had also proposed a change in transaction fee. FMC, however, did not approve it. We had even filed petition with the Bombay High Court on this issue," NCDEX's Kumar said.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
