Financial Daily from THE HINDU group of publications
Tuesday, Mar 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Mar 08, 2005 |
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Agri-Biz & Commodities
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Commodity Exchanges MCX, IPSTA sign pact to share trade facilities Our Bureau
Mr Kishor Shamji (left), Chairman, IPSTA, and Mr Jignesh Shaw, Managing Director, MCX, exchanging MoU documents at a function in Kochi on Monday. Mr S. Sundaresan, Chairman, FMC, looks on. - Vipin Chandran
Kochi , March 7 INDIA Pepper and Spices Trade Association (IPSTA) and the Multi Commodity Exchange of India Ltd (MCX) have signed an MoU here on Monday facilitating IPSTA members to use the MCX platform in futures trading and vice-versa. The MoU was signed by Mr Jignesh Shah, Managing Director, MCX, and Mr Kishor Shamji, President, IPSTA, before Mr S. Sundaresan, Chairman, Forward Markets Commission. With this, MCX has set up a collaborative model with the regional exchange, which would work on mutually beneficial and co-sustaining working approach, Mr Jignesh Shah said. Mr Kishor Shamji said the country was going through a revolutionary phase in the commodity futures markets and had witnessed an upward swing. A combined effort was important to withstand the emerging competition. The role of commodity exchanges with strong network was vital to utilise the country's agricultural resources, he said.
400 pc jump in volume turnover: The total turn over of the commodity exchanges in the country during the current fiscal is to touch Rs 5 lakh crore ($112 billion) compared to Rs 30,000 crore few years ago, according to Mr S. Sundaresan. He said there had been a 400 per cent increase in volume from last year. He said that 93 commodities were traded through 25 exchanges in the country of which three were national multi commodity exchanges. He said that the FMC wanted to develop futures market in the country and act as a regulator for the commodity market. FMC is equivalent to SEBI, he said. He also clarified that there was no policy to throttle the regional exchanges but wanted to strengthen them.
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