Financial Daily from THE HINDU group of publications
Thursday, Apr 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 21, 2005 |
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Agri-Biz & Commodities
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Commodity Exchanges FMC calls for standardised trading time — Commodity bourses told to levy uniform fees Dhimant Bhatt
Mumbai , April 20 THE Forward Markets Commission (FMC) has asked all the commodity exchanges to follow uniform trading time and levy uniform transaction charges, in order to ensure a level-playing field. The FMC Chairman, Mr S. Sundareshan, on Wednesday, called for a co-ordination meeting with all the commodities exchanges to discuss various issues relating to the working of exchanges. The FMC, which circulated the draft rules to the exchanges for their suggestions and comments, has instructed them to implement the changes with immediate effect. "The entire process is expected to be complete in about one month," Mr Sundareshan told Business Line.
The Commission has said the trading time for all the agricultural commodities should to be restricted up to 5 pm,irrespective of whether it is a national or international commodity. It has also said trading time for international commodities particularly bullion, metals and crude oil may continue till 11.30 pm.
The FMC has issued instructions to the exchanges to follow uniform rules and not to make any changes in the contracts such as grades, penalties and discounts/premiums. "The FMC will take up the service tax issue with the Government as a few regional exchanges have got notice for it," Mr Sundareshan said. The exchanges will be given two months time to streamline their operations, he said.The next meeting with exchanges would be held in the month of June or July.
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