Financial Daily from THE HINDU group of publications
Thursday, Oct 09, 2003
Financial Daily from THE HINDU group of publications Thursday, Oct 09, 2003 |
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Agri-Biz & Commodities
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Commodity Exchanges Geojit Infofin launches online futures trading in Kerala Our Bureau
Mr N.K. Choubey, MD, CWC, launches Geojit's online gold futures trade in Kerala at Kochi on Wednesday. Mr C.J. George, MD, Geojit, and Mr Cheriyan Palathara, President, All Kerala Gold and Silver Merchants Asscociation, look on. - K.K. Mustafah
Kochi , Oct. 8 GEOJIT Infofin Technologies Ltd has commenced online gold and silver futures trading at the National Multi-Commodity Exchange (NMCE) here on Wednesday by punching in the first trade by Mr N.K. Choubey, Chairman of NMCE and Managing Director of the Central Warehousing Corporation on the Geojit's terminal. Speaking on the occasion, Mr C.J. George, Managing Director, Geojit, said that Kerala was selected for the launch of gold and silver futures trading after New Delhi on account of the importance these precious metals have in the State's business activities. Gold is an integral part of every Keralite's investment portfolio albeit in an unorganised manner. The numerous jewellers and various NBFCs who lend against gold in the State represent a huge market potential, he added. NMCE has opened three contracts for December, January and February and an all round trading interest has already been indicated since the national launch. As the trading and delivery unit for gold is a 100 gm bar, investors are gradually expected to actively participate in the trading process. Geojit will conduct a series of educative seminars across the country to inform the various participants about the benefits of this market. He said online gold and silver futures trading would be offered at all 105 offices of the company. In his presidential address, Mr Cheriyan Palathara, State President, All- Kerala Gold and Silver Merchants' Association demanded reduction in sales tax on gold from four per cent to one per cent in the State like that of other States. In his key-note address, Mr Jiji Thomson, Secretary, Kerala Government, felt that the success of a technology-driven, transparent futures market depends on awareness among the various players. Geojit and NMCE are taking the initiative to organise large numbers of seminars across the country. The industries at large will warmly welcome gold as an investment opportunity owing to the ease in its transactions, he said. Mr Kailash Gupta, Managing Director, NMCE emphasised the leading role played by Central Warehousing Corporation in the success of the exchange. Lead promoter, CWC's warehouse and receipt system would instil confidence in the various participants of the gold and silver futures market. Dematerialisation of the warehouse receipt is under active consideration, he said. The minimum unit to be traded would be one tonne and only non-Basmati rice would be traded in the exchange. NMCE is India's first national multi-commodity exchange to fulfil the requisites of full automation, transparency, de-mutualised ownership, guaranteed clearing and settlement and connectivity to all entities.
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