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Our Bureau

Chennai , May 17

Derivates and commodity broking firm Altos Advisory Services has launched a flat fee-based discount brokerage model for online futures trading of commodities on three exchanges — National Multi Commodity Exchange (NMCEX), Multi Commodity Exchange (MCX) and National Commodities and Derivatives Exchange (NCDEX).

For a monthly fee of Rs 499 per exchange, one can trade for unlimited value and volumes. This fee is exclusive of transaction fees charged by exchanges and service tax. The scheme is available for different billing cycles.

Using the new facility, investors can register with Altos' Web site and login to carry out trade without help from the firm.

Positioned to attract retail investors, the firm expects to register around 10,300 customers by the end of May and one-lakh customers by December for the new service. About 75 per cent of the company's 1,000 customers now are high networth individuals.

Sees revenues rising

The new scheme is expected to boost the firm's revenues five-fold. "We expect revenues of around Rs 60 crore this year compared with Rs 11 crore last year," said Mr S. Venkataraghavan, Vice-President, Research of Altos.

The company is also undertaking expansion plans. Seventeen more centres will be added to the existing 20 branches by 2007 and an initial public offering in 2008 is likely.

More Stories on : Commodity Exchanges | Financial Services

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