Kochi, July 5
THE National Multi-Commodity Exchange of India Ltd has introduced a price alert system, which can be accessed on mobile phones through SMS.
Keeping in mind the high response from the market to the SMS services offered by NMCE and based on the market feedback, the exchange has brought in this value-added service for various market participants, traders and clients, to keep them updated automatically on price fluctuations in various commodities, NMCE said in a press release.
This will enable the market participants and clients to do proper risk management by ensuring that they do not miss out on unexpected price fluctuations, resulting in excessive loss or profit. It will also enable them to take prompt positions to cover their risks, the release said.
Several participants all over the country currently get market rates on their mobile phones by sending a SMS. With the new scheme, registered clients will be able to set customised alerts, which will be valid till the expiry of that particular contract, or by the cancellation by the customer himself, whichever is earlier.
The clients can get the market rates on their mobile phones automatically at regular changes without sending the query to the exchange's SMS services. The alert message will include the previous closing price, the day's high and low prices, last traded price and the trends/difference in comparison to the previous closing price.
Clients who are keen on the service should register with the exchange, providing the specific parameters for his alerts.
In a statement, Mr Neeraj Gupta, Vice-President, Technical, of NMCE said, "The technology used by NMCE is most superior, robust and user-friendly.
Alert via SMS is one of the innovations in line with the growing market demand and market suggestions.
The simple SMS service was generating over 400 queries per day and I believe with this extra feature, the usage of SMS services would be almost doubled."