Commodities

Commexes’ turnover drops 41% to Rs 58.7 lakh cr

PTI New Delhi | Updated on January 24, 2018 Published on March 29, 2015

Turnover of commodity exchanges fell 41 per cent to Rs 58.68 lakh crore till March 15 of 2014-15 due to a sharp fall in the trading volumes of bullion and other commodities.

According to the Forward Markets Commission (FMC), their business stood at Rs 98.57 lakh crore in the same period previous year.

Much of the fall in turnover was seen in bullion, followed by energy, farm and metal items.

Experts said the decline in turnover was mainly due to higher transaction tax and shifting of investors to equity market in view of low volatility in commodity markets.

According to the latest FMC data, the turnover from bullion fell over 50 per cent to Rs 20.85 lakh crore during the April-March period of this fiscal from Rs 41.99 lakh crore a year ago.

Similarly, the business from energy items like crude oil declined by 36 per cent to Rs 15.53 lakh crore from Rs 24.12 lakh crore, while for agricultural commodities, it fell 34 per cent to Rs 10.19 lakh crore from Rs 15.39 lakh crore.

Turnover from metals also showed a decline of 30 per cent to Rs 12.06 lakh crore during April-March period of FY’15 from Rs 17.05 lakh crore a year ago.

FMC will soon be merged with the Securities and Exchange Board of India as Finance Minister Arun Jaitley had made an announcement to this effect while presenting the Budget for 2015-16 fiscal last month.

At present, there are four national and six regional level commodity exchanges operating in the country.

Published on March 29, 2015
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