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MCX turnover more than doubles in 2006-07 fiscal

MCX turnover more than doubles in 2006-07 fiscal
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First Published: Tue, Apr 03 2007. 11 15 PM IST
Updated: Tue, Apr 03 2007. 11 15 PM IST
PTI
New Delhi: The turnover of leading commodity exchange MCX more than doubled to Rs 22,93,132 crore in 2006-07 financial year on the back of a robust growth in the metal sector.
The turnover of MCX for 2005-06 was Rs 9,61,625 crore, a release issued by the exchange said here today.
Out of the total trade in the futures market, MCX has a share of 72.4 per cent while the rest is divided among other exchanges, the release said.
There are currently 69 commodities being traded on the MCX platform.
Meanwhile, MCX could not able to launch its proposed electronic spot exchange -- National Spot Exchange for Agricultural Produce (NSEAP) -- in the last fiscal.
It is said that government’s insistence on making delivery compulsory at the spot exchange is the main reason for the delay.
“After the Agricultural Produce Marketing Committee Act was amended in many states, there is no hurdle in launching spot exchange,” Consumer Affairs Secretary Yashwant Bhave had said.
MCX wants traders be allowed to sell products once bought from farmers or traders on the spot exchange without receiving the physical delivery, which the government considers as futures trading, sources said.
However, NSEAP Managing Director Anjani Sinha had said, “before launching the spot exchange we would like to have a full proof legal framework, maybe a regulation can be considered by the government.”
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First Published: Tue, Apr 03 2007. 11 15 PM IST
More Topics: Money Matters | Commodities |