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MCX to revise membership, fee structure from 1 April

MCX to revise membership, fee structure from 1 April
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First Published: Tue, Mar 06 2007. 11 27 PM IST
Updated: Tue, Mar 06 2007. 11 27 PM IST
Mumbai: MCX, a leading commodities exchange in the country, has recently revised its fees structure for membership under three categories—trading-cum-clearing member (TCM), professional clearing member (PCM) and institutional trading-cum-clearing member (ITCM) with effect from 1 April, 2007.
The TCM admission fees has been doubled, to Rs 20 lakh from Rs 10 lakh, for non-deposit based TCM and Rs 10 lakh from Rs 5 lakh for the deposit based member. Security deposits for TCM have been revised to Rs 30 lakh (non-deposit based) and Rs 65 lakh (deposit based).
“More companies have come forward to trade in the exchanges to gain competitive edge and also to plan their strategies and business plans well in advance. The exchange has been receiving lot of enquires from corporates for membership,” an MCX official said.
“As the awareness about the need for hedging increases, we see more and more companies participating in futures trading Commodity exchanges such as MCX had undertaken a massive exercise to create this awareness about futures trading among all the stakeholders,” an official said.
A TCM is entitled to trade on his own account, as well as on account of his clients A sole proprietor, a partnership firm, a joint Hindu undivided family, a cooperative society, public sector organization, statutory organization or any other government or non-government entity can apply for TCM.
A professional clearing member is an institutional member who is entitled to clear and settle trades executed by other members of the exchange. Companies and institutions are eligible to apply for PCM.
An institutional trading-cum-clearing member (ITCM) is entitled to trade on his own account as well as on account of his clients, clear and settle trades executed by him as well as of other trading members of the exchange.
Again, only companies and institutions can apply for ITCM.
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First Published: Tue, Mar 06 2007. 11 27 PM IST
More Topics: Money Matters | Commodities |