New Delhi: The turnover of commodity exchanges in the financial year 2006-07 is likely to touch a whopping Rs37 lakh crore against just Rs5.7 lakh crore in 2004-05.
According to commodity market regulator Forward Markets Commission (FMC), the total turnover of all the 23 national and regional bourses stood at Rs35,08,856 crore till 15 March of 2006-07 fiscal.
The FMC, which releases market data every fortnight, said the combined turnover of commodity exchanges during the first fortnight of March this year was Rs1,82,114 crore.
The surge has been primarily led by the three leading national bourses—Multi Commodity Exchange (MCX), National Commodity and Derivatives Exchange (NCDEX) and National Multi Commodity Exchange of India (NMCE), which account for nearly 94% of the total business.
Interestingly, the turnover of leading agri-commodity exchange NCDEX jumped by nearly 24% to Rs41,665 crore during 1-15 March compared with Rs33,632 crore in the previous fortnight. The government had banned futures trading in wheat and rice on 28 February.
A five-member committee headed by Planning Commission member Abhijit Sen has been asked to study “the extent of impact, if any, of futures trading on wholesale and retail prices of agricultural commodities” and submit its report within two months.
MCX has emerged as the top commodity exchange in terms of value as its average fortnightly turnover has crossed Rs1.32 lakh crore having a share of more than 72% in the fortnightly turnover of all commodity bourses.
The MCX also took the Indian commodity trading business to the global arena by forging international tie-ups and is all set to launch an exchange in Mauritius.