FMC said the new directive was to ensure greater efficiencies and allow
the market participants to derive the benefit of lower costs.
MUMBAI (Commodity Online):
India's commodity market
regulator, Forward Markets Commission (FMC) has allowed commodity
exchanges to levy differential transaction charges based on commodities
and or trade timings.
In a new directive
that overrules the earlier directives of 2005 and
2009 disallowing levy of differential transaction charges, FMC said that
the new directive is in repsonse to representation suggesting
differential transactions charges for delivery based and non-delivery
based commodities contracts, as substantial investments is required to
be made by Exchanges to provide for an efficient delivery mechanism by
way of warehousing and assaying infrastructure. Thus, there is inherent
merit in implementing a differential transaction charge structure
because the cost of offering delivery based contracts is substantially
higher than the cost of offering non-delivery based contracts. There is
also a need to promote competition in the market to bring in greater
efficiencies and lower transaction costs to market participants., FMC
said.
FMC said the new directive was to ensure greater efficiencies and
allow the market participants to derive the benefit of lower costs. The
Exchanges have been directed to make necessary amendments to the
Bye-laws, Business Rules and Regulations in order to incorporate the
above directions of the Commission and submit a compliance report in
this regard by 20th February, 2014
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