Ripples Advisory, MCX plans spot commodity trading in industrial & precious metals and energy
Move will be a major development following Sebi's go-ahead to equity and commodity bourses to enter each other's domains
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India's largest commodity derivatives exchange for metals and energy is now expanding in spot commodity trading and it plans to replicate its strength in metals, including precious metals, and energy contracts in the spot market as well. The move will be a major development following market regulator Sebi's nod to equity and commodity exchanges to enter each other's domains.
The country's oldest equity bourse, the Bombay Stock Exchange, has already announced plans to enter commodity derivatives and set up a spot exchange for gold. MCX's articles of association don't allow it to expand into unregulated areas. However, the finance ministry is considering several steps to synchronise spot and derivatives markets to help farmers and industrial units hedge commodity risk.
As a part of the move, a committee appointed under Niti Aayog member Ramesh Chand had submitted its report on the subhect. The ministry has now called a meeting of all stakeholders on Saturday, March 24, to discuss this along with the issue of regulating the spot market, the source said.
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