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| MCX lowers transaction fees |
| Press Trust of India / New Delhi Oct 18, 2009, 18:29 IST |
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The Multi Commodity Exchange of India (MCX) has lowered the transaction fees for members, a move that is expected to bring down the cost of transaction by 50 per cent.
In a circular issued on October 17, MCX said from November 2, 2009, members would have to pay a transaction charge of Rs 2.50 per Rs 1,00,000 of turnover if their average daily business is within Rs 250 crore.
The transaction fee of an exchange is paid by members and is calculated on the basis of their daily turnover on the exchange.
Currently, members of MCX pay Rs 4 per lakh of turnover if their daily average business is within Rs 20 crore. Those with a daily business of over Rs 20 crore but less than Rs 100 crore, pay Rs 3 per lakh.
On incremental turnover above Rs 100 crore to Rs 300 crore, the transaction charge is Rs 2 and on over Rs 300 crore daily business, the fee is charged at the rate of Re 1.
"We are hopeful that this significant reduction will bring down the cost of transaction by up to 50 per cent, substantially benefiting the market participants," MCX said.
However, members with a turnover between Rs 100 crore and Rs 250 crore, who under the old rate were charged at Rs 2 per lakh, will have to pay 50 paise more from next month due to change in the slab structure, an analyst pointed out.
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