ICEX sets 12th day of the month for payment of transaction fee

New entrant Indian Commodity Exchange (ICEX) today said it will debit the transaction fee from the account of trading members (brokers) on every 12th day of the month from February onwards.

ICEX, which was launched in November-end 2009, offers futures trading in a dozen of commodities including farm, bullion and metals.

The exchange has fixed the transaction fee at Re 1 for a turnover of Rs 1,00,000 and thereof proportional to the total daily turnover.

"The due date for payment of transaction fee is the 12th day of the following month," an ICEX circular said.

The transaction fee will be debited on a monthly basis from the 'dues account' of the trading members. Therefore, the members are advised to maintain sufficient balance in their respective accounts, it noted.

The exchange also said that for the convenience of the members, it has kept January 14 as deadline for payment of transaction fee for trading done in December 2009.

But from next month onwards, the deadline again will be 12th day of the succeeding month, it said, adding that in case, the 12th day falls on a clearing holiday then the fee will be debited in the next working day.

In ICEX, Indiabulls Financial services holds 40 per cent stake, while state-owned MMTC owns 26 per cent stake. Other promoters are Indian Potash IDFC and KRIBHCO.