NCDEX keeps revised transaction charges in abeyance

The National Commodity & Derivatives Exchange (NCDEX) has put the circular on new transaction rates in abeyance with immediate effect, after its petition on implementing those was dismissed by the Bombay High Court.

"The circular, dated January 28, 2009 (relating to the new transaction charges), has been kept in abeyance by the exchange with immediate effect," the NCDEX circular said.

Commodity market regular Forward Markets Commission (FMC) had directed the NCDEX to temporarily defer the implementation of the new rates, following which the exchange sought a stay from the Bombay High Court. However, the High court rejected the plea, it said.

Accordingly, transaction charges announced on April 11, 2007, would apply till further notice by the exchange, it noted.

Faced with a sharp drop in turnover since July, the NCDEX last month created two slabs for exchange rates -- before 5 pm and after 5 pm. But the FMC had taken exception to the new rate regime.

The NCDEX had announced uniform charges of Rs 3 for every lakh of the total value of all trades in all commodities from 1000 hrs to 1700 hrs and five paise in the second session from 1700 hrs to 2300 hrs.