Maya Iron Ores enters derivative commodity exchange

Receives certification from Indian Commodity Exchange (ICEX); will have around 90 sub-brokers across regions and primarily from Maharashtra and Gujarat 

Maya Iron Ores Pvt. Ltd, one of the pioneers in providing integrated solution for physical deliveries of iron ore have launched its futures commodity trading division, having received the membership of Indian Commodity Exchange (ICEX). Maya Iron ores plans to engage in the first month itself, 90 sub-brokers from across regions but largely from Maharashtra, Gujarat and South India. 

“A physical trader that offers an effective hedge mechanism, we are better placed as advisors to corporate and retail investors in a highly volatile market”, said Praveen Kumar V, Chairman, Maya Iron Ores. “The iron ore future contract which was launched in the India exchanges (ICEX and MCX) is an important tool for risk management against physical deliveries. ‘Maya’ has identified great potential in this segment and has launched its futures commodity trading divisions.” 

“We welcome Maya Iron Ores into the ICEX family. There was no better time then this for players to enter the commodities exchange. One sees major explosion of opportunities for all participants. They are young and enthusiastic entrepreneurs and we wish them well,” said Sanjay Saxena, Chief Knowledge Officer, ICEX. 

One of the main objectives of this division would be to educate both the corporate and retail participants in detail about the dynamics of the iron ore market globally. The division will also tailor-make effective hedge mechanisms for the physical traders. 

“We intend to further expand our sub-broker network to around 225 in the short term period for our derivative division across India”, said Mitesh Rasaikar, Chief Executive Officer (Marketing & Finance), Maya Iron Ores. “By the end of 2010, we intend to have a significant market share for the multiple commodities which traded in the Indian exchanges.”