Ace bourse to launch metal, energy futures

Apart from continuing its focus on castor, the Kotak Group-promoted Ace Derivatives and Commodity Exchange Limited will be entering into metal and energy domain. In all, the country’s fifth national commodity bourse is eying to have futures contracts in 12 commodities in next six months.

"We will be launching futures in verticals like metal, energy and agriculture. However, castor should become a benchmark commodity for our exchange," said Dilip Bhatia, chief executive officer, Ace Derivatives and Commodity Exchange Limited. "The bourse does the highest trading of castor at Rs 15-20 crore per day," he added. For its existing membeRsof around 60, the bourse recently brought down the minimum deposit rate from Rs 8 lakh to Rs 2 lakh, annual subscription to Rs 5,000 and lock-in period to three months instead of three years.

 

The exchange, which upgraded itself to a national exchange from a regional exchange (Ahmedabad Commodity Exchange), has applied with the sector regulator Forward Markets Commission for permission to offer non-agricultural items like crude, gold and bullion.

As against a business of Rs 167 crore during October last year, the ACE Derivatives and Commodity Exchange did a business of Rs 210 crore on Thursday, said Bhatia.