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Axis Sec launches commodity derivatives trading on NCDEX

Business Finance

Press Trust of India  |  Mumbai 

Axis Securities, the broking arm of Axis Bank, Wednesday said it has launched trading in commodity derivatives with the National Commodity and Derivatives Exchange (NCDEX).

The firm in August had launched trading in commodity derivatives with the Multi Commodity Exchange (MCX), and become the first bank led broking entity to take membership of a commodity exchange.

All existing and new clients of Axis Direct can now trade in agriculture commodity contracts like soyabean/soya oil, castorseed, chana, jeera, guarseed, kapas, etc, including the non agri commodities, it said in a release.

Arun Thukral, managing director and chief executive officer, Axis Securities, said the firm intends to run investor awareness campaigns across all major agri hubs in the coming months to build awareness about hedging products at a grassroot level.

As an introductory offer, Axis Direct is providing lower brokerages where customer will be charged only 0.03 per cent for futures trades, which is less by 40 per cent when its compared with competition, the release said.

Also for options trades, it will be charging only Rs 50 per lot where the industry standard is Rs 250 per lot, which makes it 80 per cent cost effective, it added.

Vijay Kumar, managing director and chief executive officer, NCDEX, said Axis Securities would serve as an effective link in providing a hedging platform to bank clients who have availed loans against agri commodities.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, October 31 2018. 18:50 IST