Kanpur Commodities Exchange set to surpass its own target

The Kanpur Commodity Exchange has set a target of achieving a turnover of Rs 8,000 crore for the fiscal 2006-07. But this target, said its vice-president, Vivek Saran, was likely to be overhauled by January next year.

"The exchange has been successful in increasing its trading volume and through our good practices, like settlement and backing for the brokers, etc. we have been able to attract major players. The greater the number of brokers, the larger is the volume which is being generated," he added.

A major Bombay-based bulk broker firm, Kedia financial multiplex, has taken membership of the exchange. Kedia aims to work through mobile phones and will be serving about 50 clients simultaneously.

The company has taken 50 of them. Thus they will be working on behalf of their clients from the Kanpur exchange, although its administrative terminal will be in Mumbai.

There are more inquiries in the offing and Saran is confident that many others will also follow in the steps of Kedia Multiplex, which will give a fillip to the turnover of the exchange.

Part of the reason for buoyancy in the exchange trading is the delisting of the exchange from the Forward Market Commission.