I-T dept searches MCX offices

The income tax (I-T) department today conducted searches on the Multi Commodity
Exchange of India's (MCX) offices in Mumbai and a few other cities, top department officials said.

A finance ministry release said the department has searched the offices of
a leading commodity exchange, but did not name MCX.

Joseph Massey, deputy managing director, MCX said it was a "routine
investigation" by the I-T department at the exchange.

Meanwhile, the other major commodities bourse in Mumbai, the National
Commodities and Derivatives Exchange, today clarified that the I-T department has not searched or raided its premises.

PTI adds: The MCX has sought details from its members about their clients
who have traded for value exceeding Rs 1 lakh on the exchange platform
between January and March this year and are based in Mumbai.

MCX members felt that the exchange should not provide the details to any other
authority except the market regulator Forward Markets Commission (FMC)
unless the income tax authority asks for details of any particular transaction or a trader.

Updated at 1300 hrs: The income tax (I-T) department is today conducting a search on a commodity exchange and its associates in Mumbai.

Surveys are also being conducted on its branches in Ahmedabad, Bangalore, Chennai, Delhi and Kolkata, the I-T department said in a statement.

There is no search in the case of any share broker connected with a stock exchange, the department added.