Commodity market regulator Forward Markets Commission (FMC) has allowed ICEX, a national-level exchange, to levy a flat transaction fee for three more months till May.
Indian Commodity Exchange Ltd (ICEX), which started operation on November 21, was initially allowed to charge a flat transaction fee of Re 1 for a turnover of Rs 1,00,000 until February 26.
"The Commission on March 12 has permitted the ICEX to levy transaction charges of Re 1 per Rs 1,00,000 turnover for a further period of three months up to May 26, 2010," the Forward Markets Commission (FMC) said in a statement.
Transaction fee is paid by members (commodity brokers) of an exchange and is calculated at the rate of every Rs 1,00,000 of business and on the basis of their daily turnover on the bourse.
The transaction fee at ICEX is proportional to the total daily turnover unlike three other national commodity exchanges -- MCX, NCDEX and NMCE -- which have kept Rs 1-4 as transaction fee depending upon daily turnover slabs.
At present, leading agri-commodity bourse NCDEX is charging Re 1 as transaction fee on members, whose daily turnover is over Rs 125 crore, while NMCE members are paying the same fee for turnover of over Rs 200 crore.
Top commodity bourse MCX charges Re 1 on daily turnover of over Rs 1,000 crore.
ICEX is promoted by PSU MMTC Ltd and Indiabulls Financial Services. Indiabulls owns 40 per cent stake, MMTC 26 per cent, Indian Potash Ltd 10 per cent and KRIBHCO and IDFC have 5 per cent each in the exchange.
ICEX has made a business of Rs 1,16,682 crore since the launch of the exchange in November 2009.
