I-T search on MCX offices

The Income Tax department today conducted searches on the Multi Commodity Exchange of India's (MCX) offices in Mumbai and a few other cities, top officials in the department said.

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

MCX Deputy Managing Director Joseph Massey said it was a "routine investigation" by the IT department at the exchange. Meanwhile, the other major commodities bourse in Mumbai, the National Commodities and Derivatives Exchange, today clarified that the income tax 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.

The notification said: "All the members shall submit the details of their clients who executed transactions of value exceeding Rs 1 lakh and who are located in Mumbai and Navi Mumbai."

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