The National Commodities and Derivatives Exchange (NCDEX), the country’s second-largest commodity futures exchange, has filed a writ petition against the Forward Markets Commission (FMC), the regulator for the business, challenging its authority to intervene in the levy of transaction charges.
When contacted, FMC Member Rajeev Agarwal said, “A writ petition has been filed in the Bombay High Court. On Monday, the court will decide if the petition is admissible. We are finalising our arguments, which will be submitted to the court on the day of hearing.”
The latest dispute – the second in a month — started yesterday when NCDEX informed members about its decision to reduce transaction charges by splitting the working hours. It decided to allow trades in farm products between 10 am and 5 pm and non-agro commodities between 5 pm and 11.30 pm.
The bourse also reduced uniform transaction charges to Rs 3 per lakh of value of all trades in all commodities between 10 am and 5 pm.
