Axis Securities launches trading in commodity derivatives with NCDEX
Axis Securities, the broking arm of Axis Bank, Wednesday said it has launched trading in commodity derivatives with the National Commodity and Derivatives Exchange (NCDEX).
The firm in August had launched trading in commodity derivatives with the Multi Commodity Exchange (MCX), and become the first bank led broking entity to take membership of a commodity exchange.
All existing and new clients of Axis Direct can now trade in agriculture commodity contracts like soybean/soya oil, castor seed, chana, jeera, guar seed, kapas, etc, including the non agri commodities, it said in a release.
Arun Thukral, managing director and chief executive officer, Axis Securities, said the firm intends to run investor awareness campaigns across all major agri hubs in the coming months to build awareness about hedging products at a grassroots level.
As an introductory offer, Axis Direct is providing lower brokerages where the customer will be charged only 0.03 per cent for futures trades, which is less by 40 per cent when its compared with the competition, the release said.
Also for options trades, it will be charging only Rs 50 per lot where the industry standard is Rs 250 per lot, which makes it 80 per cent cost-effective, it added.
Vijay Kumar, managing director and chief executive officer, NCDEX, said Axis Securities would serve as an effective link in providing a hedging platform to bank clients who have availed loans against agri commodities.
(With inputs from agencies.)