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Turnover on commodity futures exchanges zoom
Mumbai: With the total turnover on the various commodity exchanges (Comexes) combined averaging nearly Rs5,300 crore a day in the first fortnight of July, commodities trading in the country is already indicating a substantial growth. The cumulative total turnover of first half of July has crossed Rs68,502 crore, up 10% from Rs62,210 crore registered in the second fortnight of June.

According to data provided by the commodities futures market regulator, Forward Markets Commission (FMC), just two exchanges have posted nearly 94% of the total July turnover.

The National Commodity and Derivatives Exchange (NCDEX) has topped with Rs37,423 crore (Rs 34,604 crore), followed by the Indore-based Multi-Commodity Exchange (MCX) at Rs26,630.84 crore (Rs21,652 crore).

The National Board of Trade (NBOT) at Rs2,159.79 crore (Rs2,591 crore), the Chamber of Commerce, Hapur, at Rs736.67 crore (Rs824 crore) and National Multi Commodity Exchange (NMCE) at Rs508.29 crore (Rs493 crore).

Other exchanges that have registered a turnover of Rs100 crore and above are Ahmedabad Commodity Exchange at Rs319.78 crore (Rs216 crore), Rajkot Seed Oil and Bullion Merchants Association at Rs222.65 crore (Rs220 crore), Delhi-based Rajdhani Oil & Oilseeds Exchange at Rs118.10 crore (Rs123 crore) and Muzaffarnagar-based Vijay Beopar Chamber at Rs139.26 crore (Rs275 crore) and the Bikaner Commodity Exchange at Rs103.90 crore (Rs115 crore).

The figures in bracket correspond to the figures of June in the last fortnight.
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Portfolio management schemes from Fortis Securities
Kolkata: Fortis Securities Ltd (FSL), the stock broking arm of the Ranbaxy group, is all set to scale up operations further, through three newly launched portfolio management schemes (PMS), labelled Tortoise, Panther and Hawk Eye.

The schemes will require a minimum investment size of Rs25 lakh.
Tortoise, as the name suggests, aims at a gradual growth in the value of portfolio - a concept that may well appeal to an investor who adheres to the `low risk-low return' dictum. Panther and Hawk Eye target the `high risk-high return' and the `moderate risk-moderate return' categories.

All three schemes will use derivatives in varying degrees.
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NSE transactions: No stamp duty for deals outside Maharashtra
Mumbai: State authorities have clarified that the newly introduced stamp duty on securities transactions will not be applicable to stockbrokers having membership in the National Stock Exchange but located outside Maharashtra.

Krishna S. Vatsa, Revenue Secretary, Government of Maharashtra has said that the stamp duty would not be applicable to brokers having offices and trading platforms outside the jurisdiction of Maharashtra, although the NSE server is located in Mumbai.

Vatsa also said that the State Government is faced with the problem of getting the data from NSE for calculating the stamp duty. According to him the State did not want a `assessment based' stamp duty collection, but the NSE was insistent upon this system. He said that the State wanted to levy stamp duty based on transactions, as the `assessment based' system was full of loopholes and left room for corruption and evasion.

The State Legislature had passed the Bill on stamp duty last week. However, stockbrokers, especially those trading on the NSE, are unclear about payment of the stamp duty, especially when the actual transaction has taken place outside Maharashtra.

Some Delhi-based brokers have even approached the court over the issue.

With news circulating in the market that the Andhra Pradesh Government is bringing a levy, similar to the one that Maharashtra has introduced, the brokers are faced with the spectre of more State Governments following suit.
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