Axis Securities, the broking arm of Axis Bank, 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 became the first bank led broking entity to take membership of a commodity exchange.
Axis Securities rolls out commodity derivatives
All existing and new clients of Axis Direct can now trade in agriculture commodity contracts like soyabean/soya oil, castorseed, chana, jeera, guarseed, kapas, etc, including the non-agri commodities, it said in a release.
As an introductory offer, Axis Direct is providing lower brokerages where customer will be charged only 0.03 per cent for futures trades, which is less by 40 per cent when its compared with 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.