On Tuesday, NCDEX reduced its transaction charges to Rs 3 per lakh on turnover between 10 am and 3.30 pm and to 5 paise for similar turnover after 3.30 pm until the end of trade, as per the circular issued by the exchange.
To discuss and review the matter of transaction changes, the FMC had called a meeting with NCDEX officials on Wednesday.
"We have asked some more details from the exchange. We will meet again on Thursday and discuss the matter," BC Khatua, chairman FMC told FE.
The exchange may continue with the new slab of transaction charges till the FMC takes its decision.
"We have not withdrawn the circular yet and there is a status quo on this issue. We have taken the decision to reduce charges as per the demand of the market and we believe that our decision is rightful and practical," Unupom Kausik, chief business officer, NCDEX, said.
This decision has been taken to generate more trading volume and attract players to increase speculative volume of exchange members in the major international commodities like gold, silver, copper and crude oil. The new charges will cut down transaction costs of exchange members, trade sources said.
"In the current scenario, I think the market needs such kind of relief for trading brokers to generate new business," a day trader said.
It can be noted that Mumbai based national commodity exchange charges Rs 4 per lakh worth trade whereas, NCDEX, as per the new circular, is charging 5 paise per lakh. This means the normal fee of 5 paise per lakh average daily turnover is applicable from 3.30 pm onwards and this is the when most of the trading takes place due to global trade linkage for bullion, crude oil, and non-ferrous metals.