JRG makes DP services in commodities free

Kochi, Nov 16 | Updated: Nov 17 2005, 05:30am hrs
In an attempt to bring more small players into commodity futures, leading broking firm JRG Securities has introduced a special offer of free depository services. Company managing director Reji Jacob said that JRG was empanelled with MCX and NCDEX through NSDL to provide demat facilities to the clients and provide a platform for them to avail of the enormous advantage of dematerialised warehouse receipts.

JRG was doing more than 7.5% of the total commodity futures trade in the three national exchanges in the country which was around 1,90,000 trades a day from over 9,000 trading centres with a daily turnover of over Rs 12,000 crore. A major advantage of the service was easy funding by banks against demat receipts. The company had made arrangements with Punjab National Bank, Karur Vysya Bank and Federal Bank to help clients participating in futures trade to avail of loans against their warehouse receipts, company executive director Giby Mathew said.