New Member At NCDEX

Kochi, March 28 | Updated: Mar 29 2004, 05:30am hrs
Yet another player has entered the commodities futures trade in Kerala. Comex Services Ltd, a brokerage house with membership in the National Commodity and Derivatives Exchange Ltd (NCDEX) began operations on Saturday.

Comex CEO T Vidyasagar, a former IPSTA president, said the brokerage house would be the first in the state to get into only commodity futures unlike other house in the state which have had a footing in the capital market. He said that the brokerage house was promoted and supported by a group of businessmen experienced in commodities trade with Mr Sunil Arora as main promoter and an advisory panel comprising himself and G Ramachandran, consultant to the World Bank and the Centre and specialists in the field of derivatives.

The house did not plan to confine its activities to Kerala and would be soon opening branches in Mumbai and Delhi and then moving to other centres in the country. It was already on the look out for business associates.

The house was also considering getting into the spot market. Mr Vidyasagar said the physical commodity market in the country was worth over Rs four lakh crore and the futures market would be several times more.

The brokerage house was formally inaugurated by NCDEX chief business officer Narendra Gupta who promised all help to Comex. The list of commodities for trade include gold silver, rubber and pepper in which trade is already on a big way in Kerala.