MCX up 3% as govt clears FCRA bill

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MCX up 3% as govt clears FCRA bill
The shares of the Multi Commodity Exchange (MCX) surged more than 3% on Friday after cabinet approved Forward Contracts Regulation Act (FCRA) bill.

The shares of the companyw as seen trading at Rs 1337, higher by 3.28% on BSE at 12.40 pm IST. It touched intra-day high of Rs 1360.

After the latest amendments, new products like options will be allowed in the commodity market. This will benefit various stakeholders including farmers to take benefit of price discovery and price risk management. The Bill would enhance public accountability of the Regulator by providing for an Appellate Authority

The Forward Contracts (Regulation) Act provides for the regulation of commodity futures markets in India and the establishment of the Forward Markets Commission (FMC). While the markets have been liberalized with effect from April, 2003 and modern institutional structures are in the process of being evolved, yet the market regulator, FMC is largely functioning in its traditional format.

MCX's net profit in Q1 June 2012 rose 4.37% to Rs 64.74 crore on 5.18% rise in net sales to Rs 122.97 crorem when compared to corresponding period of previous quarter.

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