MCX receives ‘Exchange of the Year’ award by
ASSOCHAM
Multi Commodity Exchange of India Ltd (MCX),
India’s No. 1 commodity exchange has been named ‘Exchange of the Year’ by
ASSOCHAM at their 15th Commodity Futures Market Summit &
Excellence Awards. The awards ceremony held today in New Delhi recognized MCX’s
excellence in offering diverse product suite, providing a robust and efficient
platform for price discovery and risk management, and its pioneering efforts at
inclusion and market development.
The award was presented by Shri C. R. Chaudhary, Hon’ble
Minister of State for Consumer Affairs, Food and Public Distribution, Govt. of
India to Mr. Mrugank Paranjape, MD & CEO, MCX.
MCX offers a diverse portfolio of risk management products and
has seen strong growth across its products in the base metals, bullion, energy
and agri segments. During the year 2016, Multi Commodity Exchange of India Ltd
(MCX) witnessed a period of growth and development, despite the numerous
challenges faced by the Exchange arising from international and domestic
factors.
The total turnover of MCX during the year 2016 was Rs.61.12 lakh
crore, an increase of more than 10 percent from 2015. MCX’s market share
increased from 84% to 90% over the same period.
This feat was achieved despite
a prolonged strike by jewellers, cancellation of the ‘legal tender’ status of
high-denomination currency, continued depressed prices of crude oil and such
challenges. In the process, the Exchange could maintain its undisputed
leadership position in the Indian commodity market space.
Receiving the award, Mr. Mrugank Paranjape, MD &
CEO, MCX said, “We are honoured to receive this endorsement by
ASSOCHAM that acknowledges the position of MCX as the centre of choice for risk
management and the leading exchange for trading commodity derivatives in
India.”
“As the global commodity markets become increasingly connected
and dynamic, risk management plays a growing role across commodity value chain
participants as they utilise our products to manage exposure against volatile
markets. We remain committed to expanding across our product range that
are relevant to the ever-growing needs of our member community, and
strengthening our infrastructure. Most importantly, I would like to thank our
stakeholders, market participants, and our employees for their continued
support and trust in MCX”, he concluded.
Speaking on the occasion, Mr. Sandeep Jajodia,
President, ASSOCHAM said, "MCX is the deserving winner of
‘Exchange of the Year’ award, for addressing an acute hedging need for the
commodity market stakeholders. MCX is a highly efficient platform for the
commodity chain participants, to manage their price exposures in a more
efficient manner. It make the commodity markets more vibrant, inclusive, and
competitive.”
“A review of process and procedure facing commodity markets
calls for a more focused and pragmatic approach by government, regulators and
exchanges for making it a vibrant segment for value chain members”, added Mr.
Jajodia.
Mr. D. S. Rawat, Secretary General, ASSOCHAM said
“I would like to congratulate MCX for this well-deserved feat. In the emerging
paradigm of the commodity derivatives market in India, exchanges such as MCX
have been efficiently serving the hedging interest of the commodity value chain
participants.”
“ASSOCHAM urges the government to allow more products and market
players and also make our exchanges attractive to various stakeholders of the
commodity market”, stated Mr. Rawat.
About MCX:
Having commenced operations on November 10, 2003, Multi
Commodity Exchange of India Limited (MCX) is India’s first listed,
national-level, electronic, commodity futures exchange with permanent
recognition from the Government of India. The current market share of MCX
stands at 90%. MCX offers the benefits of fair price discovery and price risk
management to the Indian commodity market ecosystem. Various commodities across
segments are traded on MCX.
These include bullion, energy, metals and agri
commodities. The exchange has forged strategic alliances with various
international exchanges, as well as Indian and international trade
associations. For more information about MCX and its products visit www.mcxindia.com.
For further details, contact:
Shivani Sharma
Manager - Communications
Mobile: +91 98333 76243
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