MCX Clearing Corp says won't accept aluminium, copper without standard mark
This story was originally published at 15:20 IST on 3 October 2024
Register to read our real-time news.Informist, Thursday, Oct. 3, 2024
MUMBAI – The existing stocks of copper and aluminium stored at the Multi Commodity Exchange Clearing Corporation Ltd.-accredited warehouses but not bearing the requisite 'Standard Mark under license from BIS', will not be eligible for trade and delivery effective Dec. 1, it said in a release on Tuesday.
The decision stems from the Quality Control Orders notified by the Ministry of Mines on Aug. 31, 2023, for aluminium and copper, which will come into effect from Dec. 1, the release said.
Since the delivery settlement for the November 2024 expiry contracts falls on Dec. 2, goods not carrying the 'Standard Mark' will not be eligible for delivery from contracts expiring from November 2024 and onwards. Beneficiary holders are therefore, required to withdraw the said goods from the accredited warehouses, the Multi Commodity Exchange Clearing Corporation Ltd said.
Further, it has advised the depositors who intend to deposit aluminium and copper for November 2024 and onwards expiry contracts to fulfil the following requirements:
1. Goods are required to bear Standard Mark under a license from the Bureau of Indian Standards.
2. The copy of the license document issued by the Bureau of Indian Standards in the name of producer has to be submitted at the time of deposit in accredited warehouses.
3. The warehouse shall check the authenticity of the document submitted by the depositor and verify the Bureau of Indian Standards licence of the producer.
These requirements are in addition to the existing rules, it said. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Abhijit Doshi
Edited by Vidhi Verma
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
