India’s MCX Honours Corporate Hedgers and Commodity Brokers at its First ‘MCX Awards 2017’

Team Udayavani, May 7, 2017, 5:04 PM IST

Mumbai: Multi Commodity Exchange of India Ltd (MCX), one of the India’s leading Commodity Derivatives Exchange in India, hosted its first ‘MCX Awards 2017’ on May 05, 2017 at in Mumbai, to acknowledge the achievements and significant contributions made by commodity stakeholders, during the year 2016-17. The event is also organized  to make available a platform to honour the best in the industry and celebrate the performances of the partners.

A total of 26 awards were given out under six different categories including, Commodity Broker of the Year, Regional Broker of The Year, Fastest Growing Broker of The Year, among others, to the participants. Kotak Commodities Services Pvt. Ltd. was bestowed with the ‘Best Contribution to the Futures Market Eco-System’ Similarly, Anand Rathi Commodities was honoured with the ‘Corporate Broker of the year’.

Profitmart Commodities Broking Pvt. Ltd. was awarded the ‘Fastest Growing Broker of the year’ and four regional brokers from four different regions—BMA Commodities (East), Master Commodity Services Ltd. (North), Aditya Trading Solutions Pvt. Ltd. (South), and Swastika Commodities Pvt. Ltd (West) ­—were conferred with ‘The Regional Broker of the year’ award.

MCX, together with its member brokers, has relentlessly made efforts through its hedging solutions to reach out to market participants looking for an effective way to manage their commodity price risk. In the process, these commodity hedgers have also become the exchange’s partners in its market developmental efforts. Louis Dreyfus Commodities India Pvt Ltd., Manjeet Cotton, Titan Company Ltd., Siemens Ltd, Nectar Lifesciences Ltd, Choksi Heraeus Pvt. Ltd., Lykos India Pvt. Ltd, Mittal Pigments Pvt. Ltd, and Rubamin Ltd. were acknowledged under the category ‘Commodity Hedger of the year’.

Overwhelmed by the response and positive feedback MCX received for its first ‘Awards 2017’, and to continue supporting and encouraging activities that promote the commodity derivatives market in India, these Awards will be hosted annually by the Exchange, going forward. Saurabh Chandra, Chairman, MCX said, “It is a matter of great honour, pride and joy for MCX today to hold the first ‘MCX Awards 2017’—the first by an Indian exchange in the commodity derivative space.”

“MCX has remained committed to developing the market for exchange-traded commodities and continues its efforts towards engaging all participants in strengthening the eco-system. The support and contribution from all the stakeholders is critical for MCX to succeed in its efforts. I congratulate all the winners of the MCX Award, for their dedicated service and relentless work towards making the vision of a fast-growing and inclusive commodity derivatives market, a reality”,  Chandra added.