Turnover on NCDEX dipped 26 per cent in the first half of the trading session to ₹1,864 crore on Thursday from ₹2,535 crore logged in the same period on Wednesday, largely due to ban on castorseed trading on Wednesday.
Castorseed was among the top traded commodity on the exchange registering a turnover of ₹9,460 crore in December and it was ₹13,142 crore in November. In January, the turnover recorded was ₹7,997 crore before trading was suspended on Wednesday.
The sharp drop in prices and excessive speculation despite the exchange levying stiff margins and curbing open interest led to ban on trading in the contract.
Meanwhile, the market watchdog SEBI has asked the Exchange to explain the trigger for ban in trading of castorseed futures abruptly without giving traders to square off their position or giving an opportunity for delivery of the commodity.
The exchange, on Wednesday, said the decision was taken to maintain market equilibrium, safeguard market integrity and in the general interest of commodities market.
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