Axis Bank subsidiary Axis Securities has started offering trading in commodity derivatives on the Multi Commodity Exchange of India (MCX), making it the first subsidiary of a bank to offer the service. The trading can be done through the firm’s Axis Direct. The Reserve Bank of India had allowed bank subsidiaries to provide commodity broking services with the intention to deepen the market. Now Axis Direct has expanded its overall investment product bouquet, which now includes equities, mutual funds, SIPs, IPOs, derivatives, bonds, NCDs, ETFs, company fixed deposits and overseas trading. Arun Thukral, MD & CEO, Axis Securities said the company will be the first bank led brokerage firm to launch commodity derivatives trading. The broking firm will also allow its members to trade on the National Commodity Derivatives Exchange (NCDEX) platform by end-September, Thukral said.
