- Can orders be canceled during market hours or only during the cancellation session between 9:45 AM - 9:59 AM?
- Can all type of orders be canceled during order cancellation session or only the Good Till Cancel (GTC) orders?
- Sometimes the trading session is open only from 2 open (5 pm onwards) and not the morning session. What could be the reason for this?
- What is the source of the spot price commodities and how often does it change?
- What information is captured by the exchange from the participants during the intent period?
- What is the basis of matching the buyers and sellers intention by exchange?
- What is the spot price volatility calculation method?
- Who takes care of invoicing of duties, taxes etc?
All pending orders can be cancelled anytime during the trading day. Between 9.45 am and 9.59 pending orders as of the previous day can be cancelled before the start of trade.
That is due to international markets operating on Indian public holidays.
The spot prices of Indian agricultural commodities are sourced by the spot team through the Price pooling mechanism which basically consists of a set of buyers as well as sellers who are inducted into the respective product committees.
Sellers express intent of delivery during the intention period as per the defined time slots. For Agri commodities, it is before 2.30 PM and for bullion, it is 7.30 PM.
As per SEBI guidelines, preference is given to buyers who have express intent of taking delivery and rest is allocated randomly.
MCX does not calculate the spot price volatility.
Raising tax invoices for delivery is the primary responsibility of the seller member/client. Exchange acts as a facilitator in the transfer of invoice between the buyer and seller.
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