Bombay Stock Exchange Inks MoU to allow trade in steel futures at BSE index
Stock market alert: The Steel Users Federation of India signed an MoU with the Bombay Stock Exchange to enable trade in steel futures on the BSE platform.
Stock market alert: In a bid for a better tomorrow, the Steel Users Federation of India (SUFI) signed a Memorandum of Understanding (MoU) with the Bombay Stock Exchange (BSE), to enable trade in steel futures on the trading platform. This MoU allows cooperation between two giants in order to launch steel futures on the Sensex. BSE and SUFI will work towards enlisting steel futures in both long and flat segments. This will bring stability, risk aversion and level playing field to one and all players.
Speaking on the MoU Ashishkumar Chauhan, MD & CEO, BSE said, "SUFI has achieved a remarkable success in a short span of time to bring various stakeholders of the steel industry on a common platform and is marching to achieve its objective - to achieve higher per capita consumption of steel and promoting growth and excellence in the industry, adding “We always take the participants along and only when they’re on board are new contracts launched. The synergy between BSE and industry participants will help launch even newer products, adding more value that will extend the ecosystem. I look forward to a lasting and fruitful relationship between Steel Users Federation of India and BSE. The tie-up is a key step for moving forward, opening new avenues and opportunities for the growth of steel markets in India.”
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Calling the MoU an iconic moment for the steel industry in India, Nikunj Turakhia, President of the Steel Users Federation of India (SUFI), hoped that the ensuing investment would enable the industry to scale greater heights. “This move brings equal chances for everyone to invest in steel futures. This much-needed public participation will enable the sector to offer increased employment opportunities as well.”
Underlining equal opportunities to everyone in the steel trade, Turakhia and Chauhan inked the MoU at the International Convention Hall, PJ Towers, Dalal Street. They were joined at the event by luminaries from both the Sensex body, SUFI, various trade bodies such as Steel Chamber of India, DISMA, CAMIT, CORSIA and steel mills such as Essar Steel, Tata Steel, Arcelor Mittal, etc.
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