MCX's turnover not hit by IT raids

NEW DELHI: Commodity exchange MCX on Tuesday said its business was not affected by raids conducted by the Income Tax Department.

The exchange recorded a turnover of Rs 3,008.58 crore, slightly higher than Monday's Rs 2,950.7 crore, an MCX spokesperson said.

"The turnover till 5 pm has infact increased by about two per cent from yesterday," he added.

MCX records average daily turnover of Rs 7,000 crore, which includes trading volumes of evening session after 5 pm.

The turnover recorded by MCX yesterday stood at Rs 9,669 crore.

The Income Tax Department has conducted raids on the Multi-Commodity Exchange and its "associates" in Mumbai on Tuesday, but there were no searches on stock brokers.

Though an official statement issued in this regard did not name MCX, sources said raids were conducted on the premises of MCX and one of its Ahmedabad-based official.

Surveys were also being conducted on the exchange branches in Ahmedabad, Bangalore, Chennai, Delhi and Kolkata, the statement added.

However, there was no raid on any share broker connected with any stock exchange, the statement said.