5Paisa, one of the leading discount stockbrokers in India, is all set to open up commodity trading to its clients. This has come after the stockbroker got the confirmation from MCX (Multi Commodity Exchange) and SEBI (Securities and Exchange Board of India) a few days back.
Till now, 5Paisa offered trading and investment services in Equity, Currency, Derivatives, Mutual Funds, IPO & Insurance. With the addition of Commodity in its armour, the broker has been able to fill up a big gap in its proposition to potential clients.
In a filing with the Bombay Stock Exchange, the company official said, “MCX has approved our application for membership of MCX as Trading-cum-Clearing Member. This will enable 5 Paisa Capital Limited to provide a platform for trading in commodities derivatives to its customer and/or itself trade in commodities through MCX.”
The licence provided to the discount broker is permanent in nature and is valid till it gets revoked or is surrendered by the discount broker itself.
Furthermore, 5Paisa is the only discount stockbroker in India which is listed on the stock market and the stock saw a 5% improvement post this news.
To check more about the discount broker, you can check this detailed review on 5Paisa.