About Us Online Trading Our Services NRI Institutional Broking Equity and Derivatives Depository Services Currency Derivative Commodity PMS Insurance Market Equity Commodity Derivatives IPO Mutual Fund Commodity RESEARCH MEDIA PARTNER US LOCATE US   Currency Derivatives Currency Derivatives Benefits FAQs Contact Us Milestones SATCO . has always been the forerunner in initiating any new financial product and have launched trading facilities on the Currency Derivatives Segment for our clients at all three Exchanges namely NSE, BSE & MCX-SX. Thus, we bring to you a new trading segment which brings you Foreign Currency & Interest Rate Futures Trading. These asset classes, where the participation was earlier limited to Banks, Currency brokers, Licensed Money Changers, Corporate and Multinational Companies, are now available at your convenience at your finger tips. Exchange Traded Currency Derivatives In order to upgrade Indian Foreign Markets in line with International standards, a well developed foreign exchange derivative market place having strict governance and transparency was inevitable. With a view to enable entities to manage risk due to volatility in the currency market, the Internal Working Group of RBI explored the advantages of introducing currency futures and submitted the Report of the Internal Working Group in April 2008, which recommended the introduction of Exchange Traded Currency Futures. SATCO offers you these services so that you can trade in the latest market offerings at your comfort and convenience. Presently USD / INR futures are available for trading on NSE / MCX-SX / BSE. Exchange Traded Interest Rate Derivatives Interest Rate Futures are contractual agreements to buy or sell underlying interest bearing instruments on a specific future date at a pre-determined price. Exchange Traded Interest Rate Futures (ETIRF) are standardized interest rate contracts traded on the exchange. The trading in Interest Rate Futures was launched on the National Stock Exchange of India (NSE) on 31st August 2009 and will be launched shortly on MCX Stock Exchange (MCX-SX) and Bombay Stock Exchange (BSE). Salient Features of Currency Derivatives Small orders can be executed up to 1 contract or 1000 USD without any additional cost. complete Transparency of Quotes, Market Price and Price Discovery. Foreign Currency exposure not required to trade in the currency futures. Synchronization with International Market. Less Fluctuation. Low Margins. Largest Market. Interest Rate Futures benefit the investors in the following ways: Unlike Currency Derivatives FIIs and NRIs are permitted to trade in ETIRF. Provides flexibility of multiple securities deliveries for one contract. Provides flexibility of timing for securities deliveries. Provides flexibility between square-up and delivery settlement of position. Can be traded from the existing Currency Derivative Facility. Benefits with SATCO Membership of all the stock exchanges. Pan India Presence. Regular updates of the market via SMS & Intraday technical & fundamental updates.    What is currency trading? While trade is international, currencies are national. As international transactions are settled in global currencies, usually they are bought / sold for one another and this constitutes 'currency trading'.      Why Exchange Traded Currency Derivatives? Broader participation Efficient risk management systems Provide transparent trading platform Efficiency in price discovery Eliminate counterparty credit risk Provide access to all types of market participants Offer standardized products & settlement cycles Small order up to 1 contract or 1000 USD can be executed Underlying exposure is not mandatory     What are the advantages of trading with SATCO? SATCO Is the India’s First Financial Service to offer currency trading on internet trading platform. SATCO. Brings to you state–of-the-art trading services. It offers you safe, transparent and easy ways to trade It offers a bevy of incomparable advantages which make the experience of trading online swift, efficient and pleasant. SATCO offers you an added advantage to enjoy the reach of our distribution network all over India . Every investor is unique and no two participants follow the same investment pattern. SATCO provides thorough and unbiased research to help participants take informed decisions. With daily, weekly and monthly newsletters and intraday recommendations on SMS, you will truly benefit from our research expertise.      What are Exchange Traded Currency Futures? Are standard contracts of a specified quantity To exchange one currency for another At a specified date in the future called settlement date At a price that is fixed on the purchase date called futures price     What is currency futures contract? A currency futures contract is standardized version of forward contract that is traded on a regulated exchange. It is an agreement to buy or sell a specified quantity of an underlying currency on a specified date in the future at specified rate. (USD1 = INR 48.00). Note: USD is abbreviation for the US Dollar and INR for the Indian Rupee)      What is OTC Market? OTC is the abbreviation of ‘Over the Counter’. It has no central marketplace and is linked to a network of dealers / traders who do not physically meet but instead communicate through a network of phone calls & via computers. OTC contracts are typically customized based on negotiations between counter parties. The counter party default risk depends on the counter party credit-worthiness and other factors.      Who can participate in currency futures market? Any resident Indian or company including banks and financial institutions can participate in the futures market. However, at present, Foreign Institutional Investors (FIIs) and Non Resident Indians (NRIs) are not permitted to participate in the currency futures market. Participants in the Currency Derivative Segment can be classified in to three broad categories: (A) Hedgers Given the recent geopolitical uncertainties, the foreign currency markets have been in turmoil. What little returns that can be achieved need protection by locking in your exchange rate for your exposure through currency futures. The Businessmen and investing public are increasingly exposed to global markets and the issue of protecting against foreign exchange risk becomes critical. Business Houses, Entrepreneurs and individuals who can benefit from hedging through Currency Futures: Exporters, Importers & Money Changers Individuals / HNI’s investors Borrower, FCY Loans, Corporate Commodity, Jewelers, Diamond & Bullion Traders Petroleum Product Traders Banks & Financial Institutions Professionals receiving remuneration in foreign currency Investors investing in assets exposed to currency risk (B) View Based Traders Currency futures provide investors / traders an efficient platform to observe the movement of local currency (INR) against other currency (USD) and trade. (C) Arbitragers Currency Futures provides opportunity for Arbitrage Trading by taking advantage of price difference of the same or similar product between two or more markets by striking a combination of matching deals and capitalize upon the imbalance without any additional market risk.     Can currency futures help small traders? Yes. Minimum size of USD / INR futures contract is USD 1000. This is well within the reach of small traders. All transactions on the exchange are anonymous and are executed on a price-time priority ensuing that the best price is available to all the categories of market participants irrespective of their size. Also since the profits / losses in futures market are collected / paid on a daily basis, the scope of losses for participants gets limited.      I do not have any exposure to foreign exchange risks. Does a currency futures exchange mean       anything to me? Yes, it does if you want to invest purely as an investor. You can benefit from the exchange rate fluctuations just as you can benefit by investing in equities in the stock market. However, as in stock markets, you can also stand to lose money if price movements are not keeping with what you had anticipated. Participating in currency futures exchange is risky, just as the stock market is. You should therefore be knowledgeable about the currency market if you want to participate as an investor.      How do exchange traded currency futures enable hedging against currency risk? On a currency exchange platform you can buy or sell currency futures. If you are an importer you can buy futures to 'lock in' a price for your purchase of actual foreign currency at a future date. You thus avoid exchange rate risk that you would otherwise have faced. On other hand if you are an exporter, you sell currency futures on the exchange platform and 'lock in' a sale price at a future date.     What are the risks involved in the currency futures market? Risk in currency futures pertain to movements in the currency exchange rate. There is no rule to determine whether the currency rate will rise or fall or remain unchanged. A judgment on this is the domain of experts with deep knowledge and understanding of the variables that affect currency rates.      What are the factors that affect the exchange rate of currency?       India? A country’s exchange rate is typically affected by the supply and demand for the country’s currency in the international foreign exchange market. The demand and supply dynamics is principally influenced by the factors like interest rates, inflation, trade balance and political and economic scenarios in the country. The level of confidence in the economy of a particular country also influences the currency of that country.     What are the contract specifications for currency futures? Presently only USD / INR are available for trading.      How do I start trading at SATCO? Firstly, you should be having a PAN Number (This is allotted by Income Tax Department, Government of India). It has been made mandatory by SEBI (Security & Exchange Board of India), for all person/s who transacted on any stock exchange to have a PAN Number. Secondly, you have to register as a client with SATCO. We have a separate Registration form for the Currency Segment which is required to be filled up. Read the instructions on the Registration form carefully, fill up all the required fields and make sure you attach the required supporting documents. Failure to do so may lead to your application being rejected. The process of Registration and activation of your account will be completed in around 7 days from the day we receive the registration form duly completed in all respect along with all your documents. After an initial deposit has been paid in by you, we will update our database and activate your ID. You shall receive a Welcome communication sent by us through courier.     I am an existing client of SATCO, can I immediately start trading in Currency at SATCO? Yes, you will have to complete the registration for the currency derivatives segment. We have a separate Registration form for the Currency Segment which is required to be filled up. The process of Registration and activation of your account will be completed in around 7 days from the day we receive the registration form duly completed in all respect along with all your documents.     Is physical delivery compulsory? No, delivery is optional. It is only when the seller puts in the intention to deliver that delivery takes place. Otherwise all contracts are cash settled or contracts are pre-specified about delivery nature for a particular Commodity.     What is the delivery procedure? The details of delivery procedure for each commodity are available with the contract specifications of each commodity.     What is Futures Contract? A derivative instrument, Futures is a type of forward contract. Futures are contracts to sell / buy standardized financial instruments or commodities on a specified future date at an agreed price. Futures contracts are used generally for protecting against adverse price fluctuation.     How is Future Prices Determined? Futures prices evolve from the interaction of bids and offers emanating from all over the country – which converge in the trading floor or the trading engine.     What are Margins? The aim of margin money is to minimize the risk of default by either counter party. The Exchanges fix rates of ordinary / initial margin keeping in view need to balance high security of contract and low cost of entering into contract.     What is the difference between Equity Futures and Commodity Futures? In equity futures the underlying asset is the equity share of any company whereas in commodity futures the underlying asset is the commodity itself.     What are the charges to trade in Commodity Futures? As of today, the charges to trade in Commodity Futures include Stamp Duty, Turn Over Charges and Service Tax.     Is options trading in commodities allowed? No, options trading in commodities are not allowed yet but in future it might be introduced.     How would the contracts be settled?? All open contracts not intended for delivery and non deliverable positions at client level would be cash settled.     Can one short sell the commodity without having physical goods / holdings in their Demat account? Yes, as this is the Derivatives contract, you can short sell without having possession of that commodity.     Is there any limit to which price of a commodity can rise or fall in a day? Yes, there are circuit limits or daily price range (DPR) to safeguard the interests of general investors from the extreme volatilities in markets for preventing any unexpected fall or rise beyond a limit.      Is there any limit to the quantity I can trade / hold in any given commodity at any point of time? Yes, there is a maximum permissible limit on holding a particular commodity for client as well as member. It varies from commodity to commodity and exchange to exchange.      Will I receive trade confirmation? Yes, you will receive contract notes for your trades. Further, your dealer / relationship manager will update you accordingly.      How do I know which quality is being traded in futures as Commodities have many qualities? The quality specification of each commodity is mentioned in the contract before it is launched, so it is always advisable to go through the details as given by exchanges.     Is Sales Tax applicable on all trades? If the trade is squared off sales tax is not applicable. Sales tax is applicable only if a trade results into delivery for the seller.     What is collateral? In case of broking business, collateral is any permissible financial instrument pledged as a guarantee for margin requirements.     Can I trade in international exchanges? FMC does not allow trading in the International Exchanges hence we are not providing this service as of now. As and when the regulators permit we will provide the servic     What is a spread position? Going long and short consecutively in two different contracts of the same commodity is known as a spread position.     What is tick size? Gold has tick size of Rs. 1 this means you have to increase / decrease the bid / ask price by at least Rs. 1. Hence, the minimum price movement of any contract is known as the tick size.      I do not want to give/take physical Delivery; will I be allowed to Trade in commodities? Yes, you can trade in commodities even without having obligation/liability of give/take physical delivery. The only condition is that that you will have to Square off your trade before the Expiry of the contract.   We believe in communication of thoughts to achieve ones goal, and going towards that spectrum of the goal, we encourage our patrons to write to us. Portfolio Management Service, PMS Dept 196, Makhija Chamber,Turner Road, Bandra – West, Mumbai 400 051. India. Tel:022-2645 6677. Fax:022-2651 67 83 Email: pms@satco.co.in Names Designation Mr. Shrikesh Kanojia Head RMS Mrs. Nehal Kothari Chief Compliance Officer Mr. KetanDivecha Head of Accounts & Treasury Mr. KetanTrivedi Head of Dealing Desk Mr. SatishIyer Head of DP &Setlement Mr. Rajiv Ranjan Business Development Mr. Sachin Lokhande Head of Technology & E-Trading. SATCO acquires Corporate Membership of the Capital Market Segment of the National Stock Exchange of India (NSE), and sets up its office in Bandra (West). It is one of the pioneers to set up a broking house in the suburbs. SATCO acquires Corporate Membership of the Capital Market Segment of the National Stock Exchange of India (NSE), and sets up its office in Bandra (West). It is one of the pioneers to set up a broking house in the suburbs. Enters Institutional Broking business Gets empanelled with various domestic Financial Institutions (FIs). Arranges a first ever 'Brokers' Get-together' with top officials of NSE, providing aommon platform for NSE members to interact among themselves se as well as with NSE officials. Opens franchises at Panjim, Goa and Hyderabad and becomes one of the first broking houses to provide on-line trading facility to investors in Goa and Hyderabad. Arranges another interactive programme for NSE members with the officials of NSE at Nehru Centre, Mumbai. Acquires membership of The Stock Exchange - Mumbai (BSE). Gets expanelled with various Mutual Funds Acquires additional 3000 sq. feet office at a prime location in a new commercial building adjacent to its existing office at Bandra (West) to expand its services network and improve the quality of services to retail, High Net Worth Individuals (HNIs) and institutional clientele. Records its highest ever turnover during the year. Offers Derivatives products Starts advisory services to clients. Consolidates its retail operations and upgrades its IT / Back Office infrastructure to cater to its growing network of branches, franchises / channel partners. Conducts various derivatives awareness programmes. Ties up with Shri Raghu Iyer, exponent in the field of Derivatives, to conduct programmes on derivatives trading strategies. Opens Fort (Mumbai) branch. Starts providing online Technical analyst services to clients. Starts offering Mutual Fund products Offers Insurance services, Life as well as General after obtaining approval from Insurance Regulatory Development Authority (IRDA). Opens a franchise at Coimbatore. Acquires membership of Multi Commodities Exchange of India. Sets up its own Portal to enable Clients to trade from anywhere in the world, receive digitally signed electronic contracts notes, view their ledger accounts and high quality research reports on companies. Expands its equity base by getting equity participation from Non-Resident Indians (NRIs). Sets up Research Department for providing Research Reports on companies to the clients. Conducts seminar at Dubai & Hong Kong to provide broking services to NRI clients at these centers. Starts DP Operations in August, 05 by becoming Depository Participant of CDSL. Launches Portfolio Management Services to clients in August, 06 after acquiring Registration of SEBI. Opens franchises at various locations in Mumbai & outside Mumbai at Surat, Cochin & Pune. Becomes Self-Clearing Member on the F&O Segment of NSE. Launches Portfolio Management Services to clients in August, 06 after acquiring Registration of SEBI. Opens franchises at various locations in Mumbai & outside Mumbai at Surat, Cochin & Pune. Becomes Self-Clearing Member on the F&O Segment of NSE. Launches Portfolio Management Services to clients in August, 06 after acquiring Registration of SEBI. Opens franchises at various locations in Mumbai & outside Mumbai at Surat, Cochin & Pune. Becomes Self-Clearing Member on the F&O Segment of NSE. Launches Portfolio Management Services to clients in August, 06 after acquiring Registration of SEBI. Opens franchises at various locations in Mumbai & outside Mumbai at Surat, Cochin & Pune. Becomes Self-Clearing Member on the F&O Segment of NSE.

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