KARACHI, Aug 9: The National Commodity Exchange Limited (NECL) has responded to a news-item published in Dawn on Thursday (Aug 9) to inform that it has at present 256 members on its roll. It has already started trading gold futures contracts from May 11 last.

According to a press release, the current NCEL membership fee is Rs2.5 million. The membership has been opened up to all interested persons with no discrimination, thus creating a level-playing field with no artificial barriers to entry, hence no concept of a closed club membership.

Our reporter adds: The story was based on observations and comments made by active players of the market who apprehend a replay at the NECL of what had happened at the stock exchange in the last five years.

Trading was suspended in a few instances, inquiries were made but were never made public. No head ever rolled.

A lot has been written, much more has been said on the television channels on stock exchange affairs.

As for commodities, less said the better. Consumer was never so helpless and vulnerable as he has been over the past seven years.