India's NCDEX bars fresh position in turmeric August contract

Aug 7 (Reuters) - India's National Commodity and Derivatives Exchange (NCDEX) has barred traders from taking fresh positions in turmeric August contract from Tuesday until the expiry of the contract.

"Only squaring up of existing positions will be allowed," a statement on the exchange's website said late on Monday.

NCDEX has said that financial gains made by any violation of the directive will be deposited in the Investor Protection Fund of the exchange.

The exchange also levied an additional margin of 5 percent on long and short side of castor seed effective Wednesday. The margin will be applicable on all the existing and yet-to-be launched contracts of castor seed.

(Reporting by Meenakshi Sharma; Editing by Gopakumar Warrier)

Source: http://in.reuters.com/article/2012/08/07/india-turmeric-exchange-idINL4E8J711J20120807