National Spot Exchange launches Pulses Contracts

Business

bbc-Staff

By Staff

Mumbai, Nov 9 (UNI) National Spot Exchange Ltd (NSEL), a national level online commodities trading platform, has launched compulsory delivery-based pulses contracts for spot trading here.

The contracts were inaugurated yesterday by Forward Markets Commission Chairman B C Khatua, IAS.

During the event, a Memorandum of Understanding was also signed between NSEL and Pulses Importers Association of India (PIA) for PIA members online delivery-based trading and a neutral and transparent platform to hedge their price risk against fluctuating prices.

The launch was marked by presentations on the dynamics of the pulses industry, the impact it has on the economy and the scope for pulses trading on NSEL by several eminent dignitaries.

NSEL Managing Director and Chief Executive Officer Anjani Sinha said, ''The contracts, developed to provide an efficient spot delivery platform, underscores NSEL's penchant for rolling out reliable and transparent contracts that are tailor-made to suit industry's requirements. These contracts will be of significant benefit to importers, pulses millers, traders, physical market participants, corporates as well as the Government agencies like MMTC, NAFED, STC, PEC, which are engaged in import of pulses.'' PIA President K C Bhartia said, ''We are happy to have this alliance with NSEL and that within a month it has launched four successful contracts. We are sure this alliance will play a vital role in improving the agriculture sector as well as benefiting the industry participants on a wide scale.'' Pulses contracts of T+7 have been made available for trading.

The contracts will result in compulsory delivery. The minimum lot size is 10 MT. The price of the contract will be made Ex-Warehouse, Mumbai inclusive of import duty, mandi cess and exclusive of Sales Tax/VAT.

UNI AR RN NP1216