Financial Daily from THE HINDU group of publications
Saturday, Dec 13, 2003
Financial Daily from THE HINDU group of publications Saturday, Dec 13, 2003 |
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Agri-Biz & Commodities
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Commodity Exchanges Online trading in rice, wheat from today Our Bureau
Kochi , Dec. 12 JRG, one of the leading brokerage houses for share and commodity trading, is commencing online commodity futures trading in rice and wheat on Saturday for the convenience of producers and dealers in Kerala and other parts of South India. The company has completed all the formalities in setting up adequate infrastructure facilities with trained staff members for the commencement of trading in rice and wheat in all parts of South India with a special focus on Kerala, Mr Giby Mathew, Managing Director, said at a press conference here on Friday. The minimum trading and delivery unit for wheat and rice will be 10 tonnes. The online trading is to be initiated by the National Multi-Commodity Exchange of India under their prescribed rules, regulations and specifications. The variety of rice initially will be Parimal, PR-106, IR-36, IR-64 and Hamsa. The trading will take place from Monday to Saturday. The contract minimum period will be two months and maximum will be 12 months with a price band of 5 per cent above and below the last traded price and 10 per cent above and below the last closing price. The delivery centre will be all centres of the Central Warehousing Corporation. The company would provide opportunities to customers to trade in all types of commodities, he said. Mr Regi Jacob, Chairman, JRG Wealth Management, said that it had begun discussions with rice and wheat producers and dealers in the State for providing support and guidance to them in online commodity trading contracts. Through this system, producers and dealers can participate in establishing a demand-driven market in the country, and thereby strengthening the local economic development. JRG, which started functioning in 1992 as a broker for NSE and NMCE, today has a network of 52 branches across South India.
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