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Our Bureau

Coimbatore , Jan 29

THE UPASI Commodities Exchange Ltd (UCEL), the first exchange constituted by the producers' body, has set the stage for futures trading in tea. "We are planning to go live before the end of February," Mr B.R. Bhansali, Chairman, UCEL, told Business Line.

After successfully completing one demonstration session at the Tea Trade Association, the UCEL board is now confident of commencing the trading session within the next four to five weeks.

In the initial phase, UCEL is planning to take up only two grades of tea (Orthodox BOP and CTC - RD). Mr Bhansali indicated the UCEL board was contemplating the introduction of a third grade - CTC (PD) - very soon.

To a query on whether UCEL would consider trading of other plantation commodities such as rubber, coffee and spices, he said, "At a later date, may be.

As of now, we are only looking at tea.

The exchange is capable of handling multi commodities," he added.

Coimbatore would emerge as the hub for UCEL. However, the Net-based trading would be extended to Kochi in the next stage, Mr Bhansali said.

Stating that the exchange was structured for the benefit of the growers, processors or manufacturers, traders and brokers, he said the board would conceive and develop the trading, clearing and settlement systems using appropriate technology of online trading.

The Futures Market Commission (FMC) had, almost two years back, permitted the apex body of planters - UPASI to trade in tea futures, but until now the proposal appears to have been shelved for want of funds.

The UCEL board, under the Chairmanship of Mr Bhansali, has finally registered the company with the Registrar of Companies in Coimbatore with an authorised capital of Rs 25 lakh. Mr Bhansali said that the capital investment alone was estimated at over Rs. 1 crore.

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