Financial Daily from THE HINDU group of publications
Friday, Oct 01, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 01, 2004 |
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Agri-Biz & Commodities
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Jute Jute exchange awaits FMC nod to resume futures trading Our Bureau
Kolkata , Sept. 30 THE East India Jute & Hessian Exchange (EIJHE) is expecting a formal clearance from the Forward Markets Commission (FMC) shortly for the re-introduction of futures in jute goods. According to Mr Dinesh Mohan Tiwari, the out-going president of the exchange, discussions have already been held between the members of EIJHE and the senior officials FMC, including its chairman, Dr Kewal Ram. "We have made necessary amendments in the bye-laws of the exchange as asked by FMC. Our accounts and elections of the new board members have also been normalised. We are expecting the FMC clearance any day," Mr Tiwari told reporters after addressing the 47 the annual general meeting. It was also learnt that FMC asked the EIJHE to raise the standards of the exchange to the level of the newly formed multi-commodity exchanges like NCDEX and MDEX. "We have assured the FMC officials that we would introduce online within six months from the re-introduction of futures in jute goods. We would start off with a local area network", he said. The biggest disadvantage of EIJHE is that it is a single commodity exchange and its membership is restricted only to the local jute goods traders. In fact, its members have declined from 375 to 320 during the last six-seven months as the activities in the exchange came to a halt. EIJHE has created a high-powered committee to look into the controversial aspect of new membership, which caused all the problems of the exchange. "Whatever decision the committee takes, the exchange would abide by it", he said. Mr Arun Kumar Seth, the former president of EIJHE, said that in all probability FMC would first give permission for the November delivery and then it would followed by the February delivery. "We have also asked the FMC to give us permission to introduce raw jute future trading. This is a long-standing demand from the exchange. FMC said that it would be considered at a later stage", Mr Seth said.
More Stories on : Jute | Commodity Exchanges
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