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G. Chandrashekhar

Mumbai, Dec. 29 One of India’s most modern commodity futures exchanges, the National Commodity and Derivatives Exchange (NCDEX), has become the target of a disinformation campaign in the marketplace for sometime now. There is a lot of speculation about the future of the exchange. Much of it is unwarranted, according to those in the know.

Admittedly, trading volumes at the exchange have been hit following Government embargo on trading in some sensitive agricultural commodities; but the move has nothing to do with the functioning of the exchange itself.

Recently, some senior exchange officials had put in their papers. The latest rumour to fly thick and fast, including in the electronic media, is the proposed resignation of NCDEX Managing Director and Chief Executive Officer, Mr P.H. Ravikumar. The exchange has been at pains to categorically deny the so-called news report as totally baseless.

A senior official of the exchange told Business Line that there was absolutely no truth in the report of the NCDEX chief quitting or even proposing to quit. “We have sent a notice to the television channel that sought to spread the false story,” the official said.

On the recent resignation of some officials, he pointed out that whenever a post fell vacant, it was filled soon by appointing the most appropriate candidate and the working of the exchange had never suffered.

Market watchers believe the campaign against NCDEX could be a motivated one. 2007 has not been such a great year after all for commodity futures trading as overall volumes have taken a hit. Slowing investor interest in commodity derivatives is seen creating a more fierce competition among exchanges.

More Stories on : Commodity Exchanges | People

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