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Our Bureau

Mumbai, July 30 The country’s first online spot trading platform, National Spot Exchange Ltd (NSEL), a Financial Technology initiative, has commenced mock trading on pan-India basis in 10 agriculture commodities.

The trading is expected to go live by August-end and will have delivery centres in Gujarat, Maharashtra, Karnataka, Kerala and Bihar, and non-agri commodities at different parts of the country as delivery centres.

The exchange plans to launch black pepper, castor seed, coriander, cumin seed, cotton (long and medium), rubber, tur, urad, gold and silver.

The exchange, which launched its membership drive in June, has received 285 applications for membership and another 500 entities have evinced interest.

Mr Anjani Sinha, Managing Director & CEO of NSEL, said, “Mock trading is a replica of the systems and procedures used for live trading. It provides on line pan-India negotiation platform for the farmers, traders, processors, exporters, importers, arbitrageurs, investors and the general mass relating to agricultural marketing.”

The exchange recently signed an MoU with Gujarat Agro-Industries Corporation to bring about 1,200 franchise network on its platform and will work as a conduit between farmers and NSEL.

NSEL has partnered with IL&FS in the Government endeavour to create one lakh Common Service Centres in six lakh villages. “About 12,000 CSCs are already live and will have access to NSEL data. The service centre agencies will help farmers to take advantage of the platform,” Mr Sinha said.

The contracts are market oriented with minimum lot size as one quintal for wider participation from marginal farmers to sell their produce. The single-day contracts will be of area specific delivery centres. Delivery on T + 1 and T + 3 basis.

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National Spot Exchange starts mock trading in 10 agriculture commodities

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