Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 12, 2003 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper bourse to begin online trading from July 2 G.K. Nair
KOCHI, June 11 THE pepper futures exchange of the India Pepper and Spice Trade Association (IPSTA) is to go online from July 2. Mr Jojan Malayil, President, IPSTA, told Business Line that the Union Civil Supplies and Consumer Affairs Secretary, Mr Wajat Habeebullah, would inaugurate the online trading facility here on July 2. He said the association was expected to get the clearance from the Forward Markets Commission (FMC) for futures trading in chilli, turmeric and coconut oil later this month. He is scheduled to meet the FMC authorities in Mumbai on June 16 for discussing this issue with them. ``We are expecting the clearance after this meeting,'' and with this IPSTA would become a multi-commodity exchange. Currently, the exchange conducts futures trading in pepper and rubber, Mr Jojan said. IPSTA plans to double the computer terminals in the trading floor to 24 by June 20 and majority of the members are now conversant with the system, he said. The investment for creating this facility would come to around Rs 30 lakhs. He said more members are expected to join the domestic division. Already those from Delhi and Bangalore are active and contributing more volume. IPSTA had been working for long to introduce online trading system in the exchange but it could not materialise because of the opposition by some of its members. Ultimately, they had unanimously agreed at the general body meeting held on May 22. The meeting has also agreed in principle to the convert it as a public limited company. At present it is a Section 25 company, as a no profit no loss-making establishment. A chartered accountant has been appointed to formulate the equity pattern etc, he said. Besides, a senior-level committee has also been constituted with all past presidents of IPSTA as members to look into various aspects relating to this issue. All the existing members of IPSTA would be shareholders in the company. However, the capital base and the number of shares to be issued to the members would have to be worked out, he said.
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