The Hindu Business Line : NMCE to start online spot exchanges in Rajasthan

The National Multi-Commodity Exchange of India (NMCE), which just got permission to set up e-platform for spot trading of agricultural commodities in Rajasthan, is ready with the project to rollout such "Online Spot Market Exchanges" at an initial cost of Rs 25 crore at half-a-dozen places in the State by October 2006.

The NMCE Managing Director, Mr Kailash Gupta, said the exchange had applied for starting such spot exchanges in Rajasthan as well as Gujarat. "We have so far received the permission from the regulatory authority for Rajasthan and expect to get it soon for Gujarat too.

All set

"This is in pursuance of a communiqué we had received from Forward Market Commission (FMC) about the feasibility of setting up e-platform offering spot prices of agricultural and other commodities, particularly for the government agencies to offer and accept physical deliveries, preferably at the offers below the maximum spot prices," Mr Gupta said.

"Initially, we will begin with mustard, mustard seed, fennel seed and coriander, to gradually take up more commodities depending on the market trends," he said in a release here. The project includes providing adequate number of terminals down to taluka (block) headquarters and bigger villages, with training facilities for the target groups in online trading too.

NMCE's initiative

The project is as per the Government's latest decision to provide the right facility for online trading in commodities' spot market too, in addition to online trading in futures market soft-launched by NMCE in November 2002.

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