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The controversy involving futures trading in agriculture commodity refuses to die down. The National Commodity and Derivatives Exchange has rejected 50 per cent of the coriander bought into its approved warehouse following complaints on quality by traders.
In last one year, the exchange had to suspend trading in castorseed and chana due to sharp run up in prices and regulatory issues.
The exchange has received complaints from traders about possibility of coriander of inferior quality being deposited at the exchange-approved warehouses. Following this, the exchange deployed its officials at various delivery locations to monitor quality of deposits and sensitise warehouse service provides to traders’ concerns. It also appointed an independent assayer to conduct quality audits of stocks in approved warehouses.
The exchange has mandated a stringent process for accepting deposits at the approved warehouses, besides putting in place suitable controls to ensure that warehouses always adhere to norms, NCDEX said in a statement on Monday.
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