Agri Business

NCDEX rejects 50% coriander on quality issues

Our Bureau Mumbai | Updated on January 17, 2018

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.

Published on August 22, 2016

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like