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BSE has launched an electronic spot platform for agricultural commodities BSE E-Agricultural Markets (BEAM), through its subsidiary BSE Investments.
With the help of BEAM, farmers would be able to reach out to markets in other States and auction their produce. This will not only help farmers and farmer collectives discover best prices for their produce based on the quality, but also offers to build capacity to help intermediaries, processors and exporters procure from States, said the exchange in a statement on Friday.
The platform will commence beta operations from December 11. It will function as a national level, institutionalised, electronic, transparent commodity spot trading platform in line with the Prime Minister’s vision to create a single market, it added.
The platform facilitates spot agricultural commodities transactions across value chain consisting of producers, intermediaries, ancillary services and consumers.
BEAM will offer customised solutions to farmers, traders, and stakeholders to facilitate risk-free and hassle-free purchase and sale of various agriculture commodities.
Ashishkumar Chauhan, Managing Director, BSE, said the exchange plans to leverage its nation-wide distribution network and modern technology to provide a world class framework for agriculture commodities to the benefit of the farmers and economy.
Access to regulated and transparent marketplace, direct access to multiple buyers, receipt of cash directly into the account of beneficiary and reduction in intermediate costs are some of the major benefits of the platform, he added.
Rajesh Sinha, CEO, BEAM, said the platform is the only one in the country that will fulfil the need of a dedicated e-market platform for agricultural spot markets with no conflict of interest to further the cause of producers.
The company is poised to play a pivotal role in creating a highly efficient spot market for Agricultural Produce and would work closely with the value chain participants to achieve the purpose, he added.
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