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Leading agri-commodity bourse NCDEX today said its 40 approved warehouses, most of them situated in Rajasthan, have already been registered under the Warehousing Development and Regulatory Authority (WDRA).
In the wake of NSEL payment crisis, sectoral regulator FMC directed NCDEX and other national commodity bourses to register their warehouses with WDRA by the end of this year to ensure quality and quantity of the produce lying with them.
Out of its total 500 approved warehouses, NCDEX said 40 of them have already been registered under the WDRA.
“250 of them have applied for registration. More applications for rest of the approved warehouses are shall be submitted shortly,” NCDEX Executive Vice President Logistics, Mahesh Tiwari said in a statement.
He said that the bourse is constantly working to put in the best processes and practices in place to ensure quality and quantity assurance. NCDEX is also taking steps to tackle issues related to sampling, moisture driage and assaying among others.
That apart, the NCDEX said it has developed its own electronic accounting system ‘COMTRACK’, a web-based application connecting the exchange, warehouses, assayers, members, investors and clients.
The COMTRACK tracks each lot of deposit. All clients and members desirous of delivering commodities on the exchange platform have to open accounts on this website, it added.
NCDEX said its network of 500 approved warehouses are situated in 13 states and have a stock worth Rs 1,500 crore.
The bourse has 42 delivery locations and eight warehouse service providers and assayers are on its panel.
Highlighting the more steps taken to align its warehousing facilities with the new WDRA guidelines, NCDEX said revised process has been introduced in sampling and testing of commodities as a regular feature for all outbound deliveries. Also, appointed a second assayer for deposits in approved warehouses, it added.
NCDEX, which commenced operations in 2003, offers futures trading in commodities in agriculture, energy and metals.
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