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| NCDEX SPOT starts electronic spot trading for Mustard at Merta City |
| Announcement / Corporate Feb 17, 2010, 17:45 IST |
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Move to benefit various value chain participants, Farmers to get adequate remuneration for their produce
NCDEX Spot Exchange Ltd (NSPOT) today launched first farmers’ electronic spot trading platform for Mustard seed here. This initiative is majorly supported by Shree Shubham Logistics Limited (SSLL), the Warehouse service providers for NCDEX SPOT in Merta City. This unique partnership would work towards establishing a transparent online delivery based market benefiting the farmers and traders of Rajasthan. The selection of Merta for the spot exchange is significant since it is a big centre for mustard and the provision of an electronic market will enable farmers to discover the price of the commodity at a national level.
The spot trading was inaugurated by Honorable Shri Gurmeet Singh Kunnar, Minister of State Agricultural Marketing, Government of Rajasthan. Shri Kunnar was happy to see that farmers of Merta city would now get a pan India market on NCDEX SPOT exchange. The Government of Rajasthan has taken various pioneering initiatives to help farmers in the state including granting the license to open electronic spot exchanges like the NCDEX SPOT exchange in the state.
The initiative is supported by a large number of farmers, RM Seed processing companies and traders within and outside the state. Shri. R. Ramaseshan, MD & CEO - National Commodity and Derivatives Exchanges Limited (NCDEX) said “NCDEX SPOT is committed to bring all major trading centers in Rajasthan on the electronic trading compulsory delivery based platform. This would provide the RM Seed producers of Merta city a market to Pan India buyers. This initiative is in line with NCDEX’s commitment to providing a real time online compulsory delivery based platform for commodity participants”.
The synergy between NCDEX SPOT, the almost wholly owned subsidiary of NCDEX, the largest agricultural commodities exchange in India and SSLL, a leading player in logistics industry and part of the prestigious Kalpataru Group, will substantially bridge the gap between farmers, traders, processors, corporate and end consumers. NCDEX SPOT and SSLL, backed by years of hands-on experience, financial strength and world-class infrastructure will provide access at a national level to all participants, leading to optimum price realisation for farmers’ produce.
Speaking on the occasion, Shri. Aditya Bafna, Executive Director, Shree Shubham Logistics Limited, said “This electronic platform will reduce the gap between farmers and end consumers. Partnership of SSLL with NCDEX and the local value chain participants would complement each other and thus create a unique value proposition making the commodity value chain more efficient. SSLL as always, is focused towards providing cost effective, superior and reasonable solutions to all the commodity stakeholders”.
The arrangement between NCDEX SPOT and SSLL will provide integrated services under a single-window to all market trade participants. The price knowledge and related information will be made available to all participants - creating awareness and perfect market conditions.
An NCDEX SPOT member would login with his login id and password to trade on the exchange. The margin is on order basis. A seller would be able to put sale quote after depositing the material in the accredited warehouse as per contract specifications. A buyer bringing in the desired margin can put buy quote on the platform. This will ensure that only genuine parties interested in taking deliveries would participate on the platform.
NCDEX SPOT uses state of the art technology platform especially suited to needs of local farmers, processors and aggregators (Arhatiya). The electronic platform of NCDEX SPOT will also offer sellers and buyers a wide spectrum of counter-parties thus offering them low transaction costs. SSLL’s tie-up with various banks will provide participants an opportunity to avail finance on their stock at reasonable rates.
Those present on the occasion included Shri Harish Engineer, Executive Director - HDFC Bank Limited, Shri Arvind Jhamb, CEO- Ruchi Group of Companies, Shri Damodar Sharma, I.A.S., CMD- Rajasthan State Warehousing Corporation (RSWC), Shri Mr. Kulbhushan Goel, Head -Commodity Trading - Hariyali Kisaan Bazaar, DCM Shriram Consolidated Limited, Shri Sachin Garg, KS Oils Limited, Shri Manish Mohnot, Executive Director, Kalpataru Power Transmission Limited (KPTL). Also present on the occasion included Mr. Anjan Mandal (Head – Business Development), Mr. Shubhendra Kumar Bafna (Executive Director – Shree Shubham Logistics Ltd) and trading community of Merta, Nagour and other cities
About NCDEX Spot Exchange Limited:
NCDEX Spot Exchange Ltd. (NSPOT) is a leading electronic Spot Exchange in India. Deriving strength from the expertise of National Commodity and Derivatives Exchange Ltd (NCDEX), NSPOT offers an electronic trading platform for trading in a host of commodities, both agricultural and non-agricultural to various market participants, primary producers including farmers, traders, processors etc. The trading platform would combine technological efficiency and market friendly trading features in a transparent atmosphere to make trading a rich and rewarding experience. NCDEX SPOT has its presence in more than 15 states having close to 1000 members and clients. NCDEX SPOT has its presence through its representative offices, business partners, members and clients. The company is working actively with various state governments including the government of Karnataka, Haryana and Maharashtra. It has launched successful contracts of Pulses, Oilseeds, Sugar, Steel, Gold and Silver.
About Shree Shubham Logistics Limited (SSLL):
Shree Shubham Logistics Limited (SSLL) is a subsidiary of Kalpataru Power Transmission Limited, a part of the Kalpataru Group. Conceived as a grass root level organization, SSLL has cultivated a deep understanding of the Indian farming community and has modeled itself to meet the challenges of this community by setting-up global standard Agri-Logistics Parks (ALPs) and providing a bouquet of services to manage risks across various stages of commodity and inventory handling.
With a pan-India presence, SSLL offers end-to-end logistics solutions to all commodity stakeholders and provides services encompassing Storage & Preservation – Chain of Cold and Dry Warehouses, Commodity Funding, Collateral Management, Testing and Certification, Pest Management, Exports, Branded Commodities, Risk & Financial Management Services.
Shree Shubham Logistics Limited is developing its first set of global standards agri logistics parks in Rajasthan, Gujarat, Maharashtra and Madhya Pradesh.
The knowledge, experience and financial strength behind Shree Shubham Logistics Limited, have been brought together to deliver service and infrastructure of the highest quality and efficiency, in the best locations, for our farmers’ needs.Our mission is to support this neglected sector with respect to quality infrastructure which in turn will substantially reduce wastage and quality deterioration of agricultural produce and give a high return to the Indian farmers.
Our Agri Logistics Park will enable the farmer to create their local markets by using our Auction Yards which will bring together like products helping them in leveraging information, value and enhancing their understanding/knowledge of regional and national scenario. Our platforms will increase the transparency and bring about fair business practices in the agriculture sector giving true value to our farmers. SSLL’s initiative to build over 41 Agri Logistics Parks in about 9 States of India calls for an investment of over Rs. 600 crores.
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