National Spot Exchange Ltd (NSEL), an electronic spot market, is likely to launch rice contracts in basmati and non-basmati varieties in October. "As the harvesting of rice begins in October, we plan to unveil new rice contracts during this time," National Spot Exchange Ltd (NSEL) Managing Director and CEO Anjani Sinha told PTI.     

Trading will be allowed both in basmati and non-basmati varieties. The first contract will be launched in Punjab and Haryana, two of India's key rice-producing states, he said. NSEL has already got the requisite permission from the state government to start rice trading on the spot exchange.     

NSEL, which commenced its live operation in October 2008, is offering spot trading in 12 commodities, including wheat, tur, urad and bullion. According to experts, spot exchange trading has a market of Rs 11,00,000 crore in India.

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