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| Reliance Spot Exchange seeks infrastructure status |
| Press Trust of India / Kolkata Nov 20, 2009, 18:52 IST |
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Reliance Spot Exchange Infrastructure, a group company of Reliance ADAG, today sought infrastructure status for the national commodity spot exchanges.
"Spot exchange should get infrastructure status as this is a real infrastructure for commodities trading in a transparent fashion," Reliance Exchange Next CEO Rajnikant Patel said here today on the sidelines of ICC summit on portfolio management.
Reliance Spot, which began journey from 2009 Diwali, was looking at creating a robust spot exchange with delivery of commodities.
Commodities futures market has grown significantly in India but most of the trades are cash settled without actual delivery of the commodity.
"We are keeping membership on invitation and taking actual users of the commodity or producer as members. Later we are open to take general trading members," Patel said.
He also hoped the Goods and Services Tax would boost national electronic spot exchanges as it will overcome the hurdles connected with differential tax issues in several states and help free flow of goods.
Reliance Spot hopes to add more products soon for trading in the metal and agriculture sector with focus products from western and northern states.
"We are holding negotiations with several states for APMC license to deal with any agriculture products," Patel said.
There is only steel ingots and billets and pepper is be traded on the spot bourse
Asked about investment plans, Patel said we will operate using the existing infrastructure required for the business and being exchange is web-based the investment will not be significant.
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