Bombay Stock Exchange launches e-agricultural spot market platform

Diversified exchange BSE has launched an electronic spot platform for agricultural commodities - "BSE E-Agricultural Markets Ltd. (BEAM)" - through its subsidiary BSE Investments.

Accordingly, the platform functions as a "national level, institutionalised, electronic, transparent commodity spot trading platform in line with the Prime Minister's vision to create a "single market".

"The platform facilitates spot agricultural commodities transactions across value chain consisting of producers, intermediaries, ancillary services and consumers. The platform will commence beta operations effective from December 11, 2020," the exchange said in a statement.

"BEAM has leveraged on state-of-the-art technology to offer customized solutions to farmers, traders, and stakeholders to facilitate risk-free and hassle- free purchase and sale of various agri commodities."

As per the statement, this platform will ensure reduced cost of intermediation, improved procurement efficiency, enhanced producers' realisation and more competitive consumer prices.

"The platform will also help eliminate bottlenecks associated with procurement and trading."

According to the exchange, with the help of BEAM, farmers in one state 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," the statement added.