The Multi Commodity Exchange (MCX) is pitching hard with the state government for allowing spot exchange of commodities in West Bengal. | |
| "However, the state government insists on mandatory APMC licence for each and every trader under the exchange," said Anjani Sinha, director, MCX on Wednesday. |
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| MCX was investing around Rs 50 crore for an electronic spot exchange in Mumbai, which would regulate commodity markets across the country. |
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| However, to start the system, there was a need to get approvals from all the state governments, and till now only two states""Gujarat and Rajasthan had given the permission, said Sinha. |
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| "West Bengal needs to change the APMC act, so that the markets are not exploited by local leaders. Bihar has already repealed the act," he said. |
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| According to the model for spot commodity exchange suggested by the MCX to the state government, e-market will issue licence for spot commodity exchange to state, which in turn will issue licences to the traders. |
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| "In Bengal we would like to start with spot exchange in food-grains and pulses, with four to five warehouses," said Sinha. |
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| He also informed that recently Dunlop had expressed interest for rubber trading in MCX, but the talks were in initial stages. |
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