MCX, Rajasthan trade bodies join hands

The Multi-Commodity Exchange (MCX), India’s leading commodity exchange, has signed memorandums of understanding (MoUs) with five large trade associations of Rajasthan to spread awareness about benefits of the commodity futures market at the regional level and for broadbasing participation on the electronic platform.

The five industry associations with a combined countrywide membership of about 1,500 are — Viswakarma Industries Association, Sitapura Industries Association, Electrical Technology Park of India, UCORI (United Council of Rajasthan Industry) and Dal Mill Association.

“These alliances will bring small and medium enterprises (SMEs) and corporates from the tier-II cities on an electronic and transparent commodity market platform. The broad-based participation will also make our price discovery more efficient,” Sumesh Parasrampuria, chief business officer of MCX, said.

Parasrampuria added that the members of these associations can take benefit of the futures market and hedge against the volatile commodity prices. They will also be able to take well-informed decisions, he quipped.

Last year, the exchange launched a website in Hindi for the benefit of regional traders, especially in the Hindi-speaking belt of Rajasthan, Uttar Pradesh, Bihar, Madhya Pradesh, Jharkhand and Uttarakhand.

The exchange’s currency trading arm, MCX-SX, has also signed MoUs with six industry associations based in Rajasthan for providing a currency hedging facility to corporates and traders.