NCDEX introduces uniform depository guidelines for agri commodities

App would act like electronic record keeping addressing specific requirements for commodity management

National Commodity & Derivatives Exchange (NCDEX), India’s second largest commodity futures trading platform, has introduced - Comtrack®- a unique module to connect all participants in the commodity value chain on one platform.

Comtrack® is a user friendly based application connecting the exchange, warehouses, assayers, members and clients. 

 

It would act as an electronic record keeping application addressing specific requirements for commodity management. The exchange has directed its members trading in chana, jeera, rapeseed/mustard seed and barley to log on to this module for fresh deposits.

 

Effective immediately, it would be mandatory for all the participants desirous of or under obligation of delivery and receiving these commodities on the exchange platform to open an account in Comtrack® following these steps:

 

Market participants will have to approach a Comtrack®  participant offering Comtrack® services

 

Comtrack® participants would carry out know-your-client (KYC) formalities for new clients as per the prescribed format while entering into a Comtrack® participant-client agreement,

 

For existing clients, the Comtrack®  participants can refer to the copies of earlier KYC documentation before entering into the agreement with the client.

 

The client account would then be created by the Comtrack ®  participant in the Comtrack®  system and the client would be allotted a unique Comtrack® client code,

 

All clients desirous of delivering or receiving commodities on the exchange platform shall ensure that their unique Comtrack® client code is mapped to a clearing member of the exchange in the Comtrack®  system through their Comtrack®  participant,

*It would also be mandatory for the depositor of goods to make sure that his know your depositor (KYD) documentation with the warehouse service provider is duly completed before or at the time of initiating deposits at the warehouse.

The exchange also clarified that depository balances would not be considered for settlement on the exchange from March’ 2013 expiry contracts for the aforementioned commodities.