NCDEX starts online warehouse space booking

The exchange states real time service will enhance ease of doing business

Registered customers at the National Commodity & Derivatives Exchange (NCDEX) may now view and book warehouse space online.

It has announced the launch of an online Warehouse Space Reservation system. Aimed, it says, to offer relief for depositors who experience long waiting periods outside warehouses during peak season, and find difficulty in locating empty ones.

Integrated within its electronic commodity accounting system, COMTRACK, the system will enable a depositor to check availability and book space in a warehouse of choice, at a click, from home or office. NCDEX said the facility was also being made available on its Markets mobile app, through the Book-My-Warehouse tab.

"Clients can book warehouse space even when on the move. The NCDEX Markets app will be available on the Apple, Android and Windows systems," it stated. NCDEX has 466 approved warehouses.

"This online system (will be) a game-changer for the way commodities are stored and managed, and the benefits will extend ultimately to the retail consumer," said Samir Shah, managing director.

In the initial phase, the facility is available for three commodities -- sugar, turmeric and barley -- across select warehouses. It will be extended across all 26 commodities traded on the exchange, across regions. The system permits reserving of space for up to 500 tonnes a warehouse in a day. "Clients are also allowed to initiate a wait list request, in case of on-availability of space in their choice of warehouse. E-mail alerts help clients keep track of their booking status," said NCDEX.