The National Multi-Commodity Exchange (NMCE) is all set to start online spot market exchanges in Rajasthan at an initial cost of Rs 25-crore at six places by October this year. | |
| NMCE recently received permission to set up an e-platform for spot trading of agricultural commodities in Rajasthan. |
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| "We had applied for starting such spot exchanges in Rajasthan as well as in Gujarat. We have so far received the permission from the regulatory authority for Rajasthan and expect to get it soon for Gujarat too," said, Kailash Gupta, managing director, NMCE. |
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| "This is following a communiqué we had received from the Forward Markets Commission (FMC) about the feasibility of setting up e-platform, offering spot prices of agricultural and other commodities, particularly for the government agencies to offer and accept physical deliveries, preferably at the offers below the maximum spot prices," he said. |
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| The exchange plans to begin with mustard, mustard seed, fennel seed and coriander. Later it would take up more commodities depending on the market trends. |
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| The project includes providing adequate number of terminals to taluka (block) headquarters and bigger villages, with training facilities for the target groups in online trading. |
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| "We are in the process of acquiring property on lease or rent basis at the six places and have already appointed a large number of professionals to provide our best logistic support to the Rajasthan project," said Gupta. |
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| "As for warehousing facilities, the new online spot market exchanges could utilise the existing storage facilities of the Central Warehousing Corporation (CWC) in Rajasthan," he added. |
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| The project complies with the government's latest decision to provide the right facility for online trading in commodities' spot market too, in addition to online trading in futures market soft launched by NMCE in November 2002. |
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| At present, NMCE offers online trading platform for 68 commodities, including gold, silver, base metals, food grains, oilseeds, oils, oil cakes, vanaspati, guargum, sugar, jute, coffee, spices, rubber and psillium husk. |
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