NSEL forays into Coimbatore region

Electronic spot trading platform National Spot Exchange (NSEL) today forayed into the Coimbatore region, considered the hub of textile industry.

Taking into account the volume of business in the region, NSEL would benefit the total value chain of the trade comparising brokers, traders, merchants, the textile mills, by providing online delivery based contract, CEO and Managing Director Anjani Sinha told reporters here.

The buyers, across the country could negotiate electronically on a nation-wide electronic platform, he said.

NSEL, which commenced its online operations in October 2008, has emerged as a leading spot exchange in India with more than 95 per cent market share, he said.

With the huge minimum support price operation carried out by NAFED this year, NSEL is looking forward to significant delivery-based volume of cotton, since NAFED has already sold four lakh bales through NSEL, he claimed.

Claiming that the buyers have found that the cost of procurement has significantly reduced, Sinha said that NSEL has its presence in Maharashtra, Karnataka, Gujarat and Bihar.

At present, NSEL offers spot trading in 10 commodities gold, silver, cotton, castor seed, guarseed, lemon, tur, urad, red arecanut, chana and wheat and plans to enter paddy and yarn and fabric sector, Sinha said.