Proposals For Futures Trading In Tea Invited

The Forwards Markets Commission (FMC) has asked associations or groups willing to set up an exchange or organising futures trading in tea to send their proposals on or before December 20, 2001.

The short-listed associations or groups will subsequently be required to make an application in the prescribed form for the grant of registration.

They may also be required to make presentation regarding their eligibility and capability to organise such trading before the commission, a Forwards Markets Commission statement said.

After allowing futures trade in sugar, the commission, a central government organisation authorised to permit futures and forward trading in the country, would be permitting futures trade in tea.

Under the Forward Contracts Act, forward trading including futures trading in tea can be organised by an association or exchange only after obtaining a certificate of registration from Forwards Markets Commission.