NCDEX to settle all commodity contracts through COMTRACK

It is a user-friendly web based application connecting the exchange, warehouses, assayers, members, CPs, investors and clients

NCDEX today said all contracts in commodities traded on its platform would be settled using its indigenously designed and developed commodity accounting system - COMTRACK.

COMTRACK is a user-friendly web based application connecting the exchange, warehouses, assayers, members, CPs, investors and clients, NCDEX said in a release issued here.

"NCDEX has designed, developed and implemented this unique commodity accounting system. The transparency and electronic accounting and tracking of commodities are sure to benefit all the value chain participants in the commodities market," NCDEX Chief Business Officer Vijay Kumar said.

All clients and members who are desirous of delivering and receiving commodities on the Exchange platform will be required to open accounts in COMTRACK.

This initiative, which was started more than nine months ago, has now seen seamless migration from the earlier depository system to COMTRACK.

More than 60 COMTRACK Participants (CPs) have been empanelled in COMTRACK with around 1,800 accounts.

Till date the Exchange has handled deliveries of close to 4 lakh tonnes of commodities using COMTRACK.