NSE signs pact with Alex Stewart for physical settlement in commodity mkt

Leading bourse NSE Friday said it has signed a pact with Alex Stewart (International) Corporation, a global player in precious metals inspection and analysis, to help develop the existing physical settlement framework in the Indian commodities derivativesmarket.

The pact will also help in facilitating the introduction of high-quality standards for delivery of bullion bars through the exchange platform, the National Stock Exchange (NSE) said in a statement.

"The alliance is more strategic in nature to deepen the existing delivery framework to bring in more participants into the exchange eco-system. NSE will view this partnership as one of the key harbingers for the transformation it intends to bring to the development of the commodities market in India," NSE Chief Business Development Officer Ravi Varanasi said.

"We now look forward to working closely together in future and we are determined to make this partnership a sustainable and mutually successful venture, Graham Stewart, chief executive of Alex Stewart International said.