Govt starts selling wheat in open mkt through NSPOT

Government has started selling wheat in the open market using the electronic spot trading platform of commodity bourse NCDEX.

State-run Food Corporation of India (FCI) had recently entered into an agreement with NCDEX Spot Exchange (NSPOT) to sell wheat in the open market.

"The first of the e-auction of wheat was successfully carried out on January 25, 2014 in Delhi and Hyderabad," NSPOT said in a statement.

This would gradually expand to include other commodities pan-India, it added.

Under the agreement, NSPOT said all the regional centers of FCI would use e-auction trading platform and cease to float paper/physical tender as was done earlier.