NSPOT, a wholly-owned subsidiary of NCDEX, and the Karnataka government have jointly set up Unified Market Platform (UMP) that will offer electronic auction system across the state for transparent price determination.
It would enable "even the smallest farmer to get access to a wider market", NCDEX Managing Director and CEO Samir Shah said in a release.
The UMP was formally inaugurated yesterday by Karnataka Chief Minister Siddaramaiah.
The initiative was preceded by successful implementation of the Mandi Modernisation Programme (MMP) by the NCDEX and Karnataka government, the release said.
With a modest beginning in Gulbarga in 2011, the MMP is now active in 26 APMC (agricultural produce market committee) markets in Karnataka and expected to cover 94 key markets in the state by year-end.
The UMP will provide an electronic auction system across the state for transparent price determination. It also offers objective quality based trading in APMCs and online access to all the APMC market functionaries.
Participation would be open to participants across the state holding the unified market licence issued by the state.
Farmers would have the choice to sell in any regulated or private market in the state and would get timely online payment.
Additional services would include assaying and grading, along with facilitating pledge loans to farmers.
Presently, it would be available for turmeric (Chamarajnagar) and Kopra (Tiptur, Arsikere and Tumkur) and would soon cover other APMCs and commodities.
