Spot exchange starts mock trading, to go live Aug 8July 30th, 2008 - 9:27 pm ICT by IANS
Mumbai, July 30 (IANS) National Spot Exchange Ltd (NSEL), India’s first online spot trading platform that is scheduled to go live Aug 8, commenced mock trading on a pan-India basis in agriculture commodities here Wednesday. According to an announcement, NSEL has received license to commence online trading from the governments of Maharashtra, Gujarat and Karnataka.
It has also signed Memoranda of Understanding (MoUs) with the governments of Rajasthan and Madhya Pradesh.
Additionally, NSEL has signed an MoU with the Gujarat Agro-Indistrues Corp, which has a franchisee network of 1,200 active centres that will now be connected to the exchange.
Initially, agri-commodities will be launched with production areas as delivery centres of Maharashtra, Gujarat, Karnataka, Kerala and Bihar, and non-agri commodities at different parts of the country as delivery centres.
NSEL managing director and CEO Anjani Sinha said the exchange will launch arecanut, black pepper, castor seeds, coriander, cumin seed, cotton (both long and medium), gold, rubber, silver, tur and urad, among a host of commodities for trading.
Once it goes live, NSEL will help improve marketing efficiencies in the existing system by enhancing the supply management in agro-businesses, he said.
It will also provide online pan-India negotiation platform for farmers, traders, processors, investors and others associated with agricultural marketing.
NSEL has received 225 membership applications so far, while another 500 people and trading houses have evinced interest.