National spot exchange

The National Spot Exchange (a subsidiary of the National Multi Commodity Exchange), in collaboration with the Haryana Cooperative Supply and Marketing Federation Ltd (Hafed) would roll out its pilot project of spot trading in Haryana by the end of December.

Hissar and Sirsa are the two locations identified to commence spot trading in guar, said Hafed’s managing director, Anil Malik. Gwar is a commercial crop used in the pharmaceutical and industrial chemical industries and is not monitored by a minimum support price regime.

National Spot Exchange’s MD, Anjani Sinha, said the estimated production of guar in the north-western belt of Haryana, in the districts of Sirsa and Hisar, was about 50,000 tonnes. They expected, he said, to catch 20,000 tonnes for e-trading.
Hafed would provide the warehouses and NSEL the quality management and quality testing. Hafed would also facilitate as the aggregator to the farmers. Even the arhtiyas (middlemen) can get registered on the spot exchange, Malik added.

To educate farmers on e-trading and its benefit, NSEL would arrange seminars in the Sirsa-Hisar belt , said Sinha After its success here, the model would be replicated in other parts of Haryana.

Close to 90,000 farmers are registered with NSEL across India for trading in 30 commodities and officials expect about 5,000 farmers would reap benefits from gwar trading in Haryana.

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Posted by musicking on Dec 3 2010. Filed under Business news. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry