Jeera futures from March 5

The National Multi-Commodity Exchange of India Ltd (NMCE) is launching cumin seed (jeera) futures on March 5 in Unjha, Gujarat.

"For cumin seeds, we had received approval from the Forward Markets Commission long back," an NMCE official said.

"We were waiting for the regulator to give permission for isabgul contracts. Our plan was to launch both together as traders for both the agri-commodities are more or less the same," the official added.

Jeera futures are at present traded on the Multi Commodity Exchange (MCX) and the National Commodity & Derivatives Exchange (NCDEX).

The initial margin at NMCE is set at seven per cent while delivery period margin is set at 15 per cent. Gujarat, being an important producer of jeera, has been set as the delivery centre.