MCX ties up with Shetkari Sanghatana, pulses importers

Multi Commodity Exchange of India Ltd (MCX) has tied up with Shetkari Sanghatana, the country's leading farmers' organisation, and Pulses Importers Association, India's largest association of pulses importers.

The alliances were expected to increase the involvement of the farming community in the price discovery process for agricultural produce.

Shetkari Sanghatana founder Sharad Joshi said, "Farmers in India need, first and foremost, a transparent and free marketing system that will ensure remunerative and stable commodity prices. MCX's plans and the objectives of Shetkari Sanghatana run parallel to serve farmers' interests by enabling them to negotiate remunerative prices at the national level."

Pulse Importers Association president K C Bhartia said, "We are committed to developing futures trading in pulses and foodgrains and participation would ensure the development of the pulses market in the fastest possible manner."

Jignesh Shah, MCX managing director, pointed out that the perfect futures marketplace ensures best price discovery, liquidity, transparency and most optimum hedging opportunities.

MCX along with the strength and reach of Shetkari Sanghatana and PIA will act as a conduit to the Indian farming community.

MCX said the alliance would benefit the Indian farming community, as farmers will be better informed about national and international trends for their produce and will be able to determine the best price for their crop. In addition, the crop can be hedged to secure the farmer's long-term interest and capital.