| "The spot exchange, under the title of the National Spot Exchange for Agriculture Produce (NSEAP) and headed by Anjani Sinha, will commence official trading this year, to begin with, in three states "� Rajasthan, West Bengal and Kerala," MD and CEO Jignesh Shah said. |
| "However, if the December 14 deadline cannot be met, the trading will start only after January 14, 2007, as this period (December 14, 2006 to January 14, 2007) is considered inauspicious to start any work or service," he added. |
| The NSEAP was proposed to be set up at an investment of Rs 50 crore to effect a co-relation between spot and futures trades with a view to bringing all 7,500 mandis on to a single platform. |
| While MCX holds around 5 per cent stake in the NSEAP, the National Agricultural Co-operative Marketing Federation has invested Rs 50 lakh in the spot exchange. Financial Technologies holds the remaining stake. |
| The new initiative of MCX comes at a time when the world has started recognising the country's technology and commodity power. |
| Meanwhile, Shah has been nominated for US-India Businessman of the Year for 2005-06. |
| The award will be conferred on him by the Senator Hillary Clinton on November 15 in Washington, DC. The award recognises the MCX head's role in attracting global attention to rural India. |
| MCX has a daily turnover of about Rs 10,000 crore in futures, and has facilitates trading in 73 commodities ranging from metal to energy to agri-products, Shah said. |
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