National Spot Exchange (NSEL), an online electronic spot trading platform, is set to launch urad, tur, and guar seed trading this month, said Anjani Sinha, managing director and chief executive officer of the bourse.
“We will launch guarseed contracts on Wednesday, and urad and tur contracts will be available for trading from November 8,” Sinha said.
NSEL, promoted by Financial Technologies (India) and National Agricultural Cooperative Marketing Federation, commenced trading on October 15 with the launch of gold, silver and cotton 29mm contracts.
“All three contracts launched earlier have received reasonably good response with a daily turnover between Rs 50-100 million,” Sinha said.
Currently, NSEL has Maharashtra, Gujarat, Karnataka, and Rajasthan’s approval for electronic spot trade. In this trade, the net outstanding positions at the end of the day will result in compulsory delivery, and will be settled on T+1 basis (trade + one-day). Delivery will take place on T+3 or T+4 basis, depending on the time lag for quality certification process.