"We would definitely like to relaunch the castor seed contract after seeking Sebi's approval," NCDEX Managing Director Samir Shah said on the sidelines of a commodity conference here.
The commodities exchange had last month suspended futures trading in castor seed contracts over alleged price manipulation.
The exchange said the suspension of trading was taken to ensure that "market equilibrium is maintained" and to "safeguard market integrity and in the general interest of commodities market".
The exchange is now facilitating traders to sell the castor seed stored in its warehouse on its online spot exchange, the NCDEX e-Market (NEML).
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According to market estimates, the outstanding positions in castor seeds on NCDEX is worth about Rs 1,500 crore from nearly 4.36 tonnes of the commodity.
"All the outstanding positions in castor seed contracts have been closed and settled as on January 27. We saw there was complete break down of price discovery mechanism in the castor seed contract with concentration of trading in February contract," he said.
The exchange also proposed 'Hedge Passport Programme' to help bank borrowers reduce price risks by hedging the commodity price risk.