MCX institute to churn out commodity graduates

The Multi-Commodity Exchange of India (MCX) plans to set up an institute to create commodity graduates with adequate practical training in commodities trading. The institute would come up at Vashi in Navi Mumbai.

Speaking on the sidelines of a seminar on 'Globoil India 2006' in Mumbai recently, Lamon Rutten, joint managing director of MCX, said the site where the institute would come up would be finalised soon.

On the investment required for the institute, Rutten said it would a continuous process. There is a demand for at least 500 trained professionals in the commodities sector.

The institute would also go for tie-ups with technical institutes for commodities courses. Presently, the sector requires about 100,000 trained manpower.

Initially, the institute would be set up on a rented premises but gradually it would create its own infrastructure including premises.

"The potential for such institute is immense as India's fastest growing commodity sector needs thousands of professionals in coming years especially at the managerial-cadre," Rutten said.

The institute would provide training in managerial skill, hedging risk and dealing with extreme volatile conditions efficiently.

Top commodity exchanges including MCX and National Commodity & Derivatives Exchange (NCDEX) have tied up with a number of technical educational institutes including Indian Institute of Management for part-time management programme in commodities.

The Forward Market Commission, in association with exchanges and technical institutes, is conducting a number of seminars to educate traders in commodity trading.

A weekend programme offered by the MCX, in association with Welingkar Institute of Management, is attracting a good number of students. This is a new course in commodity trading designed to give hands on training to corporates, traders and journalists.

The three-month (100 hours) programme includes 8 sessions of 24 hours of online simulated trading with a special emphasis on practical aspect of online trading.