National Commodity & Derivatives Exchange today introduced additional safeguard guidelines to test the quality for goods which are deposited at the warehouse as well as to boost market confidence.
All fresh deposits of goods in its accredited warehouses will now undergo compulsory quality testing by an empanelled assayer over and above the testing done by the warehouse service provider to make sure they meet contract specifications.
The second test will be done at no extra cost to the depositor. The procedure is now only with fresh deposits for RM Seed, Turmeric and Jeera and will later these tests will be done on other commodities as well.
Sameer Shah, MD and CEO of NCDEX said that: “We have launched our next generation warehouse reforms, aimed at developing a robust and transparent ecosystem. Our aim is to make storage of commodities in NCDEX approved warehouses an even safer experience for traders and farmers. Combined with our own electronic commodity accounting system Comtrack, we hope the new safeguard will go a long way towards achieving this.”
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