The National Multi-Commodity Exchange (NMCE), one of the leading commodity exchanges in India, is inching closer to the launch of its agri-commodity spot exchange in Gujarat. The comex has recently received the state government’s nod to start the operations of the planned spot exchange called National APMC.
“Recently, the state government had accorded its approval for the proposed spot exchange. With the government’s green signal, the exchange will focus on creating network and infrastructure for the venture,” said a senior official of NMCE.
However, the official did not specify the time frame for the operationalisation of the spot exchange. Apart from Gujarat, other states are also on NMCE’s radar for similar operations. It may be mentioned here that NMCE already has in-principal approval of the Rajasthan government for starting spot exchange in the neighbouring state.
Gujarat Bazaar Niyantrit Sangh, an apex body of all the existing Agriculture Produce Marketing Committees (APMCs) and NMCE have joined hands for bringing various APMCs together for the spot exchange.
Meanwhile, NMCE, which has become the first exchange in the country, today integrated ODIN, a brokerage solutions of Financial Technologies India Ltd. (FTIL) for its members and traders. “Earlier, traders had to use different computer/terminal for trading on NMCE. However, with the integration of ODIN, its members will be able to trade on NMCE futures using the same computer where BSE, NSE or MCX trade on platforms,” said Anil Mishra, chief executive officer (CEO), NMCE.
The exchange believes that ODIN, a computer-to-computer link solution, will help NMCE to expand its reach and turnover. “This will enable NMCE to reach out to the hinterland. With the help of a single platform, we can take the exchange to the Tier-II and Tier-III cities where there is less availability of resources,” Kailash Gupta, founder and managing director, NMCE, said in a statement.
