Reliance Spot Exchange (RSX), a part of Reliance Capital, today announced the launch of its e-auction platform for commodities trading in Kota, Rajasthan, one of the largest delivery-based commodity markets in Asia.
Reliance Spot Exchange is an initiative from Reliance Exchange Next, a Reliance Capital company, with a focus on creating a unique value-added proposition in the existing financial value chain.
"The e-auction platform will enable traders and processors to connect with the rest of the world and get the right price for their produce," Reliance Spot Exchange's CEO, Rajnikant Patel, said in a statement here.
The platform will facilitate electronic trading of agricultural commodities including RM seed, wheat and coriander, among others.
The state-of-the-art technology, backed by the exchange's auxiliary services, will ensure competitive and transparent prices, standardised quality, timely delivery and ease of access to the commodity market.
"This is a powerful market-friendly trading tool that provides an efficient price discovery mechanism in a transparent manner, thereby making trading a rewarding, convenient and cost-effective experience for all participants in the agricultural value-chain. We believe that such a platform, will significantly contribute to the future growth of the Kota market," Patel said.
To facilitate trade in these commodities, RSX has tied-up with reputed collateral managers and will be setting up delivery centers offering scientific storage and grading facilities at competitive prices in Kota.
"We propose to introduce a large portfolio of other agricultural commodities in the exchange that will enable market participants to expand their reach and enhance business efficiently," Patel said.
RSX has already launched the platform at Bikaner last month and will shortly be launching this platform at other important mandis in Rajasthan including Jodhpur, Merta and Sri Ganganagar.
Patel pointed out that the agricultural spot markets are yet to fully benefit from the tremendous progress made by information technology.
"We intend to bring these technological advantages in the agricultural spot markets and invite the market participants to join us in this initiative," he said.
