National Commodity & Derivatives Exchange Ltd (NCDEX) today said as many as 11 new entities, which include farmer-producer companies as well as corporates, have applied for membership of the online bourse's forward trading platform.
The forward trading platform of NCDEX has succeeded in attracting a number of farmers and trading organisations in a short span of around a month and a half. As many as 11 new entities have applied for membership in the Commodity Market Participants (CMP) category, NCDEX said in a release here.
These include Jeevan Sangini Krushi Vikas Women Farmers Producer Co Ltd and Sant Gajanan Krushi Vikas Farmers Producer Co Ltd (from Motala-Buldhana), Jai Laxmi Farmers Producer Co Ltd and Shree Sant Anna Maharaj Farmer Producer Co (Osmanabad), all major farmer organisations in Maharashtra.
Corporates like RAM Foods and Shree Renuka Sugars have also applied for the membership, besides entities from Patna, Mumbai, Kolkata and Dewas (MP), the release said.
NCDEX is witnessing rising volumes, which reflect increasing market interest in the newly launched forward segment which started with sugar and maize. According to data compiled by the exchange, four trading firms bought and sold 600 MT of sugar on this platform since its launch.
In maize, the traded quantity touched almost four times that of sugar since NCDEX launched this portfolio on September 25, 2014. Total quantity traded in maize is 2,300 MT as of date and six trading companies participated in the transactions, the release said.
"We see forward trading as the most ambitious and biggest initiative of NCDEX in our endeavour to empower the farmers by facilitating them to get best prices for their produce," NCDEX MD and Chief Executive Samir Shah said.
About a week ago, NCDEX initiated a process to add 24 more commodities, including all 21 that are on futures trading platform, in its forward portfolio.
Under this segment, buyers and sellers agree upon the quality, quantum, and the location and mode of delivery as per their own convenience.
