Markets regulator Sebi Tuesday issued a framework to bring uniformity in the procedure for obtaining samples of agricultural commodities at the exchange accredited warehouses.
The move comes after the Securities and Exchange Board of India (Sebi) noticed varied approaches being followed by the exchanges in this regard.
In a circular, the regulator has asked the exchanges and clearing corporations to ensure that adequate samples are collected from the goods deposited and are sealed in the presence of the depositor or his authorised representative.
In case of resolving potential disputes arising with respect to the quality of goods, the regulator has advised that at least four samples are taken out of which one sample is used for analysis.
Besides, other sample needs to be kept with warehouse service providers (WSP) for comparison purpose, one is to be given to the depositors, and one should be kept for record or lab reference purpose.
The new framework will come into effect from 30 days of this circular.
Majority of the agricultural commodities traded on the exchange platform requires assaying. The number and size of the samples are determined by the nature of commodity and the requirements of tests to be done in order to meet the exchange specifications.
The regulator has noticed that varied approaches are being followed by the exchanges in this regard, and accordingly it has come out with the uniform framework.
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