Agriculture
MCX and NCDEX plans to launch online trading system in India
MCX and NCDEX plans to launch online trading system in India
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By Elets News Network 11-January-2007
The Multi Commodity Exchange (MCX) and the National Commodity & Derivatives Exchanges (NCDEX) are planning to launch commodity-specific electronic spot trading in mandis of different states of India.
The MCX is waiting for the approval from different state governments with regard to amendments in the Agricultural Produce Marketing Committee (APMC) Act. The main purpose of an electronic spot exchange is to empower farmers with decision-making capabilities by disseminating the national data electronically at the mandi. MCX and NCDEX have obtained permission to launch spot exchanges in West Bengal and Rajasthan. While the former is awaiting permission from states including Kerala, Haryana, Andhra Pradesh and Maharashtra, the latter has applied for grants from Andhra Pradesh, Madhya Pradesh, Haryana, Maharashtra and Gujarat.
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