NEW DELHI (Commodity Online) : Food Corporation of India (FCI) has decided to use National Spot Exchange Ltd. (NSEL) platform for release of stock under OMSS(D) Bulk, by which, availability of stock in open market will increase.

In a statement, FCI said this will help control price rise in the food grain. FCI and a subsdiary of Financial Technology (FT) named NSEL have signed an agreement on the basis, under which, in a Pilot Project, Electronic Platform provided by NSEL will be used for selling wheat stocks through e-tendering.



Electronic platform always increases efficiency within the system of sale and making payments.

Under OMSS(D), the stocks will be released upto 31st March, 2010 under the said system so that distribution of wheat is further improved. The first auction will take place on 16.3.2010.

OMSS(D) is a platform by which market intervention can be made by the Govt. for taking effective measure against the price rise in the essential commodities, on the prices prefixed by India government.

Normally, under OMSS(D), a buyer is allowed to take the minimum quantity of 100 MT and maximum of 1000 MT under one tranche.

Induction of Electronic Spot Exchange can also help in controlling the prices in the open market under a time bound programme and it is expected that a present attempt will be a success.

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