Commodity Online
MUMBAI: Close on the heels of Multi-Commodity Exchange of India (MCX) and Nafed launching National Spot Exchange, competitor National Commodities and Derivatives Exchange (NCDEX) has also announced its plans to set up a spot exchange.

It will be called NCDEX Spot Exchange Ltd and will be 100 percent subsidiary of NCDEX. The venture will be launched in two years time initially in Maharashtra, Karnataka, Kerala and Bihar which will be operational by October this year.

Only those states which amended the Agriculture Produce Marketing Committee rules will be able to get the benefits of electronic spot exchanges.


NCDEX Spot Exchange is floated with an authorised capital of Rs 9 crore and a paid up capital of Rs 5 lakh. It is the fully owned subsidiary of the Rs 900 million

The new venture is expected to attract farmers as it will give a transparent mechanism for farmers to know about production and prices in different markets.
Meanwhile, National Spot Exchange Ltd (NSEL) which launched its membership drip in June 1, 2008 has got an overwhelming response. The exchange is expected to begin operations by August, 2008 after a delay of almost a year in Gujarat, Rajasthan, Karnataka and Madhya Pradesh.

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