Commodity Online
MUMBAI: National Spot Exchange Ltd, electronic spot market plans to sell cotton through its platform in Coimbatore to cater to the needs to the textile industry.

NSEL aims at developing the electronic spot market by spreading awareness about the use of electronic platform. This platform will benefit the total value chain of cotton trade like the brokers, traders, merchants, the textile mills etc. by providing online delivery based contract. The buyers located anywhere in the country can negotiate electronically on a nation wide electronic platform.

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Speaking on the occasion, Mr Anjani Sinha, MD & CEO, NSEL said, “We aim to demystify the benefits of the spot market to the millions across India. This is possible only through awareness. We believe only through awareness it be possible for us to reach the unenviable position of the leader in spot market”.

NSEL in association with Nafed organized a seminar where textile mills discussed in detail the Nafed policy of sale of cotton through NSEL platform.

They have also shown their keen interest to procure cotton through NSEL platform.
NSEL has commenced its live operation on October 15, 2008 and since then, it has seen continuous surge in its volume. Within 6 months of its operations, NSEL has emerged as a coveted and leading spot exchange in the country with more than 95% market share, NSEL said in a press release.

With the huge size of MSP operation being carried out by NAFED this year, NSEL looks forward to a significant delivery based volume of cotton through its platform. NAFED has already sold 400000 bales of cotton through NSEL platform. The buyers are small traders, international merchants, exporters and various spinning mills from northern, central and southern in India.

The buyers have found that the cost of procurement has significantly reduced, and highly satisfied with NSEL trading and settlement mechanism.

NSEL has its presence in Maharashtra, Karnataka, Gujarat, and Bihar. Presently, NSEL offers spot trading in 9 commodities viz. Gold, Silver, Cotton, Castor seed, Guarseed, lemon Tur, Urad, Red Arecanet, and Chana. During the ensuing financial year, NSEL will launch spot trading in cotton yarn-30’s and 40’s carded/ combed, grey cotton fabric for sheeting for textile industry and a number of other commodities in various states of Kerala, Tamilnadu, Madhya Pradesh, etc. and so, the business is expected to grow in many folds.

To augment its domestic strategic alliances, NSEL has signed various strategic Licensing Agreements / Memoranda of Understanding in Madhya Pradesh, Rajasthan leading producer companies, NAFED, etc. for bringing various stake holders into a common platform

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