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Real-time information on commodities trading

Written by: Staff
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Kochi, Mar 24 (UNI) The Forward Markets Commission, in collaboration with the Central Government, is devising a scheme for real-time dissemination of information across all 'mandis' and 'taluks' in the country on commodities trading.

Inaugurating a 'Mega Trade Meet' here today, FMC chairman S Sundreshan said the pilot project in this regard had been launched in Gujarat, where monitors had been installed in all the agricultural produce marketing centres and 'mandis' to give spot prices.

Three exchanges in the state were collecting the information on prices.

Stating that India was dealing in the largest number of commodities, Mr Sundreshan said the trade had witnessed a phenomenal growth of 350 per cent in the last year, jumping from Rs 5.71 lakh crore in 2004-05 to Rs 18.40 lakh crore in 2005-06.

Mr Sundreshan said as per the Forward Contract Regulation (Amendment) Bill 2006, introduced in Parliament last week, the FMC would get the status of an independent and autonomous body like the Securities and Exchange Board of India (SEBI).

Spices Board chairman C J Jose was also present on the occasion.

UNI ARC ROY 1911

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