MCX promoter plans big foray in spot market

By Staff
|
Google Oneindia News

Kolkata, Aug 30: Financial Technologies (India) Ltd, one of the leading promoters of Multi-Commodity Exchange (MCX), would foray into spot market in a big way.

Financial Technologies, specialising in domain knowledge for trading platforms, has set up a separate company National Spot Exchange Ltd for entry into spot market.

"We are in the look out for strategic partners. We intend to retain 60 per cent stake. The rest 40 per cent will be divided among strategic partners, including NAFED," Jignesh Shah chief of Financial Technologies and managing director and CEO, MCX said.

Financial Technologies is planning to start spot exchanges in Rajastan, Kerala, Gujarat, Maharashtra, Punjab and West Bengal.

"We have already linked 1,000 mandis across the country, 290 in Maharashtra alone for spot market operations," he said.

The start of the spot market operations depend on adoption of the model Agriculture Produce Market Committee (APMC) Act by the state governments.

In West Bengal Financial Technologies intends to start spot marketing for potatos.

"We have identified cold storages in Bardhaman, Midnapore and Hooghly for starting spot market for potatoes," he said.

Mr Shah met West Bengal Chief Minister Buddhadeb Bhattacharjee during his visit to the city.

He said a formal blueprint regarding revival of Calcutta Stock Exchange (CSE) with spot and commodity trading would be submitted to the state government in a month's time.

Meanwhile, in cooperation with Calcutta University and Indian Institute of Social Welfare and Business Management (IISWBM), MCX has launched a three months diploma course on commodity trading to churn out professionals.

UNI

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