MCX to set up agri-spot exchanges by January

Kolkata, Dec 8: Multi Commodity Exchange of India (MCX) is planning to set up spot exchange for agriculture commodities by mid January.

''We have identified commodities for spot trading. In Gujarat, the spot exchange will deal with carrot seeds and cumin seeds while in Maharashtra the trading will be in soyabean and soyaoil. In Rajasthan we are planning to trade in guava seeds,'' MCX CEO and MD Jignesh Shah said.

A spot exchange will also be opened in West Bengal but commodities to be traded have not been decided yet, he added.

He said farmers will be able to sell their produce anywhere he gets maximum value through this spot exchange. Spot market is state subject while futures market come under the jurisdiction of the Centre.

National Spot Exchange for Agriculture Produce (NSEAP) would be the holding company for the spot markets. NSEAP is joint venture between MCX and Finacial Technologies India Ltd (FTIL) and the National Agricutural Cooperative Marketing Federation of India.

MCX has also formed Safal National Exchange in partnership with FTIL and the National Diary Development Board for perishable commodities.

UNI