Reliance Money, NMCE to form spot exchange

New Delhi, Aug 5: Anil Ambani-led Reliance Money, a securities brokerage and distribution company, on Tuesday, Aug 4 said it has tied up with National Multi-Commodity Exchange (NMCE) for setting up a spot exchange for agricultural commodities.

The spot exchange-- National Agriculture Produce Marketing Company of India (National APMC) will provide an electronic trading platform and have an arrangement for deliveries at the designated warehouses and mandis. The exchange, which is expected to be launched in three months in Gujarat and Rajasthan, will electronically connect the various mandis. At the outset, it will also set up delivery centres in the two states.

''It will unlock unprecedented value through benefits from better prices, transparent trading, guaranteed trades, better warehousing and logistics and lower marketing costs for farmers, traders and consumers,'' Reliance Money CEO Sudip Bandyopadhyay said in a statement.

The National APMC will provide on-line price dissemination and an efficient warehouse-based delivery system, which will complement the existing efforts in the supply chain management of perishable commodities and reduce wastage.

The exchange will not only benefit individual producers, but also farmer associations, co-operatives, corporate houses and other stakeholders, Mr Bandyopadhyay said.

UNI