NCDEX's power exchange to be op from Oct 1

Kochi, Aug 23: National Commodity&Derivatives Exchange (NCDEX) Managing Director and Chief Operating Officer (COO) R Ramaseshan today said the power exchange, a joint venture of NCDEX and National Stock Exchange (NSE), would be operational from October one.

Talking to newspersons here, Mr Ramaseshan said '' we have got in-principle approval to trade in power and a full-fledged managing team is in place for the exchange.'' Presently, NCDEX was in the process of developing software for the exchange and the power exchange would be operational from October, he added.

The MD said ''A company in the name of Power Exchange of India Limited was incorporated, the stakes of which were equally split between NCDEX and NSE and the exchange would facilitate spot trading of electricity''.

The power exhange would be the second in the country after MCX's India Energy Exchange.

When asked whether NCDEX was planning to diversify to other commodities from agro-commodities, Mr Ramaseshan said '' we are looking at various opportunities available at non-agri commodities like metals and have recently launched carbon futures, which are doing well.'' Inflation was a passing phase and part of the global economic transition, he said adding it would be a thing of the past in the next six months.

UNI