The Hindu Business Line : Commodity exchange, NSDL sign pact

NATIONAL Commodity and Derivatives Exchange Ltd (NCDEX) has signed an agreement with the National Securities Depository Ltd to enable depository participants to maintain in an electronic form balance of commodities held by the participants of NCDEX in NCDEX-designated warehouses.

This is the first of its kind in India where holdings of commodities would be recorded in an electronic form.

Under the agreement, NSDL would allot distinct Commodity Identification Number for each of the commodities permitted for trading by NCDEX on its platforms.

The designated warehouses would confirm to NSDL details of such /withdrawals for maintenance of details in an electronic rather than physical form.

The ultimate buyer who desires to take physical delivery of the commodities would get a credit to his electronic account maintained with his DP and would follow a process similar to rematerialisation in the case of securities/stocks today, a news release said.

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