The Hindu Business Line : Spot exchange centres to be set up in Kerala

The National Spot Exchange Ltd (NSEL), expected to be operational by the end of January next, will launch farm grade contracts for delivery at all important arrival centres in Kerala.

According to Mr Anjani Sinha, Managing Director and CEO, NSEL, delivery will be facilitated at centres such as Wayanad, Vandanmedu and Kottayam.

Mr Sinha said this while addressing the two-day silver jubilee national seminar on `Agriculture commodity futures trading' organised by the College of Cooperation Banking and Management, Kerala Agricultural University, Thrissur, last week.

PAID PRICE

Farmers will be able to sell their products, effect delivery and get payment at these centres. This will ensure a transparent, electronic and institutionalised market for users, processors and consumers.

This will also improve the farmer's realisation substantially without increasing the `paid price' at the consumer end. Mr Sinha also explained that Kerala is an ideal place to initiate spot exchange activities.

Mr C.K.G. Nair, formerly director with the Ministry of Consumer Affairs, on the closing day of the seminar drew attention to the fact that though policies and institutional and organisational structures in India were comparable with the best, their effectiveness was below par.

This could be blamed on the failure of the organisations to imbibe the right ethos and qualities needed to facilitate growth. Mr Nair also stressed the need for regulating commodity exchanges, but the objective should be to maintain a near-zero defect structure.

Exchanges should elevate themselves from the status of organisations to institutions and act as self-regulating organisations (SROs). Mr Kailash Gupta, Managing Director, National Multi-Commodity Exchange, Ahmedabad, also attended the session.

Mr Gibi Mathew, Executive Director, JRG Securities, extended felicitations. Mr Philip Sabu, Organising Secretary, welcomed the gathering and Dr Shaheena P., Convenor, proposed a vote of thanks. Dr U. Ramachandran, Associate Dean, presided over the function.

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