Mumbai, 5 February 2010

Today marked the inauguration of National Spot Exchange (NSEL) spot delivery contract, which took place at Guna, Madhya Pradesh, at the auspicious hands of Honourable Shri Jyotiraditya Scindia, Minister of State for Commerce and Industry.

Alongwith the Hon’ble Minister, the inauguration function was blessed with the presence of eminent dignitaries from different associations and the Mandi President. The function was attended by over 500 farmers and traders.  NSEL is the first exchange to reach the state of Madhya Pradesh (MP).  To begin with, NSEL will launch Soybean and Chana contacts, followed by Wheat, Mustard and Coriander seeds, deliverable at Guna.

On the occasion, Hon’ble Shri Jyotiraditya Scindia, Minister of  State (Commerce and Industry) said; Madhya Pradesh is an agricultural state with nearly 70% land under cultivation.  I am very glad that organizations like National Spot Exchange are working for the benefit of the farmers. I wish them good wishes for their initiative.  I firmly believe that such initiative will be equally beneficial to the farmers and traders of Guna.”

Shri  Anjani Sinha, MD & CEO, National Spot Exchange said; We are proud to celebrate another milestone achievement of NSEL, to set up an electronic spot market in the state of MP.  Our concept is to take technology to village level and enable farmers to market their produce in fair and transparent ways. NSEL through its platform provide market information of multiple mandis which will help the farmers to know about the price prevailing at different mandis on real time basis.  We want farmers to avail online market, to take informed selling decision and realize better price for their produce. Our platform provides the flexibility to the sellers to quote their own selling price. We expect a large no. of farmers’ and traders of Guna to participate on this platform”.

NSEL already has its presence in Maharashtra, Delhi, Rajsathan, Bihar, Gujarat, Madhya Pradesh, Karnataka, Andhra Pradesh,  Orissa and shortly reaching Punjab and Haryana with more  than 24 active commodities such as, Areca nut, Barley, Bajra, Castor Seed, Castor Oil, Cotton bales, Cotton Seed Wash Oil, Lemon Tur, Maize, Urad, Yellow Peas, Soyabean, Wheat, Groundnut, Guar seed, Chana, RM seed, Jeera, Guargum, RBD Palmolein.

During last one year, National Spot Exchange has handled deliveries worth Rs. 2550 crores and around 14000 farmers have availed direct benefit of NSEL facilities Presently, NSEL has more than 190 delivery based contracts especially designed to suit the requirements of buyers and sellers, deliverable at various locations across the country.  The contracts are available for trading between 10am to 6pm from Monday to Friday and from 10am to 3:30pm on Saturday. The price of the contract is ex-warehouse basis - inclusive of loading/unloading - sampling/testing charges, insurance and free warehousing for five days while depositing/withdrawals of Commodities.

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