The
Online Commodity Exchange India Ltd. (OCEIL), Ahmedabad and the
National Board of Trade (NBOT), Indore have been given the status
of National Multi-Commodity Exchanges. While the NBOT has been
trading in futures contracts in mainly Soya complex, the OCEIL
is trading in the entire edible oil complex. The OCEIL, Ahmedabad
has been granted recognition on permanent basis as it has complied
with all the major parameters for achieving National Commodity
Exchange status such as de-mutualisation, diversified interest
and on line trading. The NBOT has been given ‘in principle approval’
subject to completion of formalities including upgrading their
facilities to national status within ten months time. Though this
exchange has achieved considerable volume in trading, has not
completed all the parameters required for granting Multi-Commodity
Exchange status-hence in principle approval. The Department of
Consumer Affairs has requested the Forward Market Commission (FMC)
to monitor the progress.
These exchanges were
selected from among 16 initial applicants and from among 4 short
listed by the FMC after assessing their capabilities/preparedness
for handling futures trading in various commodities at national
level. At present there are 22 recognised commodity exchanges/registered
associations under whose auspices forward trading is being conducted.
