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February 21, 2014 Friday
NCDEX MoU with India Pulses and Grains Association for market efficiency initiatives
India, Feb. 21 -- NCDEX the leading commodities futures exchange in agri commodities and ferrous metals in India has signed a Memorandum of Understanding with India Pulses and Grains Association (IPGA) to work in collaboration for increasing effectiveness of trade tools including lifting of trading restrictions through continuous dialogue with regulator and policymakers The MOU was signed during the Pulses Conference 2014 being held in Goa which was attended by the trade fraternity including the members of the IPGA.The key initiatives to be undertaken would be:
Facilitating and recommending measures to increase trade efficiencies and price discovery in pulses and grains with the vision to put India on the world map of pulses and grains.
Joint training workshops on hedging to be conducted for members who will be kept updated on developments in the futures market by the Exchange.
Research studies including trend analysis crop surveys and field studies aimed at understanding and recommending solutions to overcome key challenges faced by the industry
Efforts made to educate stakeholders about the benefits of the transparent online spot platform of the Exchange (NSPOT)
Speaking on the development Mr. Samir Shah MD CEO NCDEX said Over the last ten years NCDEX has immensely contributed to the development of primary and derivatives markets in this country. With regards to this once again we take an initiative to promote the pulses production and trade in India by joining hands with IPGA an apex body to closely work and find out improved and industry friendly solutions. India being the largest producer as well as importer and consumer of pulses is yet to achieve self sufficiency in it. Hence this co ordinated effort will help us achieve success in developing a market for pulses and grains .
Mr. Praveen Dongre Chairman India Pulses and Grains Association said The Memorandum of Understanding that IPGA and NCDEX have signed is the beginning of a series of promotional initiatives aimed at improving market efficiency and infusing global competitiveness to Indian pulses and grains. This MoU is the logical culmination of the synergy between the Association whose members are an integral part of the physical market and the Exchange a premier provider of price risk management services
NCDEX SPOT Exchange (NSPOT) has demonstrated tremendous success of this public private partnership initiative in Karnataka as E mandis and e auctioning has transformed the trade in pulses. We hope to replicate the same pan India.
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