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GOVERNMENT OF INDIA
FORWARD MARKETS COMMISSION
MINISTRY OF CONSUMER AFFAIRS FOOD AND PUBLIC DISTRIBUTION
DEPARTMENT OF CONSUMER AFFAIRS
FMC Bulletin April 2013 – June 2013
EVEREST, 3RD FLOOR. 100, MARINE DRIVE, MUMBAI 400 002
INDEX
Ch. No. Subject Pg. No.
1 Commodity Market Review at a Glance 2
2 Performances of the Exchanges in the Commodity Market 1.Multi Commodity Exchange of India Ltd., Mumbai 3
2. National Commodity & Derivatives Exchange Ltd.,Mumbai
6
3. National Multi Commodity Exchange of India Ltd.,Ahmedabad
11
4. Indian Commodity Exchange Ltd., Mumbai 13
5. ACE Derivatives & Commodity Exchange Ltd.,Mumbai
16
6.Universal Commodity Exchange Ltd., Navi Mumbai 18
3. Important Developments in the Commodity Market 20
4. Developmental Activities 25
Annexure
Sr. No. Subject Pg. No.
I List of commodities notified under section 15 of the
FCRA 1952.
28
II List of Recognized Commodity Exchanges 30
III Volume and value of commodities traded during the
period April 2013 –June 2013
31
IV Details of permissions granted to Recognized
Exchanges
32
V State wise details of Awareness programs conducted
during the period April 2013 –June 2013
34
1
FOREWORD
Forward Markets Commission regulates forward trading in 113 commodities at the 17 Recognized
Commodity Exchanges, of which 6 are National Commodity Exchanges and 11 are Commodity
Specific Regional Exchanges.
During the period under review, April 2013 to June 2013, in Agricultural Commodities, food items viz.
Refined Soya Oil, Soya bean, Chana, Rapeseed/Mustard seed, Coriander and Crude Palm Oil
contributed major share to the total value of trade. In Non food items, Castor seed, Cotton seed Oil
cake, Mentha Oil, and Cotton contributed major share in the commodity trading. The total value of
trade during the above said period was ₹41.45 lakh crore as against ₹41.72 lakh crore during the
corresponding period last year. During the period, the value of trade in Bullion was ₹19.38 lakh crore
and in Metals other than Bullion was ₹7.93 lakh crore. Value of trade in Agriculture Commodities and
Energy Products amounted to ₹3.68 lakh crore and ₹10.46 lakh crore respectively. The total value of
trade at the 6 National Multi Commodity Exchanges was ₹41.41 lakh crore and at the remaining 11
Commodity Exchanges, it was ₹0.04 lakh crore.
Commission also continued with various developmental activities under the plan scheme
“Strengthening of FMC” such as conducting awareness programs, capacity building program and the
Price Dissemination Project for the benefit of all stakeholders. During the period under review, 193
awareness programs, 1 capacity building program and 3 stakeholder’s meetings were conducted and
267 Price Ticker Boards were installed.
2
1. COMMODITY MARKET REVIEW AT A GLANCE
There are 17 Commodity Exchanges (11 Regional and 6 National Exchanges) regulating futures
trading in commodities.
During the period under review (April 2013 to June 2013), the total value of trade in all commodities
traded at the recognized Exchanges was ₹41.45 lakh crore as against ₹40.84 lakh crore during the
previous quarter (January 2013 to March 2013) and ₹41.72 lakh crore during the corresponding
period of last year.
The six major commodity Exchanges contributed 99.89 % to the total value of trade in the Commodity
futures market. These are MCX, Mumbai (90.46 %), NCDEX, Mumbai (6.56 %), NMCE, Ahmedabad
(0.97 %), ICEX, Mumbai (0.89 %), ACE Derivatives and Commodity Exchange Ltd., Mumbai (0.45%)
and Universal Commodity Exchange Ltd., Navi Mumbai (0.56%).
The following table indicates the total volume and value of trade during the quarter (April 2013 to June
2013) in the major commodity Exchanges.
Name of Exchange Volume of Trade (In lakh tons)
Value (₹ in Crore)
% share (In value terms)
Multi Commodity Exchange of India Ltd., Mumbai
2502.99 3749925.46 90.46
National Commodity & Derivatives Exchange Ltd., Mumbai
672.14 272011.87 6.56
National Multi Commodity Exchange of India Ltd., Ahmedabad
48.46 40140.27 0.97
Indian Commodity Exchange Ltd., Mumbai
55.06 36956.77 0.89
ACE Derivatives & Commodity Exchange Ltd., Mumbai
27.72 18526.89 0.45
Universal Commodity Exchange Ltd., Navi Mumbai
9.53 23357.63 0.56
Total of National Exchanges 3315.90 4140918.89 99.89
Regional Exchanges 11.84 4544.57 0.11
Grand total 3327.74 4145463.46 100 Note: Natural Gas volumes are not included in the Total Volume.
It is seen from Annexure III that the major commodity groups traded in the commodity market
were Bullion, Energy, Metals and Agri (Food and Non-Food Items). In Agricultural commodities the
major contribution to the total value of trade was from Refined Soya Oil, Soya bean, Chana, Castor
seed and Rapeseed/Mustard seed,
The Cumulative value of commodities traded during April 2013 to June 2013 and the value of trade for
the corresponding period last year (April 2012 to June 2012) is given below :-
(In ₹ lakh crore)
April 2013 to June 2013 January 2013 to March 2013 April 2012 to June 2012 41.45 40.84 41.72
3
2. PERFORMANCES OF THE EXCHANGES IN THE COMMODITY MARKET
I. Multi Commodity Exchange of India Ltd., Mumbai ( MCX)
During the period under review, Gold, Silver, Crude Oil, Copper, Natural Gas, Lead, Zinc & Nickel
contracts constituted a major share of the value of commodities traded at the MCX, Mumbai.
The following table indicates the percentage share of major commodities traded at MCX, Mumbai,
during the period under review.
Commodities Total value (In ₹ crore)
% share to the total value
GOLD 1089647.43 29.06 SILVER 813830.71 21.70 CRUDE OIL 790195.37 21.07 COPPER 364834.10 9.73 NATURAL GAS 239666.49 6.39 LEAD 166079.19 4.43 ZINC 103508.84 2.76 NICKEL 75630.62 2.02 Total of major commodities 3643392.74 97.16 Other commodities 106532.72 2.84 Total 3749925.46 100.00
Graphical presentation showing the percentage share of above Commodities / Contracts is
given in the following diagram:
Graphical presentation of ready and futures prices of eight major commodities viz., Gold,
Silver, Crude Oil, Copper, Natural Gas, Lead, Zinc & Nickel at MCX, Mumbai during the period under
review is given below.
PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT MCX ,MUMBAI DURING APRIL 2013 TO JUNE 2013
Other Commodities2.84%
Nickel2.02%
Zinc2.76%Lead
4.43%
Natural Gas6.39%
Copper9.73%
Crude Oil21.07% Silver
21.70%
Gold29.06%
Gold Silver Crude Oil Copper Natural Gas Lead Zinc Nickel Other Commodities
4
GOLD
SILVER
CRUDE OIL
2500026000270002800029000300003100032000
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
10G
MS
SPOT & FUTURES PRICES OF GOLD TRADED AT MCX, MUMBAI
Ready Prices 5-Jun-13 5-Aug-13 5-Oct-13 5-Dec-13
3800040500430004550048000505005300055500
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 K
G
SPOT & FUTURES PRICES OF SILVER TRADED AT MCX, MUMBAI
Ready Prices 4-May-13 5-Jul-13 5-Sep-13 5-Dec-13
4650
4800
4950
5100
5250
5400
5550
5700
5850
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 B
BL
SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT MCX, MUMBAI
Ready Prices 19-Apr-13 20-May-13 19-Jun-13 19-Jul-13
19-Aug-13 19-Sep-13 21-Oct-13 19-Nov-13 18-Dec-13
5
COPPER
NATURAL GAS
LEAD
370
385
400
415
430
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 K
G
SPOT & FUTURES PRICES OF COPPER TRADED AT MCX, MUMBAI
Ready Prices 30-Apr-13 28-Jun-13 30-Aug-13 29-Nov-13
205
215
225
235
245
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ p
er 1
mm
Btu
SPOT & FUTURES PRICES OF NATURAL GAS TRADED AT MCX, MUMBAI
Ready Prices 25-Apr-13 28-May-13 25-Jun-13
26-Jul-13 27-Aug-13 25-Sep-13
105
110
115
120
125
130
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 K
G
SPOT & FUTURES PRICES OF LEAD TRADED AT MCX, MUMBAI
Ready Prices 30-Apr-13 31-May-13 28-Jun-13
31-Jul-13 30-Aug-13 30-Sep-13 31-Oct-13
6
ZINC
NICKEL
II. National Commodity and Derivatives Exchange, Ltd., Mumbai (NCDEX)
During the period under review, Soy Oil, Soya Bean, Chana, Castor Seed, R/M Seed, Dhaniya,
Cotton Cake, Jeera, Turmeric & Sugar M constituted a major share of the value of commodities
traded at the NCDEX, Mumbai.
The following table indicates the percentage share of major commodities traded at NCDEX, Mumbai
during the period under review.
95
100
105
110
1156-
Apr
-13
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 K
G
SPOT & FUTURES PRICES OF ZINC TRADED AT MCX, MUMBAI
Ready Prices 30-Apr-13 31-May-13 28-Jun-13
31-Jul-13 30-Aug-13 30-Sep-13 31-Oct-13
800
825
850
875
900
925
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 K
G
SPOT & FUTURES PRICES OF NICKEL TRADED AT MCX, MUMBAI
Ready Prices 30-Apr-13 31-May-13 28-Jun-13
31-Jul-13 30-Aug-13 30-Sep-13 31-Oct-13
7
Commodities Total value (In ₹ crore)
% share to the total value
Soya Oil 77201.83 28.38 Soya Bean 35508.98 13.05 Chana 32010.68 11.77 Castor Seed 26025.43 9.57 R/M Seed 23050.08 8.47 Dhaniya 18114.27 6.66 Cotton Cake 17120.86 6.29 Jeera 10173.92 3.74 Turmeric 9600.04 3.53 Sugar M 4740.49 1.74 Total of major commodities 253546.58 93.21 Other commodities 18465.29 6.79 Total 272011.87 100.00
Graphical presentation of ready and futures prices of ten major commodities viz., Soy Oil, Soya Bean, Chana, Castor Seed, R/M Seed, Dhaniya, Cotton Cake, Jeera, Turmeric & Sugar M at NCDEX, Mumbai during the period under review is given below.
SOY OIL
PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT NCDEX,MUMBAI DURING APRIL TO JUNE 2013
SUGAR M1.74%
OTHER COMMODITIES6.79%
TURMERIC3.53%
SOYA_OIL28.38%
SOYA_BEAN13.05%
CHANA11.77%
CASTOR_SEED9.57%
R/M_SEED8.47%
DHANIYA6.66%
COTTON_CAKE6.29%
JEERA3.74%
SOYA_OIL SOYA_BEAN CHANA CASTOR_SEED
R/M_SEED DHANIYA COTTON_CAKE JEERA
TURMERIC SUGAR M OTHER COMMODITIES
625
650
675
700
725
750
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹P
ER
10
KG
SPOT & FUTURES PRICES OF SOY OIL TRADED AT NCDEX
SPOT Apr-13 May-13 Jun-13 Jul-13
Aug-13 Sep-13 Oct-13 Nov-13
8
SOYA BEAN
CHANA
CASTOR SEED
31003250340035503700385040004150
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF SOY BEEN TRADED AT NCDEX
SPOT Apr-13 May-13 Jun-13
Jul-13 Oct-13 Nov-13 Dec-13
3000
3200
3400
3600
3800
4000
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF CHANA TRADED AT NCDEX
SPOT Apr-13 May-13 Jun-13
Jul-13 Aug-13 Sep-13 Oct-13
3000
3200
3400
3600
3800
4000
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF CASTOR SEED TRADED AT NCDEX
SPOT Apr-13 May-13 Jun-13
Jul-13 Aug-13 Sep-13 Oct-13
9
R/M SEED
DHANIYA
COTTONSEED OILCAKE
3300
3450
3600
3750
3900
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF R/M SEED TRADED AT NCDEX
SPOT Apr-13 May-13 Jun-13
Jul-13 Aug-13 Sep-13 Oct-13
640066006800700072007400760078008000
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF DHANIYA TRADED AT NCDEX
SPOT Apr-13 May-13 Jun-13Jul-13 Aug-13 Sep-13 Oct-13
1350
1450
1550
1650
1750
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF COTTON SEED OIL CAKE TRADED AT NCDEX
SPOT Apr-13 May-13 Jun-13
Jul-13 Aug-13 Sep-13 Dec-13
10
JEERA
TURMERIC
SUGAR M
12500
13000
13500
14000
14500
15000
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF JEERA TRADED AT NCDEX
SPOT Apr-13 May-13 Jun-13Jul-13 Aug-13 Sep-13 Oct-13
5250
5750
6250
6750
7250
7750
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF TURMERIC TRADED AT NCDEX
SPOT Apr-13 May-13 Jun-13
Jul-13 Aug-13 Sep-13 Oct-13
2800
2900
3000
3100
3200
3300
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF SUGAR M TRADED AT NCDEX
SPOT Apr-13 May-13 Jun-13 Jul-13
Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
III. National Multi Commodity
During the period under review
constituted a major share of the value of commodities traded at the NMCE, Ahmedabad
The following table indicates the
Ahmedabad during the period under review.
Commodities
GOLD
RAW JUTE
COFFEE REP BULK
NICKEL
COPPER
Total of Major Commodities
Others Commodities
Total
Graphical presentation of ready and future
Jute, Coffee Rep Bulk, Nickel and Copper at NMCE, Ahmedabad during the period under review is
given below.
11
National Multi Commodity Exchange, Ahmedabad (NMCE)
During the period under review, Gold, Raw Jute, Coffee Rep Bulk, Nickel
a major share of the value of commodities traded at the NMCE, Ahmedabad
The following table indicates the percentage share of major commodities traded at NMCE,
Ahmedabad during the period under review.
Commodities Total Value in ₹.crore
% share to the total value
4048.82 10.09
3521.68
3348.59
3287.06
2960.06
Total of Major Commodities 17166.21 42.77
22974.06 57.23
40140.27 100.00
Graphical presentation of ready and futures prices of five major commodities
Jute, Coffee Rep Bulk, Nickel and Copper at NMCE, Ahmedabad during the period under review is
offee Rep Bulk, Nickel and Copper
a major share of the value of commodities traded at the NMCE, Ahmedabad
share of major commodities traded at NMCE,
% share to the total value 10.09
8.77
8.34
8.19
7.37
42.77
57.23
100.00
major commodities viz., Gold, Raw
Jute, Coffee Rep Bulk, Nickel and Copper at NMCE, Ahmedabad during the period under review is
12
GOLD
RAW JUTE
COFFEE REP BULK
25000260002700028000290003000031000
06-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
04-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
01-J
un-1
3
08-J
un-1
3
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ p
er 1
0 G
M
Spot and futures prices of Gold at NMCE, Ahmedabad
Spot Apr-13 May-13 Jun-13 Jul-13 Aug-13
2700.002800.002900.003000.003100.003200.00
06-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
04-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
01-J
un-1
3
08-J
un-1
3
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ p
er 1
00 K
G
Spot and futures prices of Raw Jute at NMCE, Ahmedabad.
Spot Apr-13 May-13 Jun-13 Jul-13 Aug-13
11800.00
12000.00
12200.00
12400.00
12600.00
12800.00
13000.00
13200.00
06
-Ap
r-1
3
13
-Ap
r-1
3
20
-Ap
r-1
3
27
-Ap
r-1
3
04
-Ma
y-1
3
11
-Ma
y-1
3
18
-Ma
y-1
3
25
-Ma
y-1
3
01
-Ju
n-1
3
08
-Ju
n-1
3
15
-Ju
n-1
3
22
-Ju
n-1
3
29
-Ju
n-1
3
₹p
er
10
0 K
g
Spot and futures prices of Coffee Rep Bulk at NMCE., Ahmedabad.
Spot May-13 Jul-13 Sep-13 Jul-12
13
NICKEL
COPPER
IV. Indian Commodity Exchange, Mumbai (ICEX)
During the period under review, Natural Gas, Silver, Soya Oil, Crude Oil, Copper, Gold &
Lead constituted a major share of the value of commodities traded at the ICEX, Mumbai. The
following table indicates the percentage share of major commodities traded at ICEX, Mumbai during
the period under review.
Commodities Total value (In ₹ crore)
% share to the total value
Natural Gas 8631.12 23.35 Silver 6111.48 16.54 Soya Oil 5370.39 14.53 Crude Oil 4252.38 11.51 Copper 4145.98 11.22 Gold 3140.90 8.50 Lead 2614.72 7.08 Total of major commodities 34266.97 92.72 Other commodities 2689.80 7.28 Total 36956.77 100.00
Note: Natural Gas volumes are not included in the Total Volume
800.00
820.00
840.00
860.00
880.00
900.000
6-A
pr-
13
13
-Ap
r-1
3
20
-Ap
r-1
3
27
-Ap
r-1
3
04
-Ma
y-1
3
11
-Ma
y-1
3
18
-Ma
y-1
3
25
-Ma
y-1
3
01
-Ju
n-1
3
08
-Ju
n-1
3
15
-Ju
n-1
3
22
-Ju
n-1
3
29
-Ju
n-1
3
₹ P
er
1 K
g
Spot and futures prices of Nickel at NMCE,Ahmedabad
Spot Apr-13 May-13 Jun-13 Jul-13 Aug-13
370.00
390.00
410.00
430.00
06
-Ap
r-1
3
13
-Ap
r-1
3
20
-Ap
r-1
3
27
-Ap
r-1
3
04
-Ma
y-1
3
11
-Ma
y-1
3
18
-Ma
y-1
3
25
-Ma
y-1
3
01
-Ju
n-1
3
08
-Ju
n-1
3
15
-Ju
n-1
3
22
-Ju
n-1
3
29
-Ju
n-1
3
₹ p
er
1 K
g
Spot and futures prices of Copper at NMCE,Ahmedabad
Spot Apr-13 Jun-13 Aug-13 Nov-13
14
Graphical presentation of ready and futures prices of seven major commodities viz. Natural Gas,
Silver, Soya Oil, Crude Oil, Copper, Gold & Lead at ICEX, Mumbai during the period under review is
given below.
NATURAL GAS
SILVER
PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ICEX,MUMBAI DURING APRIL 2013 TO JUNE 2013
OTHER COMMODITIES7.28%
LEAD7.08%GOLD
8.50%
COPPER11.22%
CRUDEOIL11.51%
SOYA OIL14.53%
SILVER16.54%
NATURAL GAS23.35%
NATURAL GAS SILVER SOYA OIL CRUDEOIL COPPER GOLD LEAD OTHER COMMODITIES
210
220
230
240
250
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 m
mB
tu
SPOT & FUTURES PRICES OF NATURAL GAS TRADED AT ICEX,MUMBAI
Ready Prices 25-Apr-13 28-May-13 25-Jun-13
26-Jul-13 27-Aug-13 25-Sep-13
37500400004250045000475005000052500
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 K
G
SPOT & FUTURES PRICES OF SILVER TRADED AT ICEX,MUMBAI
Ready Prices 2-May-13 1-Jul-13 2-Sep-13 2-Dec-13
15
SOYA OIL
CRUDE OIL
COPPER
650
675
700
725
750
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ .P
ER
10
KG
SPOT & FUTURES PRICES OF SOYA OIL TRADED AT ICEX,MUMBAI
Ready Prices 18-Apr-13 20-May-13 20-Jun-13
19-Jul-13 20-Aug-13 20-Sep-13
4700490051005300550057005900
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 B
BL
SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT ICEX,MUMBAI
Ready Prices 19-Apr-13 20-May-13 19-Jun-13
19-Jul-13 19-Aug-13 19-Sep-13
370
380
390
400
410
420
430
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 K
G
SPOT & FUTURES PRICES OF COPPER TRADED AT ICEX,MUMBAI
Ready Prices 30-Apr-13 28-Jun-13 30-Aug-13 29-Nov-13
16
GOLD
LEAD
V. ACE Commodities and Derivatives Exchange, Mumbai (ACE)
During the period under review, Ref Soy Oil, Cotton 118, Soya Bean & RBD constituted a major share
of the value of commodities traded at the ACE, Mumbai.
The following table indicates the percentage share of major commodities traded at ACE, Mumbai
during the period under review.
Commodities Total value (In ₹ crore)
% share to the total value
REFSOYOIL 13143.66 70.94 COTTON118 2801.08 15.12 SOYBEAN 1463.65 7.90 RBD 746.17 4.03 Total of major commodities 18154.56 97.99 Other commodities 372.33 2.01 Total 18526.89 100.00
2475025500262502700027750285002925030000
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
10
GM
SSPOT & FUTURES PRICES OF GOLD TRADED AT ICEX,MUMBAI
Ready Prices 3-Jun-13 1-Aug-13 1-Oct-13 2-Dec-13
105
110
115
120
125
130
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
1 K
G
SPOT & FUTURES PRICES OF LEAD TRADED AT ICEX,MUMBAI
Ready Prices 30-Apr-13 31-May-13 28-Jun-13
31-Jul-13 30-Aug-13 30-Sep-13 31-Oct-13
17
Graphical presentation of ready and futures prices of four major commodities viz., Refined Soy
Oil, Cotton 118, Soya Bean & RBD at ACE, Mumbai during the period under review is given as
follows:
REF SOY OIL
COTTON 118
PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ACE, MUMBAI DURING APRIL 2013 TO JUNE 2013
REFSOYOIL70.94%
COTTON11815.12%
SOYBEAN7.90%
RBD4.03%
OTHER COMMODITIES
2.01%
REFSOYOIL COTTON118 SOYBEAN RBD OTHER COMMODITIES
625
650
675
700
725
750
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
10
KG
SPOT & FUTURES PRICES OF SOY OIL TRADED AT ACE, MUMBAI
Ready Prices 18-Apr-13 20-May-13 20-Jun-13 19-Jul-13
20-Aug-13 20-Sep-13 18-Oct-13 20-Nov-13
36500375003850039500405004150042500
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
CA
ND
Y
SPOT & FUTURES PRICES OF COTTON118 TRADED AT ACE, MUMBAI
Ready Prices 18-Apr-13 20-May-13 20-Jun-13
19-Jul-13 18-Oct-13 20-Nov-13
18
SOYA BEAN
RBD PALMOLEIN
VI. Universal Commodity Exchange Ltd., Navi Mumbai (UCX)
During the period under review, Kilo Gold, Silver-30, Crude oil, Gold Nano & Ref Soy oil constituted a
major share of the value of commodities traded at the UCX, Navi Mumbai
The following table indicates the percentage share of major commodities traded at UCX, Navi Mumbai
during the period under review.
Commodities Total Value in ₹ Crore
% share to the total value
KILO GOLD 11917.52 51.02 SILVER-30 6448.05 27.61 CRUDE OIL 2491.01 10.66 GOLD NANO 556.47 2.38 REF SOY OIL 504.11 2.16 Total of major commodities 21917.16 93.83 Other commodities 1440.46 6.17 Total 23357.63 100.00
3000
3250
3500
3750
4000
4250
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF SOYA BEAN TRADED AT ACE, MUMBAI
Ready Prices 18-Apr-13 20-May-13 20-Jun-13
19-Jul-13 18-Oct-13 20-Nov-13 20-Dec-13
490500510520530540550
6-A
pr-1
3
13-A
pr-1
3
20-A
pr-1
3
27-A
pr-1
3
4-M
ay-1
3
11-M
ay-1
3
18-M
ay-1
3
25-M
ay-1
3
1-Ju
n-13
8-Ju
n-13
15-J
un-1
3
22-J
un-1
3
29-J
un-1
3
₹ P
ER
10
KG
SPOT & FUTURES PRICES OF RBD TRADED AT ACE, MUMBAI
Ready Prices 30-Apr-13 31-May-13 28-Jun-13
31-Jul-13 30-Aug-13 30-Sep-13
Graphical presentation of ready and future
Silver-30, Crude oil, Gold Nano & Ref Soy oil
given below.
Silver 30
27.61%
Crude oil
10.66%
Goldnano
2.38%
Ref Soy oil
2.16%
PERCENTAGE SHARE TO THE TOTAL VALUE OF THE COMMODI TIES TRADED
Kilo gold Silver 30
25500.00
26000.00
26500.00
27000.00
27500.00
28000.00
28500.00
20
-Ap
r-1
3
27
-Ap
r-1
3
₹ p
er
10
G
M
Spot and futures prices of Kilo Gold at UCX., New Mumbai
Spot
40000.00
42000.00
44000.00
46000.00
48000.00
20
-Ap
r-1
3
27
-Ap
r-1
3
04
-Ma
y-1
3
₹ p
er
1 K
G
Spot and futures prices of Silver at UCX., New Mumbai
19
Graphical presentation of ready and futures prices of five major commodities
30, Crude oil, Gold Nano & Ref Soy oil at UCX, Navi Mumbai during the period under review is
KILO GOLD
SILVER-30
Kilo gold
51.02%
Ref Soy oil
2.16%
Others
6.17%
PERCENTAGE SHARE TO THE TOTAL VALUE OF THE COMMODI TIES TRADEDAT UCX., NEW MUMBAI
DURING APRIL 2013 TO JUNE 2013
Silver 30 Crude oil Goldnano Ref Soy oil Others
04
-Ma
y-1
3
11
-Ma
y-1
3
18
-Ma
y-1
3
25
-Ma
y-1
3
01
-Ju
n-1
3
08
-Ju
n-1
3
15
-Ju
n-1
3
Spot and futures prices of Kilo Gold at UCX., New Mumbai
Spot May-13 Jul-13 Sep-13
04
-Ma
y-1
3
11
-Ma
y-1
3
18
-Ma
y-1
3
25
-Ma
y-1
3
01
-Ju
n-1
3
08
-Ju
n-1
3
15
-Ju
n-1
3
Spot and futures prices of Silver at UCX., New Mumbai
Spot Jun-13 Aug-13
prices of five major commodities viz., Kilo Gold,
during the period under review is
PERCENTAGE SHARE TO THE TOTAL VALUE OF THE COMMODI TIES TRADED
Others
22
-Ju
n-1
3
29
-Ju
n-1
3
22
-Ju
n-1
3
29
-Ju
n-1
3
Spot and futures prices of Silver at UCX., New Mumbai
20
CRUDE OIL
3. IMPORTANT DEVELOPMENTS IN THE COMMODITY MARK ETS
3.1 Regulation of Commodity Exchanges:
(a) Approval for renewal or grant of recognition to the Commodity Ex changes:
• The Ministry of Consumer Affairs, Food and Public Distribution conveyed its approval for the
renewal of recognition of Vijai Beopar Chamber Ltd, Muzaffarnagar in respect of forward
contracts in Gur for a period of one year from 1.04.2013 to 31.03.2014 (both days inclusive).
• The Ministry of Consumer Affairs, Food and Public Distribution, on 13th June, 2013 conveyed its
approval for renewal of the recognition to the First Commodity Exchange of India Ltd (FCEI),
Kochi for conducting forward trading in Coconut Oil and Copra for a period of one year from
1.06.2013 to 31.05.2014 (both days inclusive).
(b) Renewal of registration of the recognized Excha nges:
• The Commission on 10th April, 2013, renewed the registration of Vijai Beopar Chamber Ltd,
Muzaffarnagar in respect of forward contracts in Gur for a period of one year from 1st April,
2013 to 31st March, 2014 (both days inclusive).
• The Commission on 15th May 2013 renewed the registration of Bikaner Commodity Exchange
Ltd, Bikaner in respect of forward contracts in Guar Seed for a period of one year from 1st April
2013 to 31st March, 2014 (both days inclusive).
4600.004800.005000.005200.005400.005600.005800.006000.00
20
-Ap
r-1
3
27
-Ap
r-1
3
04
-Ma
y-1
3
11
-Ma
y-1
3
18
-Ma
y-1
3
25
-Ma
y-1
3
01
-Ju
n-1
3
08
-Ju
n-1
3
15
-Ju
n-1
3
22
-Ju
n-1
3
29
-Ju
n-1
3
₹p
er
1 B
BL
Spot and futures prices of Crude oil at UCX., New Mumbai
Spot Jun-13 Jul-13 Aug-13
21
• The Commission, on 28th June, 2013 renewed the registration of First Commodities Exchange
of India Ltd., Kochi in respect of forward contracts in Coconut Oil and Copra for the period of
one year from 1st June, 2013 to 31st May, 2014 (both days inclusive).
(c) Approval of amendment to bye-laws:
• The Commission on 20th May 2013 and 30th May, 2013 approved the amendments to the Bye-
laws of the NCDEX, Mumbai and ACE, Mumbai respectively relating to the regulatory
framework for market access through Authorized Person in the commodity futures markets.
(d) Extension of time period for compliance with t he equity structure of the Exchange
• The Commission, on 2nd April, 2013 communicated to the NMCE Ahmedabad the decision of
the Ministry of Consumer Affairs, Food and Public Distribution to keep the matter regarding
extension of time period for compliance with the equity structure of the Exchange in abeyance
till the final outcome of the court case in respect of the Exchange which is pending in the
Hon’ble Supreme Court.
(e) Prevention of Money Laundering (Amendment) Bill 2011
• The Commission, on 10th April, 2013 informed all the National level Exchanges that as per the
Prevention of Money Laundering (Amendment) Bill 2011 passed by the Parliament in 2012, the
commodity Exchanges as well as the members of the commodity Exchanges have been
brought under the ambit of the PMLA w.e.f. 1.2.2013. The Exchanges have been directed to
take necessary action for ensuring compliance with the provisions of the PMLA, 2012.
(f) Investor Protection Fund (IPF)
• The Commission, on 10th April, 2013 directed the National Commodity Exchanges to provide
details of the Schedule of the investments in respect of IPF.
3.2 (a) Appointment of Independent Directors on th e Board of the national multi commodity
Exchanges;
During the quarter, the Commission appointed the following persons as Independent Directors
on the Board of the national multi commodity Exchanges under section 6 (2) (b) of the FCR
Act, 1952.
Sr. No.
Name of the Exchange Name of the Independent Director
Period of Appointment
1 National Multi Commodity Exchange of India Ltd.,(NMCE), Ahmedabad
Shri Paul Joseph (IES Retd.)
23/04/2013 up to 31/03/2016
2 National Multi Commodity Exchange of India Ltd.,(NMCE), Ahmedabad
Shri P. K. Laheri (IAS Retd.)
01/05/2013 up to 27/03/2015
22
Sr. No.
Name of the Exchange Name of the Independent Director
Period of Appointment
3 Universal Commodity Exchange Ltd., (UCX), Navi Mumbai
Ms.Neela Gangadharan, IAS (Retd.)
03/05/2013 up to 31/03/2016
4 Universal Commodity Exchange Ltd., (UCX), Navi Mumbai
Shri A. Ramkrishnan, IAS (Retd.)
03/05/2013 up to 31/03/2016
5 ACE Derivatives and Commodity Exchange Ltd., Ahmedabad
Shri Vijay Sardana, Head –Food Security & Agribusiness
20/05/2013 up to 31/03/2016
6 Universal Commodity Exchange Ltd., (UCX), Navi Mumbai
Shri Devdas Chhotray, IAS (Retd)
20/05/2013 up to 31/03/2016
(b) Re-Appointment of Managing Director & Chief Executi ve Officer of the National Multi-
Commodity Exchange of India Ltd. (NMCE), Ahmedabad
The Commission, on 3rd April, 2013, approved the appointment of Mr. Anil Kumar Mishra, as
the Managing Director & Chief Executive Officer of the National Multi-Commodity Exchange of India
Ltd. (NMCE), Ahmedabad subject to specified conditions, for a period from 10th April, 2013 to 8th
February, 2015 or till further orders whichever is earlier.
(c) Guidelines regarding Constitution of the Board of Directors, Nomination of Independent
Directors and appointment of Chief Executives at th e Nation-wide Multi Commodity
Exchanges
The Commission had issued several circulars and guidelines in the past regarding Constitution
of the Board of Directors, Nomination of Independent Directors and appointment of Chief Executives
at the Nation-wide Multi Commodity Exchanges. These circulars and guidelines have been
consolidated and revised guidelines were issued on 17th May, 2013 to strengthen the corporate
governance practices at the Nation-wide Multi Commodity Exchanges and also to provide greater
clarity to the role of Independent Directors in line with the provisions of the Companies Act and best
practices followed in the Indian Capital Markets. This will also help in doing away with the possible
conflict of interest between Independent Directors and promoters of Exchanges, ensure greater
scrutiny of financial matters of Exchanges and stricter compliance with the regulations by the
Exchanges.
(d) Approved amendments of Bye-laws/Rules/IPF Trus t Deed
The Commission, on 14th May 2013, approved amendments of Bye-laws/Rules of IPF Trust
Deed of National Commodity Exchanges pertaining to the Investor Protection Fund (IPF) and the
clause relating to “threshold limits for claim on Investor Protection Fund” that the ceiling of ₹ 25.0
lakhs per defaulting member is increased to ₹ 2.0 Cr. so as to benefit the clients of the defaulting
members to a greater degree.
23
(e) Revised threshold limits
According to the revised threshold limits of ₹ 2.00 Cr. for claim on IPF, the Commission on 15th May 2013, conveyed approval to MCX and NCDEX for the compensation payable in respect of the claims against Bhavishya Advisory and Comtrade (I) Pvt. Ltd., to ₹ 2 .00 Cr. and the client level limit to be retained at ₹ 2 lakhs with full reimbursement of the claim of the client from IPF.
(f) Inspect the books of accounts of the Members
The Commission has been inspecting the books of accounts of the Members of the National Exchanges and Regional Exchanges on a regular basis. During the quarter, 53 audit reports were received from the Auditors, 46 audit reports were sent to Exchanges for follow up action on non-compliances observed and 3 audit reports were scrutinized.
3.3 Reviewed the initial margins
3.3.1 The Commission reviewed the initial margins on Sugar and Wheat contracts, which were fixed in August, 2012 at 10% of the value of the contract or VaR based margin whichever is higher. After reviewing the then price volatilities, volumes and open interest in the aforesaid commodities, the Commission reduced the initial margin on Sugar and Wheat to the previous level of 5% of the value of the contract or VaR based margin whichever is higher with effect from 13.5.2013.
3.3.2 a) The Commission reviewed the market situation and revised Special Margin/Additional rates as per details given below.
Sr. No
Commodity
Exchange
Date w. e. f
Special /Additional Margin imposed/
Withdrawn
Previous Margins applicable
Current rate of margin
Long Short Long Short Long Short
1 Soya bean
NCDEX, ACE
10th April, 2013
(+) 10%
Cash in the April 2013 contract
- - -
(+) 10%
Cash in the April 2013 contract
-
NCDEX, ACE & UCX
30th April, 2013
(+) 10%
Cash in the May, 2013,
June 2013 & July 2013 contracts
-
(+) 10%
Cash in the April
2013 contract
-
(+) 10%
Cash in the May, 2013,
June 2013 & July 2013 contracts
-
NCDEX, ACE & UCX
27th June, 2013
(-) 10%
Cash in the July 2013 contract
-
(+) 10%
Cash in the July
2013 contract
- - -
2 Soya meal
NCDEX, ACE
10th April, 2013
(+) 10%
Cash in the April 2013 contract
- - -
(+) 10%
Cash in the April 2013 contract
-
NCDEX, ACE & UCX
30th April, 2013
(+) 10%
Cash in the May, 2013,
June 2013 & July 2013 contracts
-
(+) 10%
Cash in the April
2013 contract
-
(+) 10%
Cash in the May, 2013,
June 2013 & July 2013 contracts
-
NCDEX, ACE & UCX
27th June, 2013
(-) 10%
Cash in the July 2013 contract
-
(+) 10%
Cash in the July
2013 contract
- - -
24
b) The Commission, on 6th May, 2013 removed additional margin of 15% in cash applicable on long and short open position of potato contracts at NCDEX and MCX, Mumbai effective from 7.5.2013.
c) The Commission, on 7th June, 2013 further removed 20% special margin in cash on potato contracts applicable on the long side at NCDEX and MCX, Mumbai effective from 10.6.2013.
d) The Commission, on 7th June, 2013 also reduced initial margin applicable on long and short side to potato contracts at MCX and NCDEX, Mumbai from 10% to 5% effective from 10.6.2013.
3.4 Attending to Client Complaints/Grievances
3.4.1 The Commission receives complaints from the clients registered with the Exchange members
alleging unauthorized trades being executed by the members in their account, contract
notes/account statements not being received from the members, mis-utilisation of clients’
money etc. Such complaints are forwarded to the respective Exchanges for settling the
grievances of the clients expeditiously. During the period April to June, 2013, fifty eight (58)
complaints were received.
3.4.2 During April – June 2013, the Commission issued circulars to the National Exchanges
regarding (i) Investor Protection, (ii) SMS and Email alerts facility to clients, (iii) Quarterly
Settlement of Accounts of clients by the members and (iv) Charging of Arbitration Fees from
clients. The contents of the circulars, in brief, are as follows:
a. SMS alerts were made mandatory at all National Exchanges vide circular dated May 15, 2013.
The Exchanges were asked to send email alerts to all the clients, who have registered their
email addresses with the respective members, though email alerts are not made mandatory.
b. Quarterly Settlement of Accounts of clients by the members – the Commission issued circular
dated 20th May, 2013 informing that the members are not required to refund amounts below ₹
10,000/- to the clients for the purpose of quarterly settlement and specific dates were
mentioned for settlement. However, as representations were received from the members
relating to difficulties faced in the quarterly settlement of accounts of all the clients on specific
dates, it was conveyed, vide circular dated 25th June, 2013 that in respect of each client, the
time difference between two settlement should not be more than 90 days or in other words the
settlement should be done once in quarter and that such settlement need not be on a particular
date for all the clients of the member.
c. Charging of Arbitration fees from clients – The Commission has decided that in case of
deactivated or absconding members, who do not have sufficient fund in the Exchange to meet
the deposit /fees requirement in respect of arbitration filed by the client, the arbitration
deposit/fees may be paid by the Exchange which may be subsequently reimbursed from the
Investor Protection fund (IPF) of the Exchange. This would expedite resolution of disputes
between clients and deactivated/absconding members who are not having sufficient funds in
the exchange.
25
4. DEVELOPMENTAL ACTIVITIES
4.1 Awareness Programmes:
During the period under review, 193 awareness programmes were conducted across the
country. Out of 193 awareness programmes, 146 programmes were conducted for farmers and 47 for
other stakeholders. The details of awareness programmes organized during the period under review
is given in Annexure V.
4.2 Capacity Building Programme:
During April – June 2013, the Commission conducted one Capacity Building Programme for
students, research scholars, practitioners, bankers & faculty members of the university on 8-9th June,
2013 at University of Kashmir, Srinagar. The said programme was attended by 250 participants.
4.3 Meeting of Sub Committee of the Advisory Commit tee
• The second meeting of Sub Committee of the Advisory Committee was held on 23rd April, 2013
in the office of the Forward Markets Commission wherein the issues relating to the terms of
reference were discussed.
• The third meeting of Sub Committee of the Advisory Committee was held on 16th May, 2013 in
the office of the Forward Markets Commission wherein the issues relating to the terms of
reference were discussed. Based on the discussions held in the various meetings of the Sub-
Committee, the Report was finalized and was presented before the Advisory Committee on 30th
May, 2013
4.4 Stakeholders’ Meetings
The Commission in association with the National Exchanges organized Stakeholders’ Meetings
for various participants of the commodity futures markets as per details given below:-
Sr. No. Particulars Date Venue
1 Advisory Committee Meeting 30th May 2013 Mumbai,
Maharashtra
2 Members and Almond Contract
Stakeholders
10th June 2013 Srinagar,
Jammu-Kashmir
3 Warehousing Sector Stakeholders 8th July 2013 Jaipur,
Rajasthan
4.5 Foreign Visits:
A delegation led by Shri Pankaj Agrawala IAS, Secretary, Department of Consumer Affairs
along with Shri Ramesh Abhishek IAS, Chairman, FMC participated in the IOSCO-EMC Annual
Conference and Meeting at Panama City, Republic of Panama from 21.3.2013 to 23.3.2013
26
4.6 Price Dissemination Project:
The Price Dissemination Project encompasses the dissemination of spot and futures prices of
agricultural commodities in the local language on electronic price ticker boards placed at various
locations across the country where farmer footfall is heavy. During the period April, 2013 to June,
2013, GPRS based ticker Boards were installed under the Price Dissemination Project thereby
tackling the problem of non-availability of internet facilities at various locations. From April, 2013 to
June, 2013, 267 Price Ticker Boards were installed. Since the beginning of the project and till the end
of June, 2013 a total of 2130 Price Ticker Boards (GPRS and Non-GPRS) have been installed under
Price Dissemination Project in 28 States/Union Territories of the country. Exchange- wise details of
Price Ticker Boards installed are as below.
Exchange April May June Total
MCX 9 91 0 100
NCDEX 0 0 0 0
NMCE 87 0 0 87
ICEX 0 0 0 0
ACE 35 45 0 80
Total 131 136 0 267
4.7 Enforcement Action:
1) Complaints forwarded under Rule 13 of FC(R) Rules, 1954.
Sr.
No.
No. of complaints forwarded
under Rule 13 of the FCR
Rules 1954
State Police Authorities
1 1 Director General of Police, Gujarat
2) Assisted Police Authorities under rule 13 of FC (R) Rules, 1954.
Sr.
No. Date of Police Action Place of raid
1 02/04/2013 The office premises of Prashant Subalchand
Maji situated at Kalbadevi, Mumbai.
27
5. COURT CASES AND LEGAL MATTERS:
While discharging the regulatory functions, especially enforcement functions, the Commission has
been engaged in litigation with different parties/entities. The Commission and / or the Union of India
have been impleaded as respondent(s) in various court cases filed in the Supreme Court of India and
various High Courts / Tribunals. Significant / noteworthy developments in court cases during the
month of April to June, 2013 are given below:
i. The Writ Petition (Civil) No.7253 of 2013 filed by M/s. Sincere Commodities and Derivatives
Markets Limited vs. Union of India & others, before the Hon’ble Calcutta High Court against their
expulsion from the Membership of NMCE was dismissed on 9th April, 2013 on the ground of
jurisdiction.
ii. The Writ Petition (Civil) No.3621 of 2013 was filed on April 2013 by M/s. Betul Oils Ltd., vs. Union
of India and others before the Hon’ble Madhya Pradesh High Court at Indore Bench, against
clubbing of open positions. The Hon’ble High Court heard the case on 12th April, 2013 and
dismissed it at the admission stage.
iii. The Writ Petition (Civil) No.3661 of 2013 was filed on April 2013 by M/s. Kalimirch Vyapari
Association vs. NCDEX and others, before the Hon’ble Madhya Pradesh High Court at Indore
Bench, against delivery of black pepper and the case is pending.
iv. The Writ Petition (Civil) No.421 of 2013 was filed on April 2013 by M/s. Suryanarayan Vegoils
Limited vs. National Commodities and Derivatives Exchange Limited and others, before the
Hon’ble Bombay High Court. The matter is yet to be heard.
v. The Original Application No.389 of 2012 filed by S K Parida against Union of India and others,
before the Central Administrative Tribunal (CAT), Mumbai Bench seeking appointment to the post
of Assistant Director on deputation basis was heard on 1st April, 2013 and the Hon’ble Bench has
dismissed it.
vi. The Original Application No.124 of 2013 filed by S K Parida and three others against Union of
India and others, before the Central Administrative Tribunal (CAT), Mumbai Bench, seeking
appointment to the post of Assistant Directors on deputation basis was heard on 1st April, 2013
and the Hon’ble Bench has granted interim relief to the Applicants. The case is pending.
vii. The Writ Petition (Civil) No.582 of 2013 filed by M/s. Betul Oil Ltd vs. NCDEX & others, before the
Hon’ble M.P.High Court at Indore Bench in the matter relating to open position in Guar and Guar
gum was heard and dismissed on 17.05.2013.
28
ANNEXURE 1
LIST OF COMMODITIES NOTIFIED UNDER SECTION 15 OF THE F.C. (R.) ACT, 1952. Sl. No. Commodity
Sr. No. Commodity
(I) FOOD GRAINS AND PULSES II Oilseeds and Oils 1 Arhar Chuni 30 Cottonseed Oil 2 Bajra 31 Cottonseed Oilcake 3 Barley 32 CPO Refined 4 Gram 33 Crude Palm Oil 5 Gram Dal 34 Crude Palm Olive 6 Guar 35 Groundnut 7 Jowar 36 Groundnut Oil 8 Kulthi 37 Groundnut Oilcake 9 Lakh (Khesari) 38 Linseed 10 Maize 39 Linseed oil 11 Masur 40 Linseed Oilcake 12 Moth 41 Rapeseed Oil/Mustard Oil 13 Mung 42 Rapeseed Oilcake/ Mustard
seed Oilcake 14 Mung Chuni 43 Rapeseed/Mustard seed 15 Mung Dal 44 RBD Palmolein 16 Peas 45 Rice Bran 17 Ragi 46 Rice Bran Oil 18 Rice or Paddy 47 Rice Bran Oilcake 19 Small Millets (Kodan Kulti,
Kodra, Korra, Vargu, Sawan, Rala, Kakun, Samai, Vari & Banti)
48 Safflower
20 Tur Dal (Arhar Dal) 49 Safflower Oil 21 Tur(Arhar) 50 Safflower Oilcake 22 Urad (Mash) 51 Sesame (Til) 23 Urad dal 52 Sesame Oil 24 Wheat 53 Sesame Oilcake (II) OILSEEDS AND OILS
54 Soy meal
25 Celery seed 55 Soy Oil , 26 Copra Oil/Coconut Oil 56 Soybean 27 Copra Oilcake / Coconut
Oilcake 57 Sunflower Oil
28 Copra/ Coconut 58 Sunflower Oil cake 29 Copra oil cake/Coconut Oil 59 Sunflower Seed
III Spices (VI) OTHERS 60 Aniseed 88 Camphor 61 Betel nuts 89 Castor seed 62 Cardamom 90 Chara or Berseem (including
chara seed or berseem seed) 63 Chillies 91 Crude Oil 64 Cinnamon 92 Gram Husk (Gram Chilka) 65 Cloves 93 Gur 66 Coriander seed 94 Khandsari Sugar 67 Ginger 95 Polymer 68 Methi 96 Potato 69 Nutmegs 97 Rubber 70 Pepper 98 Seedlac 71 Turmeric 99 Shellac
29
Sl. No. Commodity
Sr. No. Commodity
IV METALS 100 Sugar 72 Copper 101 Furnace Oil 73 Zinc 102 Ethanol 74 Lead 103 Cooking Coal 75 Tin 104 Electricity 76 Gold 105 Natural Gas 77 Silver 106 Onion 78 Silver Coins 107 Carbon Credit (V) FIBRES AND
MANUFACTURES 108 Thermal coal
79 Art Silk Yarn 109 Methanol 80 Cotton Cloth 110 Melted Menthol Flakes 81 Cotton pods 111 Mentha Oil 82 Cotton Yarn 112 Menthol Crystals 83 Indian Cotton (Full pressed,
half pressed or loose) 113 Iron Ore
84 Jute goods (Hessian and Sackings and cloth and /or bags, twines and/or yarns manufactured by any of the mills and/or any other manufacturers of whatever nature made from jute)
85 Kapas 86 Raw Jute Including Mesta 87 Staple Fibre Yarn
30
ANNEXURE II
List of the Exchanges
Sl. No. Name of the Exchange s
A. National Multi Commodity Exchange s
1 Multi Commodity Exchange of India Ltd., Mumbai (MCX)
2 National Commodity & Derivatives Exchange Ltd., Mumbai (NCDEX)
3 ACE Derivatives and Commodity Exchange, Mumbai. (ACE)
4 National Multi Commodity Exchange of India Ltd., Ahmedabad (NMCE)
5 Indian Commodity Exchange Ltd., Mumbai (ICEX)
6 Universal Commodity Exchange Ltd (UCX), Mahape, Navi Mumbai
B. Commodity Specific Regional Exchanges
7 Bikaner Commodity Exchange Ltd, Bikaner
8 Bombay Commodity Exchange Ltd, Mumbai
9 Cotton Association of India, Mumbai
10 The Chamber of Commerce, Hapur
11 First Commodity Exchange of India Ltd, Kochi
12 India Pepper & Spice Trade Association, Kochi
13 National Board of Trade, Indore
14 Rajkot Commodity Exchange Ltd., Rajkot
15 Spices & Oilseeds Exchange Ltd, Sangli
16 Surendranagar Cotton Oil & Oilseeds Association Ltd, Surendranagar
17 Vijai Beopar Chamber Ltd., Muzaffarnagar
31
ANNEXURE III
Volume & Value of Trading in Various Commodities du ring the period April 2013 to June 2013
Sl. No Name of the Commodity Volume (In LT)
Value (In ₹crore)
I Agricultural Commodities Food Items 1 Chana/Gram 98.23 33393.71 2 Refined Soya oil 138.62 96547.82 3 Pepper 0.34 1206.33 4 Jeera (Cumin seed) 7.62 10173.92 5 Red Chilli 5.61 3380.13 6 Soya bean/seed 97.00 37241.02 7 Rape/Mustard Seed 79.52 27948.25 8 Wheat 4.83 742.15 9 Potato 8.82 823.28 10 Turmeric 15.77 9804.16 11 Sugar 15.66 4740.49 12 Gur 5.13 1658.53 13 Cardamom 0.47 3643.08 14 Maize Feed 22.85 3034.55 15 Barley 7.85 1075.51 16 Coffee Rep Bulk 2.69 3348.59 17 Coriander/Dhaniya 26.09 18114.27 18 Crude Palm Oil 24.04 11464.37 19 Copra 2.58 1214.68 20 Coconut oil 0.002 1.17 21 RBD palmolein 1.45 746.17 (A) Total of Above 565.18 270302.18 Non Food Items 22 Guar seed 5.62 4073.93 23 Mentha Oil 1.54 15144.60 24 Castor seed 84.74 29597.63 25 Guar Gum 0.99 2164.83 26 Kapas 9.87 4824.79 27 Rubber 1.45 2405.53 28 Raw jute 12.01 3521.68 29 Cotton seed Oilcake / Kapasia Khali 120.82 18644.70 30 Sacking 2.77 1462.94 31 Isabgul Seed 3.43 2300.89 32 Cotton 11.66 12908.05 33 Almond 0.0001 0.53 34 Soymeal 1.06 358.92 (B) Total of Above 255.97 97409.01 (A+ B) Total Agri-Commodities 821.15 367711.19 II Bullion 1 Gold 0.04 1111712.02 2 Silver 1.85 826836.63 3 Platinum 0.00 0.00 Total of Above 1.89 1938548.66 III Metals 445.78 793213.18 IV Energy (excluding Natural gas volume ) 2058.93 1045990.43 Grant Total (I to IV) (excluding Natural gas volume ) 3327.74 4145463.46
32
ANNEXURE IV
Details of permissions granted to the Recognized Ex changes :
Sl. No.
Name of the Exchange
Commodities permitted
Contracts permitted Date of permission
1 ICEX, Mumbai Silver 30 kg July to December, 2013 25th April, 2013 2 Silver 5 Kg
3 Crude oil 4 Gold 100gm 5 Lead 6 Natural Gas 7 Iron Ore 62 fine 8 Refined Soy Oil 9 Mustard Seed 10 MCX,
Mumbai Guar seed June, July, October and
November, 2013 13th May, 2013 11 Guar gum
12 Cardamom October to December, 2013 5th June, 2013
13 Copper February 2014 and April 2014 28th June, 2013 14 Copper mini February 2014 and April 2014
15 Gold February 2014, April 2014, June 2014 and August, 2014
16 Silver March 2014, May 2014 and July 2014
17 Silver mini February 2014, April 2014 and June 2014
18 Silver micro February 2014 and April 2014 19 NMCE,
Ahnedabad Pepper July to December, 2013 5th June,
2013 20 NCDEX,
Mumbai Guar seed June 2013, July 2013, October
2013 & November 2013 13th May2013
21 Guar gum June 2013, July 2013, October 2013 & November 2013
13th July 2013
22 ACE, Mumbai
Guar seed June 2013, July 2013, October 2013 & November 2013
17th May 2013
23 Guar gum June 2013, July 2013, October 2013 & November 2013
17th May 2013
24 Cotton Oct’ 2013, November 2013, December 2013,January 2014, February 2014 & March 2014
19th June 2013
25 UCX, Navi Mumbai
Rubber RSS4 June 2013, July 2013, August 2013, Sept’ 2013, October 2013, Nov’ 2013 & Dec’ 2013
10th April,2013
26 Chana June 2013, July 2013, Aug’ 2013, Sept’ 2013, Oct’ 2013, Nov’ 2013 & Dec’ 2013
10th April,2013
27 Mustard seed June 2013, July 2013, Aug’ 2013, Sept’ 2013, Oct’ 2013, Nov’ 2013 & Dec’ 2013
10th April,2013
28 Soya bean June 2013, July 2013, Aug’ 2013, Oct’ 2013, Nov’ 2013 & Dec’ 2013
10th April,2013
29 Refined Soy oil June 2013, July 2013, August 2013, September2013, October 2013, Nov’ 2013 & Dec’ 2013
10th April,2013
30 Crude oil 19th June 2013, 19th July 2013, 19th Aug’ 2013, 19th Sept’ 2013,
10th April,2013
33
Sl. No.
Name of the Exchange
Commodities permitted
Contracts permitted Date of permission
21st Oct’ 2013, 19th Nov’ 2013 & 18th Dec’ 2013
31 Turmeric June 2013, July 2013, August 2013, Sept 2013, Oct 2013, Nov 2013, Dec 2013
16th April,2013
32 Gold (1kg) May 2013, July 2013, Sept 2013, Nov 2013
16th April,2013
33 Gold (Nano 100 gms)
June 2013, July 2013, August 2013, Sept 2013, Oct 2013, Nov 2013, Dec 2013
16th April,2013
34 Silver 30 kg June 2013,Aug 2013,Nov 2013 16th April,2013
35 Silver Nano (5 kg)
June 2013, July 2013, Aug 2013, Sept 2013, Oct 2013, Nov 2013, Dec 2013.
16th April,2013
36 VBC, Muzaffarnagar
Gur July 2013 15th April 2013
37 Gur December 2013 6th June 2013
38 FCEI, Kochi Coconut oil August 2013, September 2013, October 2013 and Nov’ 2013
15th April 2013
39 IPSTA, Kochi Pepper-MG 1 July 2013, Aug’ 2013, Sept’ 2013, Oct’ 2013, Nov’ 2013 and Dec’ 2013
15th May 2013
40 BCEL, Bikaner Guar seed July 2013 and October 2013 17th May 2013
41 Gram August 2013 18th June 2013
42 NBOT, Indore Soya oil Oct’ 2013, Nov’ 2013, Dec’ 2013, Jan’ 2014 and Feb’ 2014
21st June 2013
43 Soya meal Aug’ 2013, Sept’ 2013, Oct’ 2013, Nov’ 2013, Dec’ 2013, Jan’ 2014 and Feb’ 2014
44 Soya bean Aug’ 2013, Oct’ 2013, Nov’ 2013, Dec’ 2013, Jan’ 2014 and Feb’ 2014
34
ANNEXURE V
State-wise details of awareness programmes for the period from April 2013 to June, 2013
Names of States April 2013 to June 2013
Farmers Others Total
Andhra Pradesh 5 3 8
Arunachal Pradesh -- -- --
Assam -- -- --
Bihar -- 3 4
Chandigarh -- -- --
Chhattisgarh -- -- --
Daman & Diu -- -- --
Goa -- -- --
Gujarat 73 7 80
Haryana 1 1 2
Himachal Pradesh 2 -- 2
Jammu & Kashmir -- -- --
Jharkhand -- -- --
Karnataka -- 9 9
Kerala 1 -- 1
Madhya Pradesh -- -- --
Maharashtra 31 9 40
Manipur -- -- --
Meghalaya -- -- --
Mizoram -- -- --
Nagaland -- -- --
New Delhi -- 1 1
Odisha -- 1 1
Pondicherry -- -- --
Punjab -- 1 1
Rajasthan 9 4 13
Sikkim -- -- --
Tamil Nadu 1 3 4
Tripura -- -- --
UT of Andaman -- -- --
Uttar Pradesh 23 -- 23
Uttaranchal -- -- --
West Bengal - 5 5 TOTAL 146 47 193