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TRANSCRIPT
GOVERNMENT OF INDIA
FORWARD MARKETS COMMISSION
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
FMC Bulletin
January 2014 – March 2014
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
i) Multi Commodity Exchange of India Ltd., Mumbai 3
ii) National Commodity & Derivatives Exchange Ltd., Mumbai
7
iii) National Multi Commodity Exchange of India Ltd., Ahmedabad
11
iv) Indian Commodity Exchange Ltd., Mumbai 15
v) ACE Derivatives & Commodity Exchange Ltd., Mumbai
18
vi) Universal Commodity Exchange Ltd., Navi Mumbai 19
3. Important Developments in the Commodity Market 23
4. Developmental Activities 34
Annexure
Sr. No. Subject Pg. No.
I List of commodities notified under section 15 of the
FCRA 1952.
36
II List of Recognized Commodity Exchanges 38
III Volume and value of commodities traded 39
IV Details of permissions granted to Recognized
Exchanges
40
V Details of Capacity Building Programs conducted 41
VI State wise details of Awareness programs conducted 43
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 i.e., January to March 2014, food items viz. Refined Soya Oil, Soya
bean, Chana, Coriander and Rapeseed/Mustard seed contributed major share to the total value of
trade in Agricultural Commodities. In Non-food Items, Castor seed, Cotton and Kapas contributed
major share in the commodity futures trading. The total value of trade during the above period was
₹18.98 lakh crore as against ₹40.84 lakh crore during the corresponding period last year. During the
period, the value of trade in Bullion was ₹6.74 lakh crore and in Metals (other than Bullion) it was
₹2.89 lakh crore. Value of trade in Agriculture Commodities and Energy Products amounted to ₹4.48
lakh crore and ₹4.87 lakh crore respectively. The total value of trade at the 6 National Multi
Commodity Exchanges was ₹18.87 lakh crore and at the remaining 11 Commodity Specific
Exchanges, it was ₹0.11 lakh crore.
During the period under review, the Commission undertook a number of measures to improve the
hedging efficiency of the market. Additional delivery centers have been included. New commodity
contracts were introduced. To reduce the cost of hedging, the market participants have been
exempted from paying margins (except MTM) if they have deposited certified goods to the Exchange
accredited warehouse.
In order to have efficient functioning of the Commodity Futures Market, the Commission decided to
keep trading platform closed on Saturdays for all the futures contracts. The Commission also decided
to grant continuous approval for trading in the futures contracts. For better alignment of the domestic
futures prices with the international price movements in the internationally linked agricultural
commodities, evening trade has been permitted in 10 such commodities. In order to regularly monitor
the collection of margins by members and also provide a reasonable time to members for collection of
margins from their clients, the Commission revised its instructions on short-collection/ non- collection
of margins. The Commission also gave directions to the Exchanges on dealings in Cash Transactions
and levying of Differential Transaction Charges. As a part of implementation of non-legislative
recommendations of FSLRC, the Commission adopted enhanced consumer protection measures
which include requirement of professional diligence on the part of members and protection of
consumers from unfair terms in financial contracts.
Commission also continued with various developmental activities under the plan scheme
“Strengthening of FMC”, such as conducting awareness programmes, capacity building programmes
and the Price Dissemination Project for the benefit of all stakeholders. During the period under review,
290 awareness programmes, 32 capacity building programmes and 10 stakeholders’ meetings were
conducted.
2
1. COMMODITY MARKET REVIEW AT A GLANCE
There are 17 Commodity Exchanges (6 National and 11 Regional Exchanges) regulating futures
trading in commodities.
During the period under review (January to March 2014), the total value of trade in all commodities
traded at the recognized Exchanges was ₹18.98 lakh crore as against ₹ 16.88 lakh crore during the
previous quarter (October 2013 to December 2013) and ₹40.84 lakh crore during the corresponding
period of last year.
The six national commodity Exchanges contributed 99.44 % to the total value of trade in the
Commodity futures market. These are MCX, Mumbai (78.25 %), NCDEX, Mumbai (15.70 %), NMCE,
Ahmedabad (2.38 %), ICEX, Mumbai (1.13 %), ACE Mumbai (0.63%) and UCX, Navi Mumbai
(1.34%).
The following table indicates the total volume and value of trade during the quarter January 2014 to
March 2014 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 (MCX)
779.55 1485111.83 78.25
National Commodity & Derivatives Exchange Ltd., Mumbai (NCDEX)
665.55 298013.40 15.70
National Multi Commodity Exchange of India Ltd., Ahmedabad (NMCE)
99.42 45200.83 2.38
Indian Commodity Exchange Ltd., Mumbai (ICEX)
75.22 21478.71 1.13
ACE Derivatives & Commodity Exchange Ltd., Mumbai (ACE)
6.11 12035.34 0.63
Universal Commodity Exchange Ltd., Navi Mumbai (UCX)
60.40 25504.35 1.34
Total of National Exchanges 1686.25 1887344.46 99.44
Regional Exchanges 24.29 10589.03 0.56
Grand total 1710.54 1897933.49 100.00Note: 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 futures
market were Bullion, Energy, Agriculture Commodities (Food and Non-Food Items) and Metals. In
Agricultural commodities the major contribution to the total value of trade was from Castor seed,
Refined Soya Oil, Soya bean, Chana and Coriander.
The Cumulative value of commodities traded during January 2014 to March 2014 and the
value for the corresponding period last year (January 2013 to March 2013) is given below :-
(In ₹ lakh crore)
January 2014 to March 2014 October 2013 to December 2013 January 2013 to March 2013 18.98 16.88 40.84
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, Natural Gas, Copper, Lead, Zinc,
Nickel & Aluminum contracts constituted a major share of the value of commodities traded at
MCX, Mumbai.
The following table and the pie-chart indicate the % share of major commodities traded at
MCX, Mumbai, during the period under review.
Commodities Total value(In ₹ crore)
% share to the total value
Gold 353103.91 23.78Silver 313305.32 21.10Crude oil 247879.65 16.69Natural Gas 237777.52 16.01Copper 99031.91 6.67Lead 69942.03 4.71Zinc 43258.99 2.91Nickel 42016.41 2.83Aluminum 27906.32 1.88Total of major commodities 1434222.05 96.57Other commodities 50889.78 3.43Total 1485111.83 100.00
Graphical presentation showing the percentage share of above Commodities / Contracts is
given in the following Diagram:
Graphical presentation of ready and futures prices of nine major commodities Gold, Silver,
Crude Oil, Natural Gas, Copper, Lead, Zinc, Nickel & Aluminum at MCX, Mumbai during the
period under review is given below.
GOLD 23.78%
SILVER21.10%CRUDEOIL
16.69%
NATURAL GAS16.01%
COPPER6.67%
LEAD4.71%
ZINC2.91%
NICKEL2.83%
ALUMINUM1.88%
Other Commodities3.43%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT MCX ,MUMBAI DURING JANUARY 2014 TO MARCH 2014
4
GOLD
SILVER
CRUDE OIL
26500
28500
30500
32500
4-Ja
n-1
4
11-J
an
-14
18-J
an
-14
25-J
an
-14
1-F
eb-1
4
8-F
eb-1
4
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-
14
8-M
ar-
14
15-
Ma
r-1
4
22-
Ma
r-1
4
29-
Ma
r-1
4
₹ P
ER
10
GM
S
SPOT & FUTURES PRICES OF GOLD TRADED AT MCX, MUMBAI
Ready Prices 5-Feb-14 5-Apr-14 5-Jun-14
5-Aug-14 3-Oct-14 5-Dec-14
40000
45000
50000
55000
4-Ja
n-1
4
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb-
14
8-F
eb-
14
15-
Feb
-14
22-
Feb
-14
1-M
ar-
14
8-M
ar-
14
15-
Ma
r-1
4
22-
Ma
r-1
4
29-
Ma
r-1
4
₹ P
ER
K
G
SPOT & FUTURES PRICES OF SILVER TRADED AT MCX, MUMBAI
Ready Prices 5-Mar-14 5-May-14
5-Jul-14 5-Sep-14 5-Dec-14
5500
6000
6500
7000
4-Ja
n-1
4
11-J
an-1
4
18-J
an-1
4
25-J
an-1
4
1-F
eb-1
4
8-F
eb-1
4
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-1
4
8-M
ar-1
4
15-M
ar-1
4
22-M
ar-1
4
29-M
ar-1
4
₹ P
ER
B
BL
SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT MCX, MUMBAI
Ready Prices 20-Jan-14 19-Feb-14 19-Mar-14
21-Apr-14 19-May-14 19-Jun-14 21-Jul-14
19-Aug-14 19-Sep-14
5
NATURAL GAS
COPPER
LEAD
205
255
305
355
405
4-Ja
n-1
4
11-J
an-1
4
18-J
an-1
4
25-J
an-1
4
1-F
eb-1
4
8-F
eb-1
4
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-1
4
8-M
ar-1
4
15-M
ar-1
4
22-M
ar-1
4
29-M
ar-1
4
₹ pe
r m
mB
tu
SPOT & FUTURES PRICES OF NATURAL GAS TRADED AT MCX, MUMBAI
Ready Prices 28-Jan-14 25-Feb-14 26-Mar-14
25-Apr-14 27-May-14 25-Jun-14
350
400
450
500
4-Ja
n-1
4
11
-Jan
-14
18
-Jan
-14
25
-Jan
-14
1-F
eb-1
4
8-F
eb-1
4
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-1
4
8-M
ar-1
4
15-M
ar-1
4
22-M
ar-1
4
29-M
ar-1
4
₹ P
ER
K
G
SPOT & FUTURES PRICES OF COPPER TRADED AT MCX, MUMBAI
Ready Prices 28-Feb-14 30-Apr-14 30-Jun-14 29-Aug-14
115
125
135
145
4-Ja
n-1
4
11-J
an-1
4
18-J
an-1
4
25-J
an-1
4
1-F
eb-1
4
8-F
eb-1
4
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-1
4
8-M
ar-1
4
15-M
ar-1
4
22-M
ar-1
4
29-M
ar-1
4
₹ P
ER
K
G
SPOT & FUTURES PRICES OF LEAD TRADED AT MCX, MUMBAI
Ready Prices 31-Jan-14 28-Feb-14 31-Mar-14
30-Apr-14 30-May-14 30-Jun-14
6
ZINC
NICKEL
ALUMINUM
110
120
130
140
4-Ja
n-1
4
11-J
an-1
4
18-J
an-1
4
25-J
an-1
4
1-F
eb-1
4
8-F
eb-1
4
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-1
4
8-M
ar-1
4
15-M
ar-1
4
22-M
ar-1
4
29-M
ar-1
4
₹ P
ER
K
G
SPOT & FUTURES PRICES OF ZINC TRADED AT MCX, MUMBAI
Ready Prices 31-Jan-14 28-Feb-14 31-Mar-14
30-Apr-14 30-May-14 30-Jun-14
800
850
900
950
1000
4-Ja
n-1
4
11-J
an-1
4
18-J
an-1
4
25-J
an-1
4
1-F
eb-1
4
8-F
eb-1
4
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-1
4
8-M
ar-1
4
15-M
ar-1
4
22-M
ar-1
4
29-M
ar-1
4
₹ P
ER
K
G
SPOT & FUTURES PRICES OF NICKEL TRADED AT MCX, MUMBAI
Ready Prices 31-Jan-14 28-Feb-14 31-Mar-14
30-Apr-14 30-May-14 30-Jun-14
100
105
110
115
4-Ja
n-1
4
11-J
an-1
4
18-J
an-1
4
25-J
an-1
4
1-F
eb-1
4
8-F
eb-1
4
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-1
4
8-M
ar-1
4
15-M
ar-1
4
22-M
ar-1
4
29-M
ar-1
4
₹ P
ER
K
G
SPOT & FUTURES PRICES OF ALUMINIUM TRADED AT MCX, MUMBAI
Ready Prices 31-Jan-14 28-Feb-14 31-Mar-14
30-Apr-14 30-May-14 30-Jun-14
7
II. National Commodity and Derivatives Exchange, Ltd., Mumbai (NCDEX)
During the period under review Soy Oil, Soya Bean, Castor Seed, Dhaniya, Chana, Kapas,
R/M Seed, Cotton Cake, Turmeric & Guar Seed constituted a major share of the value of
commodities traded at NCDEX, Mumbai.
The following table and the pie-chart indicate the % share of major commodities traded at
NCDEX, Mumbai during the period under review.
Commodities Total value(In ₹ Crore)
% share to the total value
Soya Oil 55120.68 18.50Soya bean 45925.48 15.41Castor seed 44987.87 15.10Dhaniya 38465.32 12.91Chana 26321.09 8.83Kapas 17227.92 5.78Mustard seed 17088.13 5.73Cottonseed oilcake 14452.38 4.85Turmeric 8426.57 2.83Guar seed 6530.19 2.19Total of major commodities 274545.64 92.125Other commodities 23467.77 7.87Total 298013.40 100.00
Graphical presentation of ready and futures prices of ten major commodities Soy Oil, Soya
Bean, Castor Seed, Dhaniya, Chana, Kapas, R/M Seed, Cotton Cake, Turmeric & Guar Seed at
NCDEX, Mumbai during the period under review is given below.
SOYA_OIL18.50%
SOYABEAN15.41%
CASTOR_SEED15.10%
DHANIYA12.91%
CHANA8.83%
KAPAS5.78%
MUSTARD_SEED5.73%
COTTONSEED_OILCAKE4.85%
TURMERIC2.83%
GUAR_SEED2.19%
OTHER COMMODITIES
7.87%
PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT NCDEX,MUMBAI DURING JANUARY 2014 TO MARCH 2014
8
SOY OIL
SOYA BEAN
CASTOR SEED
650
675
700
725
750
4-J
an
-14
11
-Ja
n-14
18
-Ja
n-14
25
-Ja
n-14
1-F
eb
-14
8-F
eb
-14
15
-Fe
b-1
4
22
-Fe
b-1
4
1-M
ar-1
4
8-M
ar-1
4
15-M
ar-1
4
22-M
ar-1
4
29-M
ar-1
4
₹ P
ER
10
KG
SPOT & FUTURES PRICES OF SOY OIL TRADED AT NCDEX
SPOT Jan-14 Feb-14 Mar-14 Apr-14
May-14 Jun-14 Jul-14 Aug-14
3500
3650
3800
3950
4100
4250
4400
4-J
an
-14
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb
-14
8-F
eb
-14
15
-Fe
b-1
4
22
-Fe
b-1
4
1-M
ar-1
4
8-M
ar-1
4
15
-Ma
r-14
22
-Ma
r-14
29
-Ma
r-14
₹ P
ER
10
0 K
G
SPOT & FUTURES PRICES OF SOY BEEN TRADED AT NCDEX
SPOT Jan-14 Feb-14 Mar-14
Apr-14 May-14 Jun-14 Jul-14
3900
4150
4400
4650
4900
4-Ja
n-1
4
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb-
14
8-F
eb-
14
15-
Fe
b-1
4
22-
Fe
b-1
4
1-M
ar-
14
8-M
ar-
14
15-
Ma
r-14
22-
Ma
r-14
29-
Ma
r-14
₹ P
ER
10
0 K
G
SPOT & FUTURES PRICES OF CASTOR SEED TRADED AT NCDEX
SPOT Jan-14 Feb-14 Mar-14
Apr-14 May-14 Jun-14 Jul-14
9
DHANIYA
CHANA
KAPAS
7000
8000
9000
10000
11000
4-Ja
n-1
4
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb-
14
8-F
eb-
14
15-
Feb
-14
22-
Feb
-14
1-M
ar-
14
8-M
ar-
14
15-
Ma
r-1
4
22-
Ma
r-1
4
29-
Ma
r-1
4
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF DHANIYA TRADED AT NCDEX
SPOT Jan-14 Feb-14 Apr-14 May-14 Jun-14 Jul-14
2800
3000
3200
3400
3600
4-Ja
n-1
4
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb-
14
8-F
eb-
14
15-
Fe
b-1
4
22-
Fe
b-1
4
1-M
ar-
14
8-M
ar-
14
15-
Ma
r-14
22-
Ma
r-14
29-
Ma
r-14
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF CHANA TRADED AT NCDEX
SPOT Jan-14 Feb-14 Apr-14 May-14 Jun-14 Jul-14
800
900
1000
1100
4-J
an
-14
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb
-14
8-F
eb
-14
15
-Fe
b-1
4
22
-Fe
b-1
4
1-M
ar-1
4
8-M
ar-1
4
15
-Ma
r-14
22
-Ma
r-14
29
-Ma
r-14
₹ P
ER
20
KG
SPOT & FUTURES PRICES OF KAPAS TRADED AT NCDEX
SPOT Feb-14 Mar-14 Apr-14
10
R/M SEED
COTTON CAKE
TURMERIC
3250
3450
3650
3850
4-J
an-1
4
11-J
an
-14
18-J
an
-14
25-J
an
-14
1-F
eb-1
4
8-F
eb-1
4
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-
14
8-M
ar-
14
15-
Ma
r-1
4
22-
Ma
r-1
4
29-
Ma
r-1
4
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF R/M SEED TRADED AT NCDEX
SPOT Jan-14 Apr-14 May-14 Jun-14 Jul-14
1400
1500
1600
1700
1800
4-J
an
-14
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb-
14
8-F
eb-
14
15
-Fe
b-1
4
22
-Fe
b-1
4
1-M
ar-
14
8-M
ar-
14
15
-Ma
r-14
22
-Ma
r-14
29
-Ma
r-14
₹ P
ER
10
0 K
G
SPOT & FUTURES PRICES OF COTTON SEED OIL CAKE TRADED AT NCDEX
SPOT Jan-14 Feb-14 Mar-14
Apr-14 May-14 Jun-14 Jul-14
5500
6000
6500
7000
7500
4-Ja
n-1
4
11-J
an
-14
18-J
an
-14
25-J
an
-14
1-F
eb-
14
8-F
eb-
14
15-
Feb
-14
22-
Feb
-14
1-M
ar-
14
8-M
ar-
14
15-
Ma
r-1
4
22-
Ma
r-1
4
29-
Ma
r-1
4
₹ P
ER
10
0 K
G
SPOT & FUTURES PRICES OF TURMERIC TRADED AT NCDEX
SPOT Apr-14 May-14 Jun-14 Jul-14
11
GUAR SEED
III. National Multi Commodity Exchange, Ahmadabad (NMCE)
During the period under review Sacking, Chana, Raw Jute, Rape/Mustard seed and
Castor seed constituted a major share of the value of commodities traded at NMCE,
Ahmedabad.
The following table and the pie-chart indicate 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
Sacking 6237.28 13.80
Chana 6216.78 13.75
Raw Jute 5758.73 12.74
Rape/Mustard seed 5351.13 11.84Castor seed 5308.82 11.74
Total of major commodities 28872.74 63.88
Others 16328.09 36.12
Total 45200.83 100.00
4000
4500
5000
5500
6000
4-Ja
n-1
4
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb-
14
8-F
eb-
14
15-
Fe
b-1
4
22-
Fe
b-1
4
1-M
ar-
14
8-M
ar-
14
15-
Ma
r-14
22-
Ma
r-14
29-
Ma
r-14
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF GUAR SEED TRADED AT NCDEX
SPOT Jan-14 Feb-14 Mar-14
Apr-14 May-14 Jun-14 Jul-14
12
Graphical presentation of ready and futures prices of five major commodities viz. Sacking,
Chana, Raw Jute, Rape/Mustard seed and Castor seed at NMCE, Ahmedabad during the period
under review is given below.
SACKING
Sacking13.80% Chana
13.75%
Raw Jute12.74%
Rape/Mustard seed11.84%
Castorseed11.74%
Others 36.12%
PERCENTAGE SHARE TO THE TOTAL VALUE OF COMMODITIES TRADED AT
NMCE., AHMEDABADDURING JANUARY 2014 TO MARCH 2014
3000.00
3050.00
3100.00
3150.00
3200.00
3250.00
3300.00
3350.00
3400.00
04/Jan/14
11/Jan/14
18/Jan/14
25/Jan/14
01/Feb
/14
08/Feb
/14
15/Feb
/14
22/Feb
/14
01/M
ar/14
08/M
ar/14
15/M
ar/14
22/M
ar/14
29/M
ar/14
₹ P
ER
100
B
AG
S
SPOT AND FUTURES PRICES OF SACKING AT NMCE, AHMEDABAD
Spot Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14
13
CHANA
RAW JUTE
2700.00
2800.00
2900.00
3000.00
3100.00
3200.00
3300.00
3400.00
04/Jan/14
11/Jan/14
18/Jan/14
25/Jan/14
01/Feb
/14
08/Feb
/14
15/Feb
/14
22/Feb
/14
01/M
ar/14
08/M
ar/14
15/M
ar/14
22/M
ar/14
29/M
ar/14
₹ P
ER
10
0 K
GSPOT AND FUTURES PRICES OF CHANA AT NMCE, AHMEDABAD.
Spot Jan‐14 Feb‐14 Apr‐14 May‐14
2900.00
2920.00
2940.00
2960.00
2980.00
3000.00
3020.00
3040.00
3060.00
3080.00
3100.00
04/Jan/14
11/Jan/14
18/Jan/14
25/Jan/14
01/Feb
/14
08/Feb
/14
15/Feb
/14
22/Feb
/14
01/M
ar/14
08/M
ar/14
15/M
ar/14
22/M
ar/14
29/M
ar/14
₹ P
ER
100
KG
SPOT AND FUTURES PRICES OF RAW JUTE AT NMCE., AHMEDABAD.
Spot Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14
14
RAPE/MUSTARD SEED
CASTOR SEED
590.00
610.00
630.00
650.00
670.00
690.00
710.00
730.00
04/Jan/14
11/Jan/14
18/Jan/14
25/Jan/14
01/Feb
/14
08/Feb
/14
15/Feb
/14
22/Feb
/14
01/M
ar/14
08/M
ar/14
15/M
ar/14
22/M
ar/14
29/M
ar/14
₹PER
20 KG
SPOT AND FUTURES PRICES OF RAPE/MUSTARD SEED AT NMCE., AHMEDABAD.
Spot Jan‐14 Apr‐14 May‐14
3900.00
4000.00
4100.00
4200.00
4300.00
4400.00
4500.00
4600.00
4700.00
04/Jan/14
11/Jan/14
18/Jan/14
25/Jan/14
01/Feb
/14
08/Feb
/14
15/Feb
/14
22/Feb
/14
01/M
ar/14
08/M
ar/14
15/M
ar/14
22/M
ar/14
29/M
ar/14
₹ P
ER
10
0 K
G
SPOT AND FUTURES PRICES OF CASTORSEED AT NMCE., AHMEDABAD.
Spot Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14
15
IV. Indian Commodity Exchange, Mumbai (ICEX)
During the period under review Castor Seed, Soya Bean, Iron Ore, Mustard Seed, Lead, Gold
& Copper constituted a major share of the value of commodities traded at ICEX, Mumbai.
The following table and the pie-chart indicate the % share of major commodities traded at
ICEX, Mumbai during the period under review.
Commodities Total value(In ₹ Crore) % share to the total value
Castor Seed 7109.49 33.10
Soybean 4446.58 20.70
Iron ore 62 fines 2733.69 12.73
Mustard Seed 2560.55 11.92
Lead 2196.42 10.23
Gold 1014.36 4.72
Copper Cathode 729.08 3.39
Total of major commodities 20790.16 96.79
Other commodities 688.55 3.21
Total 21478.71 100.00
Graphical presentation of ready and futures prices of seven major commodities, Castor Seed, Soya
Bean, Iron Ore, Mustard Seed, Lead, Gold & Copper at ICEX, Mumbai during the period under
review is given below.
CASTOR SEED33.10%
SOYBEAN20.70%
IRONORE62FINES12.73%
MUSTARD SEED11.92%
LEAD10.23%
GOLD4.72%
COPPERCATHODE3.39%
OTHER COMMODITIES
3.21%
PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ICEX,MUMBAI DURING JANUARY 2014TO MARCH 2014
16
CASTOR SEED
SOYA BEAN
IRON ORE
3750
4000
4250
4500
4750
4-Ja
n-14
9-Ja
n-14
14-J
an-
14
19-J
an-
14
24-J
an-
14
29-J
an-
14
3-F
eb-
14
8-F
eb-
14
13-
Feb
-14
18-
Feb
-14
23-
Feb
-14
28-
Feb
-14
5-M
ar-
14
10-
Mar
-14
15-
Mar
-14
20-
Mar
-14
₹ P
ER
10
0 K
gSPOT & FUTURES PRICES OF CASTOR SEED AT ICEX,MUMBAI
Ready Prices 20-Jan-14 20-Feb-14 20-Mar-14
3500
3750
4000
4250
4500
4-J
an-1
4
9-J
an-1
4
14-J
an-1
4
19-J
an-1
4
24-J
an-1
4
29-J
an-1
4
3-F
eb-1
4
8-F
eb-1
4
13-
Feb
-14
18-
Feb
-14
23-
Feb
-14
28-
Feb
-14
5-M
ar-1
4
10-M
ar-1
4
15-M
ar-1
4
20-M
ar-1
4
₹ P
ER
10
0 K
g
SPOT & FUTURES PRICES OF SOYA BEAN AT ICEX,MUMBAI
Ready Prices 20-Jan-14 20-Feb-14 20-Mar-14
6000
7000
8000
9000
4-J
an-1
4
11-J
an-1
4
18-J
an-1
4
25-J
an-1
4
1-F
eb-1
4
8-F
eb-1
4
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-1
4
8-M
ar-1
4
15-M
ar-1
4
22-M
ar-1
4
₹ P
ER
MT
SPOT & FUTURES PRICES OF IRON TRADED AT ICEX,MUMBAI
Ready Prices 31-Jan-14 28-Feb-14 31-Mar-14
17
MUSTARD SEED
LEAD
GOLD
3250
3500
3750
4000
4-Ja
n-14
11-J
an-
14
18-J
an-
14
25-J
an-
14
1-F
eb-
14
8-F
eb-
14
15-
Feb
-14
22-
Feb
-14
1-M
ar-
14
8-M
ar-
14
₹ P
ER
10
0 K
gSPOT & FUTURES PRICES OF R/M SEED AT ICEX,MUMBAI
Ready Prices 20-Jan-14 17-Apr-14
120
130
140
150
4-J
an-1
4
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb-
14
8-F
eb-
14
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-
14
8-M
ar-
14
15-M
ar-1
4
22-M
ar-1
4
₹ P
ER
Kg
SPOT & FUTURES PRICES OF LEAD TRADED AT ICEX,MUMBAI
Ready Prices 31-Jan-14 28-Feb-14 31-Mar-14
25000
27500
30000
32500
4-Ja
n-1
4
11-J
an-1
4
18-J
an-1
4
25-J
an-1
4
1-F
eb-1
4
8-F
eb-1
4
15-
Feb
-14
22-
Feb
-14
1-M
ar-1
4
8-M
ar-1
4
15-M
ar-1
4
22-M
ar-1
4
₹ P
ER
10
Grm
SPOT & FUTURES PRICES OF GOLD TRADED AT ICEX,MUMBAI
Ready Prices 3-Feb-14 1-Apr-14
18
COPPER
V. ACE Commodities and Derivatives Exchange, Mumbai (ACE)
During the period under review Cotton 118 and CPO constituted a major share of the value of
commodities traded at ACE, Mumbai. The following table and the pie-chart indicate the % share of
major commodities traded at ACE, Mumbai during the period under review.
Commodities Total value (In ₹ Crore) % share to the total valueCotton 118 8968.15 74.52CPO 2782.90 23.12Total of major commodities 11751.05 97.64Other commodities 284.29 2.36Total 12035.34 100.00
420
440
460
480
4-J
an-1
4
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb-
14
8-F
eb-
14
15-F
eb-1
4
22-F
eb-1
4
₹ P
ER
KG
SPOT & FUTURES PRICES OF COPPER TRADED AT ICEX,MUMBAI
Ready Prices 28-Feb-14 30-Jun-14
COTTON11874.52%
CPO23.12%
OTHER COMMODITIES
2.36%
PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ACE, MUMBAI DURING JANUARY2014 TO MARCH 2014
19
Graphical presentation of ready and futures prices of two major commodities, Cotton 118 and
CPO at ACE, Mumbai during the period under review is given below.
COTTON 118
CPO
VI. Universal Commodity Exchange Ltd., Navi Mumbai (UCX)
During the period under review Chana, Rape/Mustard seed, Turmeric, Soy bean, and Rubber
constituted a major share of the value of commodities traded at UCX, Navi Mumbai.
The following table and the pie-chart indicate 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
Chana 9329.24 36.58Rape/Mustard seed 5422.97 21.26Turmeric 4624.49 18.13Soya bean 2847.38 11.16Rubber 1196.22 4.69
Total of major commodities 23420.31 91.83
Others 2084.04 8.17 Grand Total 25504.35 100.00
40000
42000
44000
46000
4-Ja
n-1
4
11-
Jan-
14
18-
Jan-
14
25-
Jan-
14
1-F
eb-
14
8-F
eb-
14
15-
Feb
-14
22-
Feb
-14
1-M
ar-
14
8-M
ar-
14
15-
Mar
-14
22-
Mar
-14
29-
Mar
-14
₹ P
ER
CA
ND
Y
SPOT & FUTURES PRICES OF COTTON118 TRADED AT ACE, MUMBAI
Ready Prices 20-Jan-14 20-Feb-14 20-Mar-1417-Apr-14 20-May-14 20-Jun-14 18-Jul-14
500
550
600
650
4-J
an-1
4
11-
Jan
-14
18-
Jan
-14
25-
Jan
-14
1-F
eb-
14
8-F
eb-
14
15-F
eb-1
4
22-F
eb-1
4
1-M
ar-
14
8-M
ar-
14
15-M
ar-1
4
22-M
ar-1
4
29-M
ar-1
4
₹ P
ER
10
KG
SPOT & FUTURES PRICES OF CPO TRADED AT ACE, MUMBAI
Ready Prices 31-Jan-14 28-Feb-14 31-Mar-14
30-Apr-14 31-May-14 30-Jun-14 31-Jul-14
20
Graphical presentation of ready and futures prices of five major commodities viz. Chana,
Rape/Mustard seed, Turmeric, Soy bean, and Rubber at UCX, New Mumbai during the period under
review is given below.
CHANA
Chana36.58%
Rape/Mustard seed21.26%
Turmeric18.13%
Soya bean11.16%
Rubber4.69%
Others 8.17%
PERCENTAGE SHARE TO THE TOTAL VALUE OF COMMODITIES TRADED AT UCX., NEW MUMBAI
DURING JANUARY 2014 TO MARCH 2014
2800.00
2900.00
3000.00
3100.00
3200.00
3300.00
3400.00
3500.00
04/Jan/14
11/Jan/14
18/Jan/14
25/Jan/14
01/Feb/14
08/Feb/14
15/Feb/14
22/Feb/14
01/M
ar/14
08/M
ar/14
15/M
ar/14
22/M
ar/14
29/M
ar/14
₹ P
ER
10
0 K
G
SPOT AND FUTURES PRICES OF CHANA AT UCX., NEW MUMBAI
Spot Jan‐14 Apr‐14 May‐14 Jun‐14 Jul‐14
21
RAPE/MUSTARD SEED
TURMERIC
3200.00
3300.00
3400.00
3500.00
3600.00
3700.00
3800.00
3900.00
4000.00
04/Jan/14
11/Jan/14
18/Jan/14
25/Jan/14
01/Feb
/14
08/Feb
/14
15/Feb
/14
22/Feb
/14
01/M
ar/14
08/M
ar/14
15/M
ar/14
22/M
ar/14
29/M
ar/14
₹
per
100
KG
SPOT AND FUTURES PRICES OF RAPE/MUSTARD SEED AT UCX., NEW MUMBAI
Spot Jan‐14 Apr‐14 May‐14 Jun‐14 Jul‐14
5600.00
5800.00
6000.00
6200.00
6400.00
6600.00
6800.00
7000.00
7200.00
7400.00
7600.00
4/Jan/14
11/Jan/14
18/Jan/14
25/Jan/14
1/Feb
/14
8/Feb
/14
15/Feb
/14
22/Feb
/14
1/M
ar/14
8/M
ar/14
15/M
ar/14
22/M
ar/14
29/M
ar/14
₹ p
er
100
KG
SPOT AND FUTURES PRICES OF TURMERIC AT UCX., NEW MUMBAI
Spot Apr‐14 May‐14 Jun‐14 Jul‐14
22
SOY BEAN
RUBBER
3500.00
3600.00
3700.00
3800.00
3900.00
4000.00
4100.00
4200.00
4300.00
4400.00
4500.00
04/Jan/14
11/Jan/14
18/Jan/14
25/Jan/14
01/Feb
/14
08/Feb
/14
15/Feb
/14
22/Feb
/14
01/M
ar/14
08/M
ar/14
15/M
ar/14
22/M
ar/14
29/M
ar/14
₹PER
100 KG
SPOT AND FUTURES PRICES OF SOY BEAN AT UCX., NEW MUMBAI
Spot Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14 Jul‐14
14100.0014300.0014500.0014700.0014900.0015100.0015300.0015500.0015700.0015900.0016100.0016300.00
4/Jan/14
11/Jan/14
18/Jan/14
25/Jan/14
1/Feb
/14
8/Feb
/14
15/Feb
/14
22/Feb
/14
1/M
ar/14
8/M
ar/14
15/M
ar/14
22/M
ar/14
29/M
ar/14
₹ P
ER
10
0 K
G
SPOT AND FUTURES PRICES OF RUBBER AT UCX., NEW MUMBAI
Spot Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14
23
3. IMPORTANT DEVELOPMENTS IN THE COMMODITY MARKETS
3.1 Regulation of Commodity Exchanges:
3.1.1 Approval to the amendment to the Bye-laws:
The Commission, on 13th January, 2014 approved the Bye-laws of ACE Derivatives and
Commodity Exchange Ltd., Mumbai regarding sharing of information among Exchanges
about defaulter members.
The Commission on 15th January, 2014 approved the Bye-laws of UCX regarding sharing of
information among Exchanges about defaulter members.
3.1.2 Approval to the amendment to Rules:
The Commission, on 16th January, 2014 conveyed the approval of the Commission for the
amendments to the deletion of Clause 141 related to the “Permanent/ non-retiring Director”
and also insertion of the Clause 185(3) and 185A, regarding the appointment of Vice-
Chairman (without executive Powers), of the Articles of Association to the Universal
Commodity Exchange Ltd, Navi Mumbai.
The Commission on 17th January, 2014 conveyed its approval for amendment to the Rules
of the ACE Derivatives and Commodity Exchange Limited regarding addition of a new
clause in its Rules indicating the activities which are not allowed by the members of the
Exchange in addition to Portfolio Management Activities such as any activity in the nature of
promise of assured returns after a certain fixed time period (for example a month, 3 months
or 6 months etc.) or assured profits by the member or profit sharing activity, any activity
without executing Member Client Agreement or completing uniform client registration
formalities, any activity without presenting client with a Risk Disclosure Document etc.
3.2 Revision in the Regulatory Measures:
3.2.1 Approval of Contract Specification:
The Commission on 13th January, 2014 approved the proposal sent by NCDEX regarding
1) modification in Moisture and Count in Maize and 2) revision in Additional Delivery
Centre.
The Commission on 11th February, 2014 approved the proposal sent by NCDEX
regarding modification in applicability of near month limit in respect of Gur and Soybean
meal contracts. This approval for the above modification shall be from the contracts
expiring in March 2014 and thereafter.
The Commission on 12th February, 2014 approved the proposal sent by NCDEX
regarding revision in the day of launching of Cotton seed (Industrial Grade) futures
contracts. Trading in any contract month will open on the 1st day of the month. If 1st day
happens to be a non-trading day, contracts would open on the next trading day. The
24
approval for the above modification shall be applicable for the contracts which are yet to
be launched.
The Commission on 13th February, 2014 approved the proposal sent by NCDEX
regarding modification in i) Name of the commodity ii) Ticker symbol iii) Basis iv) Delivery
centre v) Quality specification and vi) Additional delivery centers in Steel Long BIS 2831
futures contracts.
The Commission on 13th February, 2014 approved the proposal sent by ACE regarding
modification in the date of expiry of the Gold hedge contracts. This approval for the
modification shall be for the contracts which are yet to be launched.
The Commission on 13th February, 2014 in response to a request by MCX decided to
exempt potato cold storages from WDRA registration for the current season to ensure
smooth supply operations and efficient price discovery on the Exchange platform.
The Commission on 20th February, 2014 directed NMCE to closely monitor the
transactions on the Exchange platform and ensure that, the trade volumes and price of
the commodity derivatives are not manipulated.
The Commission on 26th February, 2014 approved the proposal sent by NCDEX
regarding enhancement of Tick Size in Jeera futures contracts from ₹ 2.50 per quintal to
₹ 5.00 per quintal. This modification will be applicable from all running contracts onwards.
3.2.2 Withdrawal of additional Margin of 5% in castor seed:
The Commission on 12th February, 2014, conveyed its approval to NCDEX for withdrawal
of the additional margin of 5% on long side and short side imposed by Exchange on
Castor seed contracts w.e.f. 14th February, 2014 due to subdued volatility in the prices.
3.2.3 Additional Margins on Potato Contracts:
In view of price volatility and other trading developments in the potato contracts at MCX ,
the Commission on 13th February, 2014 approved the proposal of MCX to impose an
additional margin of 20% in March 2014 contract and 10% in April 2014 contract with
immediate effect.
3.2.4 Exemption from payment of margins in respect of early-pay in for Commodities:
The Commission on 15th January 2014, to reduce the cost of hedging, directed the
Exchanges to exempt the market participants from paying initial, additional and special
margins, who have deposited certified goods against all the relevant futures contracts sold
and earmarked for delivery, to the Exchange accredited warehouse, w.e.f 1st February,
2014. Such participants will continue to remain exempted from payment of delivery margins.
However, the Exchange shall continue to collect mark to market margins from such market
participants.
25
3.2.5 Settlement Guarantee Fund:
In the light of recommendations made by Risk Management Group and the results of stress
test computations carried out by Exchanges, the Commission on 14th March, 2014 partially
modified its earlier directives dated 23rd August, 2013 as follows:-
(i) The Settlement Guarantee Fund (SGF) shall not include the refundable deposits made by
members for trade. However, the Base Minimum Capital (BMC) of members and interest
income on investment of BMC will continue to be part of SGF.
(ii) The exchange shall, on quarterly basis, make the risk assessment on SGF and shall make
fresh contribution to SGF to meet the shortfall, if any, out of the revenue earned by them.
The maximum contribution by an exchange in SGF in a year shall be up to 5% of the gross
revenue (net of Income Tax to be paid by the exchange). In cases where exchanges have
sufficient funds available in SGF to meet the contingent risk, then there is no need for
exchanges to make any further contribution.
(iii) The income accruing on the funds belonging to SGF shall be credited to SGF by the
Exchange, net of income tax paid on such income.
(iv) All settlement related penalties charged by the Exchange from members will continue to be
part of SGF.
3.2.6 Mechanism for regular monitoring of short-collection/non-collection of margins:
In order to regularly monitor the collection of margins by members and also provide a
reasonable time to members for collection of margins from their clients, the Commission on
14th March, 2014 revised its earlier instructions on short-collection/ non- collection of margins.
As per revised instructions, the members will have time till ‘T+2’ working days to collect
margins (except initial margins) from their clients and the Member shall report to the
Exchange on T + 5 day the actual short collection/non collection of all margins from clients.
Penalty shall be levied as per the details given below on the members for short / non-
collection of margins from their clients beyond T + 2 working days:
For each member ‘a’ Per day Penalty as % age of ‘a’ (< Rs 1 lakh ) And (< 10% of applicable margin) 0.5 (>= Rs1 lakh) Or(>= 10% of applicable margin) 1.0
Where a = Short – collection/Non-collection of margins per client per day.
Further, if short-collection/non-collection of margins of a client continue for more than three
consecutive days after T+2 working days, then a penalty of 1% of the shortfall amount shall
be levied for each day of continued shortfall.
3.2.7 Approval of the futures contracts on continuous basis:
In order to have efficient functioning of the Indian Commodity Futures Market for price risk
management, price discovery by hedgers and stakeholders especially farmers and as
recommended by the Risk Management Group (RMG) in its second meeting held on
26
3.1.2014, the Commission on 15th January, 2014 decided to grant continuous approval for
trading in the futures contracts instead of the existing practice of giving permission for trading
in futures contracts on yearly basis. Continuous approval for futures trading on the Exchange
in the said contracts is subject to certain terms and conditions.
3.2.8 Due Date / Expiry Date:
The Commission on 1st January, 2014 approved the proposal by UCX, Mumbai for
preponement of the Due Date / Expiry Date of Crude oil January 2014 contract from
20.1.2014 to 17.1.2014 as per the international holidays.
The Commission on 8th January, 2014 approved the proposal sent by ACE Ltd., Mumbai
regarding preponement of the Due Date/Expiry Date in Crude Oil January 2014 contract from
20.1.14 to 17.1.14 as per international holidays.
3.2.9 Final Settlement Price:
The Commission on 8th January, 2014 approved the proposal by NCDEX regarding
modification in conversion factor as 31.9899927 instead of 32.1507425 in Final Settlement
Price in respect of Gold hedge contracts.
3.2.10 Trading holidays for all Regional/Commodity Specific Exchanges
The Commission on 15th January, 2014 directed the Regional/Commodity Specific Exchanges
to henceforth follow the list of holidays declared under the Negotiable Instruments Act 1881
and the local holidays declared by State /Central Government organizations as trading
holidays under intimation to the Commission.
3.2.11 Dealing in Cash Transactions:
The Commission on 12th March, 2014 directed the Exchanges that acceptance of cash by
itself shall not constitute any trade abuse and acceptance of cash by members from their
clients for commodity futures trading shall be guided only by the relevant provisions of the
Income-Tax Act, Prevention of Money Laundering Act and any other law in force in this
regard.
3.2.12 The Commission on 13th March, 2014 invited views and suggestions from the public on
revision of Limits on Open Position in commodity futures market by 15th April, 2014.
3.2.13 The Commission on 14th March, 2014 allowed all national exchanges to extend the trade
timings in Soya Oil, Soya meal, Crude Palm Oil, RBD Palmolein, Cotton, Kapas, Cotton seed
oil cake, Cotton seed, Sugar and Maize futures contracts upto IST 11.30 p.m./11.55 p.m.
(during US day light saving time) w.e.f. 1st April 2014 onwards.
3.2.14 The Commission decided on 14th March, 2014 that all the commodity Exchanges shall keep
heir trading platform closed on Saturdays for all the futures contracts i.e. agricultural and non-
agricultural with effect from 1st April 2014 onwards. It would help Exchanges to utilise the
27
entire day exclusively for housekeeping, maintenance of record and to attend compliance
matters etc.
3.3 As per the FSLRC’s recommendations for consumer protection in the financial markets,
amendment of the Annexure 3 of KYC document “Rights and obligations of members,
authorized persons and clients” was proposed and a draft circular was uploaded on the
Commission’s website on 31.12.2013 for a period of 2 months, for comments from the public.
Since, no comments had been received from the public and the National Exchanges’
comments were broadly supportive of the amendments, the Commission on 28th March, 2014
directed the Exchanges to adopt the said amendments with effect from 1st May, 2014 which
would be applicable for all clients registering on or after 01.05.2014 and all the existing
clients/members shall execute the required amended agreement latest by 31.12.2014.
3.4 Differential Transaction Charges:
The Commission had received representations suggesting differential transaction charges for
different commodities contracts. Since there was inherent merit in implementing a differential
transaction charge structure and there was also need to promote competition in the market to
bring in greater efficiencies and lower transaction costs to market participants, the
Commission on 13th February, 2014 decided the following:
a) The Exchanges can levy different transaction charges for different commodities’ contracts
and even in the case of contracts of the same commodity.
b) The Exchanges will ensure that the ratio between highest to lowest transaction charge in
the turnover slab of any contract is not more than 1.5:1
c) In the slab system the concessional transactional charges shall be charged only on the
incremental volume/turnover and not on the entire volume/turnover.
Further, while levying the transaction charges, the Exchanges will ensure that:
a) It is imposed in a fair and transparent manner.
b) It does not favour selective trades or selective category of investors
c) It does not encourage generation of artificial volumes.
d) It does not result in any market irregularities.
3.5 The Commission on 12th February, 2014 directed Indian Commodity Exchange Limited
(ICEX) that funds in Settlement Guarantee Fund (SGF) and Investor Protection Fund (IPF)
account and member accounts shall not be utilized without prior approval of the Commission.
Chairman, ICEX informed the Commission on 20th December, 2013 that they propose to
close down the trading activity of the Exchange due to erosion of net worth which had come
down to ₹ 8.67 crore. Subsequently, the Commission on 14th February, 2014 intimated the
Ministry of Finance that, the Commission had directed ICEX not to introduce trading in any
fresh contract and also stop trading in contracts where the open interest is zero.
3.6 The Commission, on 31st January 2014, recommended to the Ministry of Finance to renew the
recognition of the Surendranagar Cotton Oil & Oilseeds Association Ltd, Surendranagar for
conducting forward trading in Kapas for a period of five years from 1.04.2014 to 31.03.2019.
28
3.7 Appointment of Independent Directors on the Board of the national multi commodity
Exchanges:
The Commission conveyed its approval for the appointment of the following persons as
Independent Directors on the Board of the Exchanges in compliance with the provisions in the
revised Guidelines dated 12th August, 2013 for the constitution of Board of Directors,
Nomination and role of Independent Directors and appointment of Chief Executives at the
Nationwide Multi Commodity Exchanges in India.
The Commission on 9th January, 2014 appointed Shri R. Mohandas as Independent Director
on the Board of India Pepper and Spice Trade Association (IPSTA), Kochi, for a period up to
31/03/2015.
The Commission, on 13th January, 2014 conveyed the approval of the Commission to UCX,
Navi Mumbai regarding the appointment of Mr. Devdas Chhotray, (IAS Retd.), Independent
Director as a Chairman of the Board, Mr. A. Ramkrishnan, Independent Director as Chairman
of the Audit Committee and Ms. Neela Gangadharan, Independent Director as the Chairman
of the Remuneration & Compensation Committee of the Exchange.
The Commission, on 16th January, 2014 conveyed the approval of the Commission to the
appointment of Dr. Manoj Vaish as Managing Director and CEO of MCX, Mumbai for a period
of three years with effect from the date of his appointment subject to the following:-
(i) Clause 7 in the agreement relating to Ownership of work Product / IPR may be reviewed
subsequent to appointment.
The Commission, on 13th February, 2014 conveyed its approval for the appointment of the
following on the Board of NCDEX, Mumbai.
a) Mr. Srinath Srinivasan, as Shareholder Director representing M/s Oman India Joint
Investment Fund (OIJIF) on the Board of the Exchange.
b) Mr. Mukund Chitale as Independent Director on the Board of NCDEX, Mumbai, The
appointment would be valid up to 31.03.2017.
c) Shri V. C. Chaturvedi, Director has been appointed as Independent Director on the
Board of Directors of NCDEX, Mumbai to represent the Central Government for a period
up to 31.03.2015 in place of Dr. Y.S.P. Thorat.
3.8 Appointment of Shareholder Directors on the Board of Exchanges:
The Commission conveyed its approval for the appointment of the following persons as
Shareholder Directors on the Board of the Exchanges in compliance with the provisions in the
revised Guidelines dated 12th August, 2013 for the constitution of Board of Directors at the
Nationwide Multi Commodity Exchanges in India.
a) The Commission, on 9th January, 2014 conveyed its approval for the appointment of the
following on the Board of ACE Derivatives and Commodity Exchange Limited:-
29
(i)Mr. Narayan S.A., Mr. Prakash Nayak, Kotak Mahindra Bank/ Kotak Mahindra Prime,
Mr. Ashok Yadav, HAFED, Mr. K. Chandrashekhar, Union Bank of India, and Mr. Vineet
Dudeja, Bank of Baroda, under Shareholder Directors category on the Board of the
Exchange, as per the provision given in Clause 1.2. This appointment is for the year 2013-
14 (one term) up to the date of Annual General Meeting.
(ii)Ms. Dharmishta Raval as Chairman of the Board, Mr. Dileep Chokshi as Chairman of
the Audit Committee and Mr. B. M. Jindel as the Chairman of the Remuneration &
Compensation Committee of the Exchange.
b) The Commission, on 8th January, 2014 conveyed its approval for the appointment of the
following on the Board of UCX, Navi Mumbai:-
(i) Mr. D.S. Ahluwalia, Executive Director (Finance), Rural Electrification Corporation Ltd
(REC), New Delhi as Shareholder Director in place of Mr. V.K. Arora on the Board of the
Exchange
(ii)The appointment of Mr. G. Chandrashekhar as Independent Director on the Board of
UCX, Navi Mumbai for a period up to 31/03/2017 .
c) The Commission, on 21st January, 2014 conveyed the approval of the Commission to
UCX, Navi Mumbai regarding the appointment of Mr. Suhas Ganpule as Shareholder
Director, M/s Skyline Capital Services Pvt. Ltd; and Mr. Kamal Verma, Sr. Executive
Director (F & A) M/s Indian Farmers Fertilizer Cooperative Limited (IFFCO), New Delhi as
Shareholder Director in place of Mr. Manish Gupta on the Board of the Exchange. This
appointment is for the year 2013-14 (one term) up to the date of Annual General Meeting
d) The Commission, on 3rd February, 2014 conveyed the approval of the Commission to the
Multi Commodity Exchange of India Ltd., Mumbai regarding the appointment of Mr. Rajiv
S. Abhyankar, General Manager (Treasury & Investments), Bank of Baroda, as a
Shareholder Director on the Board of the Exchange in place of Mr. Sanjaya Agarwal on
the Board of the Exchange. This appointment is for the year 2013-14 (one term) up to the
date of Annual General Meeting.
3.9 Oversight Committee for MCX:
The Commission had directed MCX to constitute an Oversight Committee in the interest of
better management and governance of the Exchange and also keeping in view the absence
of a MD & CEO which warranted a close monitoring and supervision of the running of the
Exchange by the Oversight Committee. Subsequently, the Commission had directed MCX
that, the Oversight Committee will cease to function from the date the new MD & CEO takes
over the charge of the Exchange. Mr. Manoj Vaish took charge of MD and CEO of MCX with
effect from 1st February, 2014 and the Oversight Committee was discontinued. The
Commission on 21st February, 2014 intimated the MD & CEO, MCX that the Oversight
Committee had submitted its closure report and directed him to examine the minutes of all the
30
meetings of the Oversight Committee and the closure report, wherein various issues have
been raised and take necessary action under intimation to the Commission.
3.10 Special audit of MCX:
The Commission had ordered a special audit of MCX which is being done by Price
Waterhouse Coopers (PWC). The PWC submitted its interim report to the Commission. The
Commission on 11th February, 2014 directed the Chairman, Board of Directors, MCX to place
the report submitted by PWC before the Board of Directors of MCX at the next Board Meeting
for discussion and for taking necessary action.
3.11 The Commission on 17th January, 2014 and 31st January, 2014, had directed MCX to take
immediate steps to implement the Order dated 17th December, 2013, stating FTIL as not fit
and proper person to continue to be a shareholder of 2% or more of the paid-up equity capital
of MCX as prescribed under Guidelines issued by the Government of India for Capital
Structure of Commodity Exchanges post 5 years of operation. However, no such effective
action was taken by the Exchange towards the implementation of the Commission’s Order.
Moreover, the interim report of PwC on the Special Audit of MCX had pointed out several
serious irregularities. However, details of action taken on the findings of PwC, was not
received from the Exchange, despite a deadline of 15 days given to the Exchange. The
Exchange was again directed to furnish details of action taken on 14th March, 2014. Further,
the Oversight Committee constituted under the orders of the Commission had also revealed
irregularities in its closure report and the minutes of various meetings submitted to the
Commission. The Exchange was directed on 21st February, 2014 to submit an action taken
report on the same. However no such action taken report was submitted by the Exchange. In
this regard, the Commission on 21st March, 2014 directed the MD & CEO, MCX that, the
order of the Commission dated 17th December, 2013 and the aforesaid directives should be
implemented on or before 30th April, 2014, failing which, the Exchange would not be permitted
to launch fresh contracts from 1st May, 2014 onwards. Besides the above, the Commission
would also take other appropriate measures in this regard as per the provisions of FCRA and
as per the Guidelines related to Constitution of Board of Directors, dated 12th August, 2013, to
ensure compliance to its orders and directions.
3.12 Registration of warehouses with the WDRA:
As the process of inspection and registration of warehouses with WDRA is taking time and
market participants are facing difficulty since adequate warehousing space is not available at
some of the locations and the Exchanges are finding it difficult to identify new warehouses
meeting WDRA norms which are already registered with the WDRA or which have already
applied for WDRA registration, the Commission decided to extend the time -frame for
requirement of registration with WDRA till 30th September, 2014 for the warehouses to be
accredited by Exchanges. To ensure that futures markets are not affected by lack of adequate
warehousing space in various locations, Exchanges can also accredit new warehouses that
apply for registration with WDRA by 30th June, 2014.
31
3.13 Common /uniform client registration form/process:
As per the existing KYC document, the clients who had opted for obtaining Contract Notes in
Electronic form had to give a declaration every year. Since receiving Contract Notes in
Electronic Form is only an option exercised by the client which can be revoked, the
Commission on 13th March, 2014 directed the National Exchanges to make amendments in
the KYC Document that declaration to obtain Electronic Contract Note (ECN) once given,
need not be renewed every year.
3.14 Inspect the books of accounts of the Members
The Commission has been inspecting the books of accounts of the Members of the National
Exchanges on a regular basis. During the quarter,(i) 29 audit reports were received from the
Auditors,(ii) 27 audit reports were sent to Exchanges for follow up action on non-compliances
observed, (iii) 12 audit reports were scrutinized and (iv) Action were completed in 9 audit
reports.
3.15 Audit of the Exchanges and Members:
All the six National Exchanges and five Regional Exchanges have been selected for
performance audit/ inspection of their books & records and the letters were issued to the
respective auditors on 28th March 2014. The scope of the audit for National Exchanges
includes assessment of 24 principles for Financial Market Infrastructures (FMIs) issued by
IOSCO. Also, 284 National Exchange members have been selected to conduct audit/
inspection of their books of accounts for the year 2012-2013. Letters have been issued to the
selected National Exchange members on 28th March 2014.
3.16 Membership registration
The total number of members registered from 1st January, 2014 to 31st March, 2014 was 41.
Members declared as surrendered/ deactivated/ suspended by the Commodity Exchange(s)
during the above period are 70. The total number of registered members as on 31st March,
2014 stands at 5502.
4. ENFORCEMENT ACTION:
(i) As per Rule 13 of the FC(R) Rules 1954, the Commission is required to communicate
information in respect of the commission of any offence under the Act to the concerned
authorities. During the period, complaints forwarded under Rule 13 of FC(R) Rules 1954, are
given below:
32
Sl. No. No. of complaints
forwarded under Rule 13
of the FC(R) Rules 1954
State Police Authorities
1 1
The Director General of Police Rajasthan,
Rajasthan Police Headquarters, Jaipur- 302 002,
(6.1.2014)
2 1
The Director General of Police Rajasthan,
Rajasthan Police Headquarters, Jaipur- 302 002,
(18.1.2014)
3 1
The Commissioner of Police,
Delhi Police Headquarters,
New Delhi- 110 002.(29.1.2014)
4 1 The Deputy Commissioner of Police (Crime), New
Delhi -110002. (16.1.2014)
5 1 The Director General of Police,
Lucknow UP - 226 001.(26.2.2014)
6 1 The Joint Commissioner of Police, Crime
Branch,Mumbai 400 001.(13.3.2014)
(ii) Scrutiny Reports forwarded to the Police Authorities: Sl. No. Case/ FIR No. Dispatched to Dispatched
on
1 Case Crime No. 167/2012
dated 5/10/2012 registered
under the Forward Contracts
(Regulation) Act, 1952 at P.S.
Juna Rajwada, Kolhapur.
Shri S.G. Doke,
Assistant Police Inspector, Juna
Rajwada Police Station,
Kolhapur.
3rd
February,
2014
2 Case Crime No. 498/13 by CID
Bhopal registered at P.S. Cyber
Hitech Bhopal
Shri Shiyash A.
Superintendent of Police, SIT
(Crime Investigation Dept.),Police
Head Quarters, Jahangirabad,
Bhopal (MP)
28th March,
2014
(iii) Action taken by the Exchange such as Expulsion and Suspension:
a) NMCE informed that the Exchange have expelled 6 members for not giving the reply to
the Final Show Cause Notice (SCN) for creating artificial volumes and in execution of
suspected tax evasion transaction on the Exchange platform during the Financial year 2010-
11.Expulsion orders were issued by NMCE against the following parties on 20th February,
2014.
33
Sl. No. Name of the Member
1 M/s Atulit Tieup Pvt. Ltd. (CL0150)
2 M/s Ramdoot management Pvt. Ltd. (CL0155)
3 M/s Konark Comdeal Pvt. Ltd. (CL0264)
4 M/s J. D. Sroff (CL0312)
5 M/s D. M. Finance (CL0280)
6 M/s Prachi Commodity (CL0348)
b) NMCE suspended trading rights of the following three members as they did not
respond in time to SCN for their involvement in creating artificial volumes and in execution of
suspected tax evasion transaction on the Exchange platform during the Financial year 2010-
11. Suspension orders were issued by NMCE against the following parties on 20th February,
2014.
Sl. No. Name of the Member
1 M/s Shiv Shakti Commodities (CL0397)
2 M/s Sanjay S. Patel (CL0352)
3 M/s Maruti Brokarage House Pvt. Ltd. (CL0299)
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 has 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 January to March, 2014 are given below:
Hon’ble Supreme Court of India, on 24-01-2014, heard the IA No. 17-19 of 2014 filed by
Neptune Overseas Ltd for vacating the interim order in SLP/10225-1027/2012 filed by FMC
vs. NOL and granted time to respondents for filing objections, if any, within four weeks. The
Commission filed the affidavit-in-reply in the matter on 25-03-2014. The next date of hearing
is yet to be notified.
Hon’ble Bombay High Court, on 28-02-2014, heard at length the Writ Petitions No. 3330 of
2013, 3412 of 2013 and 3413 of 2013 filed by M/s. Financial Technologies (India) Limited,
Shri Jignesh Shah and Shri Shreekant Javalgekar, respectively, challenging the Order dated
17-12-2013 passed by FMC in the matter of ‘Fit and Proper’ Person and was pleased to pass
an order rejecting the interim reliefs prayed for by the petitioners seeking stay on the
operation of the said order passed by the Commission.
34
6. DEVELOPMENTAL ACTIVITIES
The Forward Markets Commission, in addition to regulating the commodity futures market,
also took the following proactive steps to ensure that the commodity futures markets are
broad based and its benefits reach all the stakeholders of the Commodity Markets.
6.1 Awareness Programmes:
The Forward Markets Commission conducts awareness programmes for all the stakeholders
of the commodity derivative market, such as members of commodity exchanges and their
clients, prospective participants in the commodity derivative market, physical market
stakeholders in the agricultural, metals, bullion and energy sectors, especially farmers; grass-
root level functionaries and extension service providers in the agriculture sector, educational
institutes, etc. During the period under review, 290 awareness programmes were conducted
across the country. Out of 290 awareness programmes, 132 programmes were conducted for
farmers and 158 for other stakeholders. The details of awareness programmes organized
during the period under review is given in Annexure VI.
6.2 Stakeholders Meetings:
The Commission in association with the National Exchanges had organized the following 10
Stakeholders Meeting during period under review.
Sr. No. Date Location Stakeholders/Commodity
1 15th February, 2014 Agra Members Potato Stakeholders
2 27th February, 2014 Bengaluru Members’ Meet
3 4th March, 2014 Patna Maize Contracts Stakeholders
4 4th March, 2014 Chennai Hedgers Meet
5 4th March, 2014 Hyderabad Members’ Meet
6 11th March, 2014 Mumbai Members’ Meet
7 14th March, 2014 Indore Members’ Meet
8 21st March, 2014 Kochi Commodity Specific Meet- Rubber and Spices
9 26th March, 2014 Nagpur Members’ Meet
10 27th March, 2014 Chandigarh Members & Value Chain Participants of Potato, Mustard Seed, Maize, Wheat and
Cotton
6.3 Foreign Visits:
Two senior officers of the Commission were nominated to participate in APRC Enforcement
Directors’ Meeting and APRC Meeting held at Hong Kong from
22. 1.2014 to 23.1.2014. Two officers were also deputed to participate in the Meeting of the
IOSCO Committee on Commodities Derivatives Markets (Committee 7) held at Madrid, Spain
from 6.2.2014 to 7.2. 2014
35
6.4 Participation in Exhibitions/Expos:
The Commission in association with the National Exchanges participated in the Agri & Horti
Food Fest, 2014 organised by the Government of West Bengal at Netaji Indoor Stadium,
Kolkata from 18th – 21st February, 2014.
6.5 Capacity Building Programme:
The Forward Markets Commission also organizes Capacity Building programmes for market
stakeholders, officers of the Central and State Governments engaged in policy making,
educational institutions with focus on agricultural universities, management institutes, financial
institutions, banks, the cooperatives and warehousing sectors to sensitize them about the
roles to be played by them for the development of the commodity futures market. During
January – March 2014, the Commission conducted 32 Capacity Building Programmes which
are given in Annexure V.
7. DEVELOPMENT AT NATIONAL SPOT EXCHANGE LIMITED:
There were ten pay-outs during the period from January 2014 to March 2014 under reference,
i.e., pay out scheduled on 7th January 2014 (21st pay out) of Rs 2.45 Crores, pay out
scheduled on 14th January 2014 (22nd pay out) of Rs 3.24 Crores, payout scheduled on 21st
January 2014 (23rd pay out) of Rs 4.50 Crores and payout scheduled on 28th January 2014
(24th pay out) of Rs 2.00 Crores, pay out on 4th February, 2014 (25th pay out) of ₹ 8.62 crore,
pay out on 11th February, 2014 (26th pay out) of ₹ 1.05 crore, payout on 18th February, 2014
(27th pay out) of ₹ 4.10 crore and payout on 25th February, 2014 (28th payout) of ₹ 0.50 crore,
pay out scheduled on 4th March, 2014 (29th pay out) of ₹ 0.83 Crore and pay out scheduled
on 11th March, 2014(30th pay out) of ₹ 1.68 Crore.
The payouts in the published plan issued vide NSEL circular was only till 11th March 2014 i.e.
the 30th payout. However, a payout of ₹ 3.66 Crore was made on 21st March, 2014 (31st
payout).
The forensic auditors appointed to conduct a forensic audit of e-series contracts at NSEL, M/s
Chokshi and Chokshi submitted their report on 30-01-2014. In pursuance of the order of the
Hon’ble High Court of Bombay, arrangement was made to make available copies of the report
to the Petitioner’s advocates through the Commission’s advocates.
The forensic auditors appointed to conduct a forensic audit of e-series contracts at NSEL, M/s
Chokshi and Chokshi on 4th February 2014 submitted an addendum to their original report
(report dated 30th January, 2014).
After considering the forensic audit report dated 30th January, 2014 submitted by Chokshi &
Chokshi and to protect the interest of over 33000 e-series investors the Commission issued a
letter to NSEL on 27th March 2014, conveying no objection to the re-materialization / Financial
settlement plan of e-series contracts. This was issued in response to NSEL’s letter dated 22nd
March, 2014.
36
Annexure I
List of Commodities Notified Under Section 15 of the F.C. (R) Act 1952.
Sr. 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/
Mustardseed 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 or Jiljilli)
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
37
Sr. No. Commodity
Sr. No. Commodity
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
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
38
Annexure II
List of the Exchanges
Sr. No. Name of the Exchanges
A. National Multi Commodity Exchanges
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, Navi Mumbai (UCX)
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
39
Annexure III Volume & Value of Trading in Various Commodities during the period January to March 2014
Sl. No Name of the Commodity Volume
(In LT) Value
(In ₹crore)
I Agricultural Commodities Food Items
1 Chana/Gram 132.48 41870.762 Refined Soya oil 78.65 55181.953 Pepper 0.02 124.724 Jeera (Cumin seed) 5.02 5749.895 Red Chilli 0.00 0.006 Soya bean/seed 133.74 53219.447 Rape/Mustard Seed 96.42 32869.408 Wheat 2.02 320.199 Potato 36.96 2105.3510 Turmeric 18.60 13051.0611 Sugar 14.64 4311.6012 Gur 5.33 1534.9913 Cardamom 0.30 2420.1414 Maize Feed 5.18 625.4615 Barly 1.35 185.5516 Coffee Rep Bulk 3.53 4453.5417 Coriander/Dhaniya 43.09 38465.3218 Crude Palm Oil 27.12 15460.9119 Copra 4.31 3623.0320 Coconut oil 0.01 9.41(A) Total of Above 608.76 275582.67
Non Food Items
21 Guar seed 14.97 7345.7222 Mentha Oil 0.88 7433.2623 Castor seed 138.99 59713.4524 Guar Gum 3.53 4717.0325 Kapas 49.37 23744.7326 Rubber 2.57 3895.2927 Raw jute 19.34 5758.7328 Cotton seed Oilcake / Kapasia Khali 92.61 14482.6729 Sacking 12.61 6237.2830 Isabgul Seed 5.99 4223.9731 Cotton 22.31 34751.75(B) Total of Above 363.17 172303.88
(A+ B) Total Agri-Commodities 971.93 447886.55II Bullion 1 Gold 0.01 360289.252 Silver 0.69 313769.30 Total of Bullion 0.70 674058.55
III Metals 181.53 289003.20IV Energy (excluding Natural gas volume ) 556.38 486985.19
Grant Total (I to IV) (excluding Natural gas volume ) 1710.54 1897933.49
40
Annexure IV
Details of permissions granted to the Recognized Exchanges:
Sl.
No.
Name of the
Exchange
Commodities
permitted
Contracts permitted Date of permission
1 ACE Ltd,
Mumbai
Gold hedge January 2014, March 2014, May 2014,
July 2014, September 2014
8th January, 2014
2 NCDEX,
Mumbai
Gold hedge
100 gms
March 2014, May 2014, July 2014,
September 2014, November 2014
20th January, 2014
3 Castor seed May 2014, June 2014, July 2014,
August 2014, September 2014,
October 2014 and November 2014
17th February, 2014
4 Chana 1 MT April 2014, May 2014, June 2014, July
2014, August 2014, September 2014,
October 2014, November 2014 and
December 2014.
17th February, 2014
5 Silver 15 kgs.
(hedge)
April 2014, June 2014, August 2014
and November 2014
18th February, 2014
6 Silver 5 kgs April 2014, June 2014, August 2014
and November 2014
18th February, 2014
7 NCDEX Bajra April 2014. May 2014, June 2014, July
2014, October 2014, November 2014
and December 2014
12th March, 2014
8 IPSTA, Kochi Pepper MG1 July 2014, August 2014, September
2014
8th January, 2014
41
Annexure V
Details of capacity building programmes conducted in January to March 2014
Sl. No.
Name of the Institute/Agriculture
University
Dates of the programme
conducted
Venue of the programme
Conducted
Category of participants
1 CBI officers of ACB,
Mumbai
16th January, 2014 Mumbai CBI officers of ACB, Mumbai
2 NABCONS, Mumbai
16-17th January, 2014
Bihar Sr. officers from State and Central Govt. Depts.
3 Dr. B.S. Konkan Krishi Vidyapeeth,
Dapoli (Mah)
7-8th January, 2014
Konkan Dapoli, Maharashtra
M. Sc. And Ph.D. degree students of the Uni.
4 ICM, Bhopal 9-10th January,
2014
Ujjain, M.P. Board of Directors of PACS of M.P.
& Chhattisgarh
5 ICM, Bhopal 15-16th January,
2014
Chhattisgarh,
Raipur
Commerce students of Chhattisgarh
6 NABCONS,
Mumbai (NER)
21-22nd January,
2014
Manipur For Bankers
7 NABCONS,
Mumbai (NER)
27-28th January,
2014
Tripura (NER) For State and Central Govt. officers.
8 TNAU, Coimbatore 8-9th January,
2014
Krishi Vigyan
Kendra, Tindivanam
Students & faculty members of the
Univ.
9 IGICM, Lucknow 20-21st January,
2014
U.P., Lucknow Managers of State Agri. Mktg. Fed.
10 IIPM, Bangalore 23-24th January,
2014
Bangalore For faculties & research scholars at
Univ. & Mgnt institutes across the country (dept. of com/ Mgnt/ eco/fin/prod/agri.)
11 NIAM, Jaipur 28-29th January,
2014
Dehradun,
Uttarakhand
Chairman & elected members of
APMCs.
12 NABCONS,
Mumbai (NER)
30-31st January,
2014
Mizoram (NER) For senior officers of Govt. of India
Dept./Agri. Univ.
13 ICM, Hyderabad 29-31st January,
2014
Hyderabad, A.P. For the officers of Department
/Manager /Secretarial Staff & BODs of cooperatives in A.P.
14 MANAGE, Hyderabad
28-30th January, 2014
Jaipur, Rajasthan Faculty of Agri. Eco. Dept. of State Agri. Univ. Scientists of KVK’s under ICAR, Senior officers of Dept. of Agri.
& other line Dept. of various States.
15 BIRD, Lucknow 10-11th February,
2014
Kolkata, W.B. Bankers viz. RRBs, Coop. Banks,
Commercial banks, Producers
Groups/ Companies, commodity boards, farmers groups/ clubs/
associations
16 IGICM, Lucknow 10-11th February,
2014
U.P., Lucknow Mangers of Mandi Parishad
42
Sl.
No.
Name of the
Institute/Agriculture University
Dates of the
programme conducted
Venue of the
programme Conducted
Category of participants
17 NABCONS, Mumbai (NER)
6-7th February, 2014
Nagaland (NER) For State and Central Govt. officers.
18 NABCONS,
Mumbai
6-7th February,
2014
Goa For senior officers of Govt. of India
Dept./Agri. Univ.
19 NABCONS,
Mumbai
6-7th February,
2014
Chhattisgarh For senior officers of Govt. of India
Dept./Agri. Univ.
20 Kerala Agri. Univ. Thrissur,
Vellanikkara
12-13th February, 2014
Thrissur, Kerala Agri. Ext. Officers, agri./rural dev. officers of bank, ext. officers of
MSME depart., PG students from
eco./com. agri. Traders, progressive farmers, secretaries. of agri. Soc., coop. org. and other institutional
representatives dealing with agri.
Business
21 TOPIC, Gurgaon
(NER)
17-18th February,
2014
Jorhati (NER)
Assam
Senior Managers & officers of various
State com & marketing coop. fed.
22 NABCONS,
Mumbai (NER)
25-26th February,
2014
Arunachal Pradesh
(NER)
For Marketing Federation/ Societies
and PACs
23 ICM, Hyderabad 19-21st February,
2014
Hyderabad, A.P. For the officers of Department
/Manager /Secretarial Staff & BODs
of cooperatives in A.P.
24 NIAM, Jaipur 25-26th February,
2014
Orissa,
Bhubaneshwar
Cooperative Banks
25 TNAU, Coimbatore 3-4th March, 2014 Agricultural College
& Research
Institute, Kovilpatti
Students & faculty members of the
Univ. , Scientists from KVK’s & Agri.
Research stations and agricultural Ext. officials
26 Punjab Police Academy, Phillaur
4th March, 2014 Phillaur Police officers of Punjab Police Academy.
27 NABCONS,
Mumbai (NER)
28th February-
1st March, 2014
Meghalaya (NER) For Marketing Federation/ Societies
and PACs
28 NIAM, Jaipur 5-6th March, 2014 M.P., Bhopal Chairman & elected members of
APMCs
29 MANAGE, Hyderabad
10-12th March, 2014
Junagarh, Gujarat Faculty of Agri. Eco. Dept. of State Agri. Univ. Scientists of KVK’s under
ICAR, Senior officers of Dept. of Agri. & other line Dept. of various States
30 NABCONS, Mumbai
10-11th March, 2014
Karnataka For Marketing Federation/ Societies and PACs
31 NABCONS,
Mumbai
20-21st March,
2014
Jammu & Kashmir For senior officers of Govt. of India
Dept./Agri. Univ.
32 NABCONS,
Mumbai
19-20th
March,2014
Uttarakhand For senior officers of Govt. of India
Dept./Agri. Univ.
43
Annexure VI
State-wise details of awareness programmes for the period from January to March 2014
Names of States January to March 2014
Farmers Others Total
Andhra Pradesh 11 12 23
Aruhachal Pradesh -- 2 2
Assam 1 2 3
Bihar -- 3 3
Chatttisgarh 3 4 7
Chandigarh -- -- --
Daman & Diu -- -- --
Goa -- 1 1
Gujarat 38 17 55
Haryana 1 4 5
Himachal Pradesh -- -- --
Jharkhand 1 5 6
Jammu & Kashmir -- 1 1
Kerala 5 11 16
Karnataka 6 9 15
Maharashtra 13 16 29
Madhya Pradesh 1 17 18
Manipur 4 -- 4
Meghalaya 1 -- 1
Mizoram 1 6 7
Nagaland 10 1 11
New Delhi -- 1 1
Odisha 1 3 4
Pondicherry -- -- --
Punjab 1 4 5
Rajasthan 1 16 17
Sikkim -- -- --
Tamil Nadu 15 6 21
Tripura -- 7 7
Uttar Pradesh 17 5 22
Uttaranchal -- 2 2
UT of Andaman -- -- --
West Bengal 1 3 4
TOTAL 132 158 290