government of india forward markets commission …
TRANSCRIPT
GOVERNMENT OF INDIA
FORWARD MARKETS COMMISSION
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
FMC Bulletin
October 2013 – December 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 14
5. ACE Derivatives & Commodity Exchange Ltd., Mumbai
17
6.Universal Commodity Exchange Ltd., Navi Mumbai 19
3. Important Developments in the Commodity Market 22
4. Developmental Activities 33
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 44
VI State wise details of Awareness programs conducted 46
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., October 2013 to December 2013, 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 Agricultural Commodities. In Non food Items, Castor seed, Cotton,
Kapas, Cotton seed Oil cake and Mentha Oil contributed major share in the commodity futures
trading. The total value of trade during the above said period was ₹16.88 lakh crore as against ₹41.99
lakh crore during the corresponding period last year. During the period, the value of trade in Bullion
was ₹6.72 lakh crore and in Metals (other than Bullion) it was ₹2.52 lakh crore. Value of trade in
Agriculture Commodities and Energy Products amounted to ₹4.07 lakh crore and ₹3.57 lakh crore
respectively. The total value of trade at the 6 National Multi Commodity Exchanges was ₹16.79 lakh
crore and at the remaining 11 Commodity Specific Exchanges, it was ₹0.09 lakh crore.
FMC has been included as member of the Financial Stability and Development Council (FSDC). As a
member of the Inter Regulatory Technical Group, constituted for implementation of key reform
measures and implementation of the non legislative recommendations of the FSLRC and to improve
the standards of consumer protection available to the clients in the Commodity Futures Market, the
Commission is taking further steps to strengthen and safeguard the interests of clients after due
consultations with all stakeholders and participants including the general public.
During the period under review, as per the deliberations of the first meeting of the re-constituted Risk
Management Group, chaired by Prof. J.R.Verma, the Commission has permitted spread margin
benefits to those having different month contracts of the same underlying commodity and to those
having two contract variants having the same underlying commodity. The Commission also held a
meeting with WDRA, the National Exchanges and Collateral Management Agencies to discuss the
various issues related to warehousing and the measures that need to be taken to strengthen the
warehousing facilities in the country. With regard to the economic disincentives for high order- to-trade
ratio and system audit of algorithmic trading, the Commission in consultation with the Advisory
Committee on Technology modified the Broad Guidelines on Algorithmic Trading.
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,
382 awareness programmes, 46 capacity building programmes and 2 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 (October 2013 to December 2013), the total value of trade in all
commodities traded at the recognized Exchanges was ₹16.88 lakh crore as against ₹ 24.13 lakh crore
during the previous quarter (July 2013 to September 2013) and ₹41.99 lakh crore during the
corresponding period of last year.
The six major commodity Exchanges contributed 99.47 % to the total value of trade in the Commodity
futures market. These are MCX, Mumbai (77.52 %), NCDEX, Mumbai (17.99 %), NMCE, Ahmedabad
(1.86 %), ICEX, Mumbai (0.89 %), ACE Mumbai (0.46%) and UCX, Navi Mumbai (0.76%).
The following table indicates the total volume and value of trade during the quarter October 2013 to
December 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 (MCX)
736.61 1308743.67 77.52
National Commodity & Derivatives Exchange Ltd., Mumbai (NCDEX) 690.82 303675.56 17.99
National Multi Commodity Exchange of India Ltd., Ahmedabad (NMCE)
73.65 31444.65 1.86
Indian Commodity Exchange Ltd., Mumbai (ICEX)
49.28 14931.55 0.89
ACE Derivatives & Commodity Exchange Ltd., Mumbai (ACE)
6.10 7798.07 0.46
Universal Commodity Exchange Ltd., Navi Mumbai (UCX)
34.20 12827.58 0.76
Total of National Exchanges 1590.65 1679421.09 99.47
Regional Exchanges 19.96 8868.73 0.53
Grand total 1610.62 1688289.82 100.00 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 futures
market were Bullion, Agri Commodities (Food and Non-Food Items), Energy and Metals. In
Agricultural commodities the major contribution to the total value of trade was from Refined Soya Oil,
Soya bean, Castor seed, Chana and Rapeseed/Mustard seed.
The Cumulative value of commodities traded during October 2013 to December 2013 and the
value for the corresponding period last year (October 2012 to December 2012) is given below :-
(In ₹ lakh crore)
October 2013 to December 2013 July 2013 to September 2013 October 2012 to December 2012 16.88 24.13 41.99
2. PERFORMANCES OF THE
I. Multi Commodity Exchange
During the period under review Gold, Silver,
Nickel contracts constituted a major share of the value of commodities traded at MCX
Mumbai.
The following table and
MCX, Mumbai, during the period under review.
Commodities
Gold Silver Crude oil Copper Natural gas Lead Zinc Nickel Total of major commoditiesOther commodities Total
Graphical presentation showing the percentage share of above Commodities / Contracts is
given in the following Diagram:
Graphical presentation of ready and future
Crude Oil, Copper, Natural Gas, Lead, Zinc & Nickel at MCX, Mumbai during the period under
review is given below.
CRUDEOIL19.70%
COPPER8.36%
NATURAL GAS7.39%
LEAD4.76%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT MCX ,MUMBAI DURING OCTOBER TO DECEMBER 2013
3
PERFORMANCES OF THE EXCHANGES IN THE COMMODITY MARKET
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 MCX
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
397394.28 273727.69 257829.54 109464.99 96695.44 62309.78 31935.13 27368.67
Total of major commodities 1256725.51 52018.16
1308743.67
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 Gold, Silver,
Natural Gas, Lead, Zinc & Nickel at MCX, Mumbai during the period under
ZINC2.44%
NICKEL2.09%
Other Commodities
3.97%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT MCX ,MUMBAI DURING OCTOBER TO DECEMBER 2013
COMMODITY MARKET
Natural Gas, Lead, Zinc &
Nickel contracts constituted a major share of the value of commodities traded at MCX,
the % share of major commodities traded at
% share to the total value
30.36 20.92 19.70
8.36 7.39 4.76 2.44 2.09
96.03 3.97
100.00
Graphical presentation showing the percentage share of above Commodities / Contracts is
prices of eight major commodities Gold, Silver,
Natural Gas, Lead, Zinc & Nickel at MCX, Mumbai during the period under
GOLD30.36%
SILVER20.92%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT MCX ,MUMBAI DURING OCTOBER TO DECEMBER 2013
4
GOLD
SILVER
CRUDE OIL
26500
28500
30500
32500
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
10G
MS
SPOT & FUTURES PRICES OF GOLD TRADED AT MCX, MUMBAI
Ready Prices 5-Dec-13 5-Feb-14 5-Apr-14
5-Jun-14 5-Aug-14 3-Oct-14
40000
45000
50000
55000
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
KG
SPOT & FUTURES PRICES OF SILVER TRADED AT MCX, MUMBAI
Ready Prices 5-Dec-13 5-Mar-14
5-May-14 5-Jul-14 5-Sep-14
5500
6000
6500
7000
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
BB
L
SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT MCX, MUMBAI
Ready Prices 21-Oct-13 19-Nov-13 18-Dec-13
20-Jan-14 19-Feb-14 19-Mar-14 21-Apr-14
19-May-14 19-Jun-14
5
COPPER
NATURAL GAS
LEAD
425
450
475
500
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
KG
SPOT & FUTURES PRICES OF COPPER TRADED AT MCX, MUMBAI
Ready Prices 29-Nov-13 28-Feb-14 30-Apr-14 30-Jun-14
205
235
265
295
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ p
er m
mB
tu
SPOT & FUTURES PRICES OF NATURAL GAS TRADED AT MCX, MUMBAI
Ready Prices 28-Oct-13 25-Nov-13 26-Dec-13
28-Jan-14 25-Feb-14 26-Mar-14
115
125
135
145
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
KG
SPOT & FUTURES PRICES OF LEAD TRADED AT MCX, MUMBAI
Ready Prices 31-Oct-13 29-Nov-13 31-Dec-13
31-Jan-14 28-Feb-14 31-Mar-14
6
ZINC
NICKEL
II. National Commodity and Derivatives Exchange, Ltd., Mumbai (NCDEX)
During the period under review Soy Oil, Soya Bean, Castor Seed, Chana, Dhaniya, R/M Seed, Kapas, Cotton Cake, Turmeric & Jeera 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.
110
120
130
1405-
Oct
-13
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
KG
SPOT & FUTURES PRICES OF ZINC TRADED AT MCX, MUMBAI
Ready Prices 31-Oct-13 29-Nov-13 31-Dec-13
31-Jan-14 28-Feb-14 31-Mar-14
800
850
900
950
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
KG
SPOT & FUTURES PRICES OF NICKEL TRADED AT MCX, MUMBAI
Ready Prices 31-Oct-13 29-Nov-13 31-Dec-13
31-Jan-14 28-Feb-14 31-Mar-14
Commodities
Soya oil Soya bean Castor seed Chana Dhaniya Rape Mustard seed Kapas Cottonseed Oilcake Turmeric Jeera Total of major commoditiesOther commodities Total
Graphical presentation of ready and future
Castor Seed, Chana, Dhaniya, R/M Seed, Kapas, Cotton Cake, Turmeric &
during the period under review is given below.
CHANA9.71%
DHANIYA8.85%
RAPE_MUSTARD_SEED5.30%
KAPAS2.88%
COTTONSEED_OILCAKE2.71%
TURMERIC
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT NCDEX,MUMBAI DURING OCTOBER TO DECEEMBER 2013
7
Total value (In ₹ Crore)
% share to the total value
73986.71 60950.81 54979.78 29497.12 26865.05 16098.59
8754.85 8222.35 5077.34 5017.40
Total of major commodities 289449.99 14225.57
303675.56
Graphical presentation of ready and futures prices of ten major commodities Soy Oil, Soya Bean,
Castor Seed, Chana, Dhaniya, R/M Seed, Kapas, Cotton Cake, Turmeric & Jeera at NCDEX, Mumbai
during the period under review is given below.
CASTOR_SEED18.10%
TURMERIC1.67%
JEERA1.65%
OTHER COMMODITIES
4.68%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT NCDEX,MUMBAI DURING OCTOBER TO DECEEMBER 2013
% share to the total value
24.36 20.07 18.10
9.71 8.85 5.30 2.88 2.71 1.67 1.65
95.32 4.68
100.00
prices of ten major commodities Soy Oil, Soya Bean,
Jeera at NCDEX, Mumbai
SOYA_OIL24.36%
SOYABEAN20.07%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT NCDEX,MUMBAI DURING OCTOBER TO DECEEMBER 2013
8
SOY OIL
SOYA BEAN
CASTOR SEED
650
675
700
725
750
7755-
Oct
-13
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
10
KG
SPOT & FUTURES PRICES OF SOY OIL TRADED AT NCDEX
SPOT Oct-13 Nov-13 Dec-13 Jan-14Feb-14 Mar-14 Apr-14 May-14
3350
3500
3650
3800
3950
4100
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF SOY BEEN TRADED AT NCDEX
SPOT Oct-13 Nov-13 Dec-13 Jan-14Feb-14 Mar-14 Apr-14 May-14
340036503900415044004650490051505400
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF CASTOR SEED TRADED AT NCDEX
SPOT Oct-13 Nov-13 Jan-14Feb-14 Mar-14 Apr-14
9
CHANA
DHANIYA
R/M SEED
2800
3000
3200
34005-
Oct
-13
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF CHANA TRADED AT NCDEX
SPOT Oct-13 Nov-13 Dec-13Jan-14 Feb-14 Apr-14 May-14
5000
6000
7000
8000
9000
10000
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF DHANIYA TRADED AT NCDEX
SPOT Oct-13 Nov-13 Dec-13Jan-14 Feb-14 Apr-14 May-14
3250
3450
3650
3850
4050
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF R/M SEED TRADED AT NCDEX
SPOT Oct-13 Nov-13 Dec-13
Jan-14 Apr-14 May-14 Jun-14
10
KAPAS
COTTON CAKE
TURMERIC
800
900
1000
11005-
Oct
-13
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
20
KG
SPOT & FUTURES PRICES OF KAPAS TRADED AT NCDEX
SPOT Feb-14 Mar-14 Apr-14
13001400150016001700180019002000
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3₹ P
ER
100
KG
SPOT & FUTURES PRICES OF COTTON SEED OIL CAKE TRADED AT NCDEX
SPOT Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
4500
5000
5500
6000
6500
7000
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3₹ P
ER
100
KG
SPOT & FUTURES PRICES OF TURMERIC TRADED AT NCDEX
SPOT Oct-13 Nov-13 Dec-13
Apr-14 May-14 Jun-14 Jul-14
11
JEERA
III. National Multi Commodity Exchange, Ahmadabad ( NMCE)
During the period under review, Raw Jute, Rape/Mustard seed, Chana, Castor seed and
Sacking constituted a major share of the value of commodities traded at NMCE, Ahmadabad.
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
Raw Jute 5102.65 16.23
Rape/Mustard seed 4591.67 14.60 Chana 4207.83 13.38 Castor seed 4130.71 13.14 Sacking 3847.64 12.23
Total of major commodities 21880.51 69.58
Others 9564.14 30.42 Total 31444.65 100.00
12000
12500
13000
135005-
Oct
-13
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF JEERA TRADED AT NCDEX
SPOT Oct-13 Nov-13 Dec-13
Mar-14 Apr-14 May-14
Graphical presentation of ready and future
Rape/Mustard seed, Chana
period under review is given below.
SACKING12.23%
OTHERS 30.42%
PERCENTAGE SHARE TO THE TOTAL VALUE OF COMMODITIES TRADED AT
2700.002750.002800.002850.002900.002950.003000.003050.003100.00
05-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
₹ p
er 1
00 K
g
SPOT AND FUTURE PRICES OF RAW JUTE AT NMCE., AHMEDABAD.
Spot Oct
610.00
630.00
650.00
670.00
690.00
710.00
730.00
05-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
₹ p
er 2
0 K
g
SPOT AND FUTURE PRICES OF RAPE/MUSTARD SEED AT NMCE., AHMEDABAD.
Spot
12
Graphical presentation of ready and futures prices of five major commodities
Rape/Mustard seed, Chana, Castor seed and Sacking at NMCE, Ahmadabad
period under review is given below.
RAW JUTE
RAPE/MUSTARD SEED
RAW JUTE16.23% RAPE/MUSTARD
14.60%
CHANA13.38%
CASTORSEED13.14%
PERCENTAGE SHARE TO THE TOTAL VALUE OF COMMODITIES TRADED AT NMCE., AHMEDABAD
DURING OCTOBER 2013 TO DECEMBER 2013
26-O
ct-1
3
02-N
ov-1
3
09-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
07-D
ec-1
3
SPOT AND FUTURE PRICES OF RAW JUTE AT NMCE., AHMEDABAD.
Oct-13 Nov-13 Dec-13 Jan-14
19-O
ct-1
3
26-O
ct-1
3
02-N
ov-1
3
09-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
07-D
ec-1
3
SPOT AND FUTURE PRICES OF RAPE/MUSTARD SEED AT NMCE., AHMEDABAD.
Oct-13 Nov-13 Dec-13 Jan-
prices of five major commodities viz. Raw Jute,
Ahmadabad during the
RAPE/MUSTARD SEED
14.60%
PERCENTAGE SHARE TO THE TOTAL VALUE OF COMMODITIES TRADED AT
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
SPOT AND FUTURE PRICES OF RAW JUTE AT NMCE., AHMEDABAD.
Feb-14
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
SPOT AND FUTURE PRICES OF RAPE/MUSTARD SEED AT NMCE., AHMEDABAD.
-14
13
CHANA
CASTOR SEED
SACKING
2800.002900.003000.003100.003200.003300.003400.00
05-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
02-N
ov-1
3
09-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
07-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ p
er 1
00 K
G
SPOT AND FUTURE PRICES OF CHANA AT NMCE, AHMEDABAD.
Spot Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
3400.003600.003800.004000.004200.004400.004600.004800.005000.005200.00
05-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
02-N
ov-1
3
09-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
07-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ p
er 1
00 K
G
SPOT AND FUTURE PRICES OF CASTORSEED AT NMCE., AHMEDABAD.
Spot Oct-13 Dec-13 Jan-14 Feb-14
3000.003050.003100.003150.003200.003250.003300.003350.003400.00
05-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
02-N
ov-1
3
09-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
07-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ p
er 1
00 B
ags
SPOT AND FUTURE PRICES OF SACKING AT NMCE,AHMEDABAD
Spot Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
IV. Indian Commodity Exchange
During the period under review
Gas, Lead & Crude Oil constituted a major share of the value of commodities traded at ICEX,
Mumbai.
The following table and
ICEX, Mumbai during the period under review.
Commodities
Mustard seed Soybean Castor seed Iron ore 62 fines Natural gas Lead Crude oil Total of major commoditiesOther commodities Total
Note: Natural Gas volumes are not included in the Total Volume
Graphical presentation of ready and future
Seed, Soya Bean, Castor Seed, Iron Ore,
during the period under review is given below.
CASTOR SEED19.17%
IRONORE62FINES
12.55%
NATURAL GAS7.71%
LEAD3.66%
CRUDEOIL3.37%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT ICEX,MUMBAI DURING OCTOBER 2013 TO DECEMBER 2013
14
Exchange , Mumbai (ICEX)
During the period under review Mustard Seed, Soya Bean, Castor Seed, Iron Ore,
constituted a major share of the value of commodities traded at ICEX,
and the pie chart indicate the % share of major commodities traded at
bai during the period under review.
Total value
(In ₹ crore)
% share to the total
3830.29 3127.69 2862.92 1873.87 1151.36 546.53 502.48
Total of major commodities 13895.13 1036.42
14931.55
Note: Natural Gas volumes are not included in the Total Volume
Graphical presentation of ready and futures prices of seven major commodities,
Seed, Soya Bean, Castor Seed, Iron Ore, Natural Gas, Lead & Crude Oil
during the period under review is given below.
CASTOR SEED19.17%
CRUDEOIL3.37%
OTHER COMMODITIES
6.94%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT ICEX,MUMBAI DURING OCTOBER 2013 TO DECEMBER 2013
Mustard Seed, Soya Bean, Castor Seed, Iron Ore, Natural
constituted a major share of the value of commodities traded at ICEX,
the % share of major commodities traded at
% share to the total
value 25.65 20.95 19.17 12.55
7.71 3.66 3.37
93.06 6.94
100.00
prices of seven major commodities, Mustard
Lead & Crude Oil at ICEX, Mumbai
MUSTARD SEED25.65%
SOYBEAN20.95%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT ICEX,MUMBAI DURING OCTOBER 2013 TO DECEMBER 2013
15
MUSTARD SEED
SOYA BEAN
CASTOR SEED
3250
3500
3750
4000
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
100
Kg
SPOT & FUTURES PRICES OF R/M SEED AT ICEX,MUMBAI
Ready Prices 18-Oct-13 20-Nov-13 20-Dec-13
20-Jan-14 18-Apr-14 20-May-14
3250
3500
3750
4000
4250
8-O
ct-1
3
13-O
ct-1
3
18-O
ct-1
3
23-O
ct-1
3
28-O
ct-1
3
2-N
ov-1
3
7-N
ov-1
3
12-N
ov-1
3
17-N
ov-1
3
22-N
ov-1
3
27-N
ov-1
3
2-D
ec-1
3
7-D
ec-1
3
12-D
ec-1
3
17-D
ec-1
3
22-D
ec-1
3
27-D
ec-1
3
₹ P
ER
100
Kg
SPOT & FUTURES PRICES OF SOYA BEAN AT ICEX,MUMBAI
Ready Prices 20-Nov-13 20-Dec-13
20-Jan-14 20-Feb-14 20-Mar-14
325035003750400042504500475050005250
8-O
ct-1
3
13-O
ct-1
3
18-O
ct-1
3
23-O
ct-1
3
28-O
ct-1
3
2-N
ov-1
3
7-N
ov-1
3
12-N
ov-1
3
17-N
ov-1
3
22-N
ov-1
3
27-N
ov-1
3
2-D
ec-1
3
7-D
ec-1
3
12-D
ec-1
3
17-D
ec-1
3
22-D
ec-1
3
27-D
ec-1
3
₹ P
ER
100
Kg
SPOT & FUTURES PRICES OF CASTOR SEED AT ICEX,MUMBAI
Ready Prices 20-Nov-13 20-Jan-14
20-Feb-14 20-Mar-14
16
IRON ORE
NATURAL GAS
LEAD
6000
7000
8000
9000
10000
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
MT
SPOT & FUTURES PRICES OF IRON TRADED AT ICEX,MUMBAI
Ready Prices 31-Oct-13 29-Nov-13
31-Dec-13 31-Jan-14 28-Feb-14
31-Mar-14 30-Apr-14 30-May-14
190210230250270290
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
1 m
mB
tu
SPOT & FUTURES PRICES OF NATURAL GAS TRADED AT ICEX,MUMBAI
Ready Prices 28-Oct-13 25-Nov-13
26-Dec-13 28-Jan-14 25-Feb-14
110
120
130
140
150
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
Kg
SPOT & FUTURES PRICES OF LEAD TRADED AT ICEX,MUMBAI
Ready Prices 31-Oct-13 29-Nov-13 31-Dec-13
31-Jan-14 28-Feb-14 31-Mar-14
V. ACE Commodities a nd Derivatives
During the period under review Cotton 118
share of the value of commodities traded at ACE, Mumbai.
The following table and
ACE, Mumbai during the period under review.
Commodities
Cotton 118 CPO Soybean Crude oil Total of major commoditiesOther commodities Total
5600
5900
6200
6500
6800
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
₹ P
ER
BB
LSPOT & FUTURES PRICES OF CRUDE OIL TRADED AT ICEX,MUMBAI
Ready Prices
20-Jan-14
CPO24.85%
SOYBEAN9.11%
CRUDEOIL0.73%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT ACE, MUMBAI DURING OCTOBER 2013 TO DECEMBER 2013
17
CRUDE OIL
nd Derivatives Exchange, Mumbai (ACE)
During the period under review Cotton 118, CPO, Soya Bean & Crude Oil
share of the value of commodities traded at ACE, Mumbai.
and the pie chart indicate the % share of major commodities traded at
ACE, Mumbai during the period under review.
Total value (In ₹ crore)
% share to the total
5000.51 1937.53 710.03 57.24
Total of major commodities 7705.31 92.76
7798.07
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT ICEX,MUMBAI
Ready Prices 21-Oct-13 19-Nov-13
14 19-Feb-14 19-Mar-14
COTTON118
CRUDEOIL0.73% OTHER COMMODITIES
1.19%
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT ACE, MUMBAI DURING OCTOBER 2013 TO DECEMBER 2013
Crude Oil constituted a major
the % share of major commodities traded at
% share to the total value
64.12 24.85
9.11 0.73
98.81 1.19
100.00
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT ICEX,MUMBAI
18-Dec-13
COTTON11864.12%
OTHER COMMODITIES
PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT ACE, MUMBAI
18
Graphical presentation of ready and futures prices of four major commodities, Cotton 118,
CPO, Soya Bean & Crude Oil at ACE, Mumbai during the period under review is given below.
COTTON
CPO
SOYA BEAN
38000400004200044000460004800050000
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3₹ P
ER
CA
ND
Y
SPOT & FUTURES PRICES OF COTTON TRADED AT ACE, MUMBAI
Ready Prices 18-Oct-13 20-Nov-1320-Dec-13 20-Jan-14 20-Feb-14
500525550575600
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ P
ER
10
KG
SPOT & FUTURES PRICES OF CPO TRADED AT ACE, MUMBAI
Ready Prices 31-Oct-13 30-Nov-13 31-Dec-1331-Jan-14 28-Feb-14 31-Mar-14 30-Apr-14
33003550380040504300
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3₹ P
ER
100
KG
SPOT & FUTURES PRICES OF SOYA BEAN TRADED AT ACE, MUMBAI
Ready Prices 18-Oct-13 20-Nov-13 20-Dec-1320-Jan-14 20-Feb-14 20-Mar-14 18-Apr-14
VI. Universal Commodity Exchange
During the period under review
Gold constituted a major share of the value of commodities traded at UCX, Navi Mumbai
The following table and the pie
traded at UCX, Navi Mumbai during the period under review.
Commodities
Chana Soya bean Rape/Mustard seed Turmeric Crude oil
Total of major commoditiesOthers Grand Total
55005750600062506500
27-N
ov-1
3
30-N
ov-1
3
3-D
ec-1
3
₹ P
ER
BA
RR
ELS
SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT ACE, MUMBAI
Ready Prices19-Feb-
RAPE/MUSTARD SEED
23.44%
TURMERIC14.19%
PERCENTAGE SHARE TO THE TOTAL VALUE OF COMMODITIES TRADED AT
DURING OCTOBER 2013 TO DECEMBER 2013
19
CRUDE OIL
Exchange Ltd., Navi Mumbai (UCX)
During the period under review, Chana, Rape/Mustard seed, Soy bean, Turmeric and Kilo
major share of the value of commodities traded at UCX, Navi Mumbai
and the pie-chart indicate the percentage share of major commodities
traded at UCX, Navi Mumbai during the period under review.
Total Value in ₹ Crore % share to the total value
4128.29 3259.82 3006.71 1820.65 210.42
Total of major commodities 12425.90 401.68
12827.58
3-D
ec-1
3
6-D
ec-1
3
9-D
ec-1
3
12-D
ec-1
3
15-D
ec-1
3
18-D
ec-1
3
21-D
ec-1
3
SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT ACE, MUMBAI
Ready Prices 18-Dec-13-14 19-Mar-14
CHANA32.18%
SOYA BEAN25.41%
CRUDE OIL1.64%
OTHERS 3.13%
PERCENTAGE SHARE TO THE TOTAL VALUE OF COMMODITIES TRADED AT UCX., NEW MUMBAI
DURING OCTOBER 2013 TO DECEMBER 2013
Chana, Rape/Mustard seed, Soy bean, Turmeric and Kilo
major share of the value of commodities traded at UCX, Navi Mumbai.
the percentage share of major commodities
share to the total value
32.18 25.41 23.44 14.19
1.64
96.87 3.13 100
24-D
ec-1
3
27-D
ec-1
3
SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT ACE, MUMBAI
20-Jan-1421-Apr-14
CHANA32.18%
PERCENTAGE SHARE TO THE TOTAL VALUE OF COMMODITIES TRADED AT
20
Graphical presentation of ready and futures prices of five major commodities viz. Chana, Soy
bean, Rape/Mustard seed, Turmeric and Crude oil at UCX, New Mumbai during the period
under review is given below.
CHANA
SOY BEAN
RAPE/MUSTARD SEED
2700.002800.002900.003000.003100.003200.003300.003400.003500.00
05-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
02-N
ov-1
3
09-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
07-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ p
er 1
0 0
Kg
SPOT AND FUTURE PRICES OF CHANA AT UCX., NEW MUMBAI
Spot Oct-13 Nov-13 Dec-13 Jan-14 Apr-14 May-14
3400.003500.003600.003700.003800.003900.004000.004100.00
05-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
02-N
ov-1
3
09-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
07-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ p
er 1
00 K
G
SPOT AND FUTURE PRICES OF SOY BEAN AT UCX., NEW MUMBAI
Spot Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
3400.003500.003600.003700.003800.003900.004000.00
05-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
02-N
ov-1
3
09-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
07-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ p
er 1
00 K
G
SPOT AND FUTURE PRICES OF RAPE/MUSTARD SEED AT UCX., NEW MUMBAI
Spot Oct-13 Nov-13 Dec-13 Jan-14 Apr-14 May-14
21
TURMERIC
CRUDE OIL
4400.004600.004800.005000.005200.005400.005600.005800.006000.006200.006400.006600.00
5-O
ct-1
3
12-O
ct-1
3
19-O
ct-1
3
26-O
ct-1
3
2-N
ov-1
3
9-N
ov-1
3
16-N
ov-1
3
23-N
ov-1
3
30-N
ov-1
3
7-D
ec-1
3
14-D
ec-1
3
21-D
ec-1
3
28-D
ec-1
3
₹ p
er 1
00 K
G
SPOT AND FUTURE PRICES OF TURMERIC AT UCX., NEW MUMBAI
Spot Oct-13 Nov-13 Dec-13 Apr-14 May-14
5700.00
5900.00
6100.00
6300.00
6500.00
5-O
ct-1
3
12
-Oct
-13
19
-Oct
-13
26
-Oct
-13
2-N
ov-1
3
9-N
ov-1
3
16
-No
v-1
3
23
-No
v-1
3
30
-No
v-1
3
7-D
ec-
13
14
-De
c-1
3
21
-De
c-1
3
28
-De
c-1
3
₹ p
er
1 B
BL
SPOT AND FUTURE PRICES OF CRUDE OIL AT UCX., NEW MUMBAI
Spot Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
22
3. IMPORTANT DEVELOPMENTS IN THE COMMODITY MARK ETS
3.1 Regulation of Commodity Exchanges:
3.1.1 Approval of Amendment to Bylaws:
• The Commission on 8th October, 2013 conveyed its approval for the amendment to Bye-law
9.8(c) of the Bye-laws of the National Commodity & Derivatives Exchange Ltd. which mainly
relates to increase in the amount of compensation payable from the Investor Protection
Fund in respect of claims against defaulter member. The amount has been increased from
the existing level of ₹ 25 lakhs to ₹ 2 crore per member as per the directives of the
Commission dated 14th May, 2013 in this regard.
• The Commission, on 14th November 2013 approved the amendments to Kapas Bye-laws
(Bye law No 78 (a)) of the Surendranagar Cotton Oil & Oilseeds Association Ltd,
Surendranagar, to permit the Exchange to trade in Hybrid-4 variety of Kapas.
• The Commission, on 4th December, 2013 has conveyed the approval for amendments to
Bye-laws No 340 & 341 of the Chamber of Commerce, Hapur with respect to the delivery
Month in Mustard Seed hedge contracts.
3.1.2 Approval of Articles of Association of the ex change:
• The Commission on 14th October 2013, directed MCX and UCX to amend the relevant
provisions of their Articles of Association so that there is no provision for permanent
Director of the company who “shall hold office” and “not liable to retire by rotation”.
• The Commission on 28th October, 2013, conveyed its approval to NMCE, Ahmedabad for
incorporating the provisions in the Articles of Association of the Exchange in terms of the
revised Guidelines dated 12th August, 2013 for 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 13th November 2013 approved amendments to Articles of Association
of the National Board of Trade (NBOT), Indore relating to the appointment of the Executive
Director of the Exchange.
• The Commission, on 11th December, 2013 has conveyed the approval of the Commission
to the Universal Commodity Exchange Ltd, Navi Mumbai for incorporating the provisions in
the Articles of Association of the Exchange in terms of the revised Guidelines dated 12th
August, 2013 relating to constitution of Board of Directors.
• The Commission, on 17th December, 2013 has conveyed the approval of the Commission
to the National Multi-Commodity Exchange of India Ltd., Ahmedabad for incorporating
amendments to the Article No 113 for insertion of the Clause V of “Shareholder Directors” of
the Articles of Association of the Exchange in terms of the Commission’s Guidelines dated
13th September, 2013 relating to representation of all classes of Shareholders on the Board
of Directors.
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3.2 Revision in the Regulatory Measures:
3.2.1 Approval of Contract Specification:
• The Commission has allowed Chamber of Commerce, Hapur to launch January 2014
expiry instead of February 2014 expiry in Mustard seed contract with effect from 30th
October, 2013.
• The Commission on 23rd October, 2013 gave its approval to the modification in the
delivery logic to “Sellers Option” in respect of Gold 1 KG – Domestic contracts expiring in
December 2013, February 2014, April 2014 and June 2014 as proposed by ACE Ltd.,
Mumbai.
• The Commission on 31st October, 2013 gave its approval for modifications proposed by
NCDEX in Unit of trading, Quantity variation in delivery, Change in premium/discount of
Cotton (29 mm) futures contracts expiring in the year 2014 (except lean months).
• The Commission on 13th November, 2013 gave its approval for modification in expiry
date of Crude Palm Oil futures contracts proposed by ACE Ltd. Mumbai.
• The Commission on 4th December, 2013 gave its approval to the proposal of NCDEX for
taking fresh position during the last five days of the expiry of RBD Palmolein contract,
applicable for all running contracts and the contracts yet to be launched.
• The Commission on 5th December, 2013 gave its approval to the proposal of NCDEX for
reduction of Tick Size from Rs. 10/- to Rs. 5/- in respect of Guarseed contract, applicable
for all running contracts and the contracts yet to be launched.
• The Commission on 5th December, 2013 gave its approval to the proposal of NCDEX to
enhance the radius of basis and additional delivery centres for Castor seed, Cotton seed
oil cake and Jeera up to 60 km. and to include Forti (Husk) & damaged seeds and Sand
Silica & Stones in the quality specification of Castorseed contract, applicable for the
contracts yet to be launched.
• The Commission on 17th December, 2013 gave its approval to the proposal sent by the
UCX regarding modification in Pre-expiry margin (tender margin) for Turmeric and this is
applicable to Turmeric contracts to be launched from January 2014.
• The Commission has allowed Bikaner Commodity Exchange Ltd., Bikaner to launch
February 2014 expiry instead of January 2014 expiry in Guar seed contract with effect
from 26th December, 2013.
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3.2.2 Imposition of additional/special margin and r evision/removal of such margins :
The Commission reviewed various factors including price volatility in the futures prices of
commodities traded on National Multi Commodity Exchanges and revised Initial/ Special/
Additional Margins as per details given below.
• In view of the price volatility observed in the prices of Gold, Silver, Brent Crude Oil, Crude Oil
and Natural Gas contracts, the Commission on 29th August, 2013 had imposed additional
margin of 5% on all the said contracts. Thereafter the Commission on 3rd September, 2013
had imposed an additional margin of 5 % in all the contracts of base metals, namely
Aluminum, Copper, Lead, Nickel and Zinc traded on the National Exchanges. However, as
the price volatility has subdued, the Commission on 4th November, 2013 removed the said
additional margin of 5%. The VaR based initial margin continues to remain in force for all
these contracts.
• In view of the price trends of Guar Seed and Guar Gum contracts, the Commission on 2nd
December, 2013 removed the existing special margin of 10% on long side of all running and
yet to be launched contracts of Guar Seed and Guar Gum traded on National Exchanges,
with effect from 4th December, 2013.
3.2.3 Spread margin benefits:
In the light of recommendations made in the first meeting of the re-constituted Risk
Management Group on the issue of grant of both intra and inter- commodity spread margin
benefits in various contracts, the Commission on 26th December, 2013 directed the
Exchanges that spread margin benefits would be permitted in the following cases:-
i) Different month contracts of the same underlying commodity.
ii) Two contract variants having the same underlying commodity.
In view of the above, the Commission has directed the Exchanges as under:
i) Exchanges will charge 50% of the initial margin (inclusive of exposure & volatility
margin) on the positions in (a) different month contracts on the same underlying
commodity and (b) two contract variants having the same underlying commodity.
ii) In case of spread trades, additional and special margins shall not be levied.
iii) As far as (i) is concerned, the Exchanges are free to charge margins higher than the
minimum specified, depending upon their risk perceptions.
The above directives are made effective from 1st January, 2014 in each commodity in the
month of January 2014 and are made applicable for all running contracts from that day.
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3.2.4 Approval for extension in trade timings/ trad ing holidays:
• The Commission on 17th October, 2013, conveyed its approval for extension in evening trade
timings of the Exchange from the existing 11: 30 pm to 11: 55 pm during the period from 4th
November 2013 to 8th March 2014(both days inclusive) in respect of the permitted
internationally referenceable commodities due to US Daylight Saving time. The Exchanges
were asked to intimate all the members about the said changes in the trading timings.
• The Commission on 16th December, 2013 approved the Common Trading Holidays for all the
National Commodity Exchanges for the calendar year 2014.
3.3 FMC included in FSDC:
FMC has been included as member of the Financial Stability and Development Council
(FSDC) vide Government of India, Ministry of Finance, Department of Economic Affairs’s
Notification dated 5th December, 2013.
3.4 FMC made a member of the Inter Regulatory Techn ical Group
FMC has also been made a member of the Inter Regulatory Technical Group, constituted by
the RBI for implementation of key reform measures and implementation of the non legislative
recommendations of the FSLRC.
3.5 FSLRC recommendations on Consumer Protection:
The Commission, keeping in view the recommendations of FSLRC and to improve the
standards of consumer protection available to the clients in the Commodity Futures Market, is
taking further steps to strengthen and safeguard the interests of clients after due
consultations with all stakeholders and participants including the general public. For this
purpose, a letter has been uploaded on the website of the Commission to invite
suggestions/comments from the public/stakeholders on the proposed additional consumer
protection measures. The comments are to be received at the Commission by 28th February,
2014. The Commission has decided to adopt the revised KYC norms by 31st March, 2014 so
as to ensure improved standards of consumer protection to the clients in the Commodity
Futures Market as per the recommendations of FSLRC.
3.6 Recommendations of the CPSS-IOSCO principle:
The Commission has decided to implement the recommendations of the CPSS-IOSCO
principle for Financial Market Infrastructures and has directed the Exchanges to carry out the
assessment with regard to the compliance with the principles.
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3.7 Meetings held on various issues:
• Meeting of the Risk Management Group:
The first meeting of the re-constituted Risk Management Group was held on 18th November,
2013 in the office of the Commission. Prof. J.R.Verma chaired the meeting. The issues
deliberated upon during the meeting were hedge exemptions, criteria for deciding initial
margins, priority of utilization/composition and management of Settlement Guarantee Fund,
inter and intra margin spread benefits and margin funding.
• Meeting with the Warehousing Development Regulatory Authority:
Warehousing Development Regulatory Authority (WDRA) and Forward Markets Commission
held a meeting with the representatives of the National Exchanges and Collateral
Management Agencies on 22nd November, 2013 in New Delhi to discuss the various issues
related to warehousing and the measures that need to be taken to strengthen the
warehousing facilities in the country.
• Meeting of the Advisory Committee on Technology:
The 3rd Meeting of the Advisory Committee on Technology was held on 27th November, 2013
at the Forward Markets Commission, Mumbai. The meeting was chaired by Mr. Ashish
Chauhan, MD, Bombay Stock Exchange. The issues discussed were related to modifications
in the Guidelines on Algo trading and the scope of System Audit of Exchanges.
3.8 Broad Guidelines on Algorithmic Trading:
The Commission vide its letter dated 24th December, 2013 modified the Broad Guidelines on
Algorithmic Trading. The Commission had received various suggestions from market
participants and Exchanges with regard to the economic disincentives for high order- to-trade
ratio and system audit of algorithmic trading. After due examinations of the suggestions in
consultation with the Advisory Committee on Technology, the Guidelines have been revised
to the extent given below:
i) The algorithmic orders entered and/or modified within 1% of the last traded price (LTP) of
the respective contract shall not be included in the calculation of the Order-to-Trade ratio,
for the purpose of arriving at the penalty for high order- to-trade ratio. Further, the penalty
structure will be applicable for only to those members who have placed 10,000 orders or
more in a day.
ii) The limit of 20 orders per second from a particular Computer to Computer Link (CTCL)
ID/ATS User-ID shall be measured over a rolling period of 5 seconds (i.e. 100 orders for 0-
5 seconds, 100 orders for 1-6 seconds, 100 orders for 2-7 seconds & so on).
iii) System audit of algorithmic trading shall be undertaken by a system auditor empanelled by
exchanges who possess any of the following certifications:
a) CISA (Certified Information System Auditors) from ISACA;
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b) DISA (Post Qualification Certification in Information Systems Audit) from Institute of
Chartered Accountants of India (ICAI);
c) CISM (Certified Information Securities Manager) from ISACA:
d) CISSP (Certified Information System Security Professional) from International
Information Systems Security Certification Consortium, commonly known as (ISC).
iv) The exchange may allow algorithmic trading in mini and micro contracts after taking into
account liquidity in the contract.
v) Further, the capacity of the trading system of the Exchange should be at least 4 times the
peak order load encountered and the Exchange system should be upgraded on a regular
basis.
3.9 Appointment of Independent Directors on the Boa rd 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.
a) Shri Krishna Mohan Sahni, (IAS, Retd.), Independent Director on the Board of the
Exchange, NMCE Ahmedabad as Chairperson of the Board of Directors of the Exchange
on 9th October, 2013
b) Mr. G. Ananth Raman (IRS, Retd.) and Mr. Pravir Vohra as Independent Directors on the
Board of the Exchange MCX, Mumbai on 17th October 2013. The appointment of Mr. G.
Ananth Raman (IRS, Retd.) would be valid up to 20.06.2014 and that of Mr. Pravir Vohra
would be up to 31st March, 2016.
c) Mr. Satyananda Mishra (IAS, Retd.) as Independent Director on the Board of the
Exchange MCX, Mumbai on 19th November, 2013. His appointment would be valid up to
31st March, 2016.
d) Mr. Amit Ruparelia as an Independent Director on the Board of ACE Derivatives and
Commodity Exchange Limited, Mumbai on 19th November, 2013. His appointment would
be valid up to 31st March, 2016.
e) Mr. S.N. Anantha Subramanian as Independent Director under section 6 (2) (b) of the
Forward Contracts (Regulation) Act, 1952 on the Board of the Exchange MCX, Mumbai
on 19th December, 2013 in place of Mr. R. M. Premkumar. His appointment would be for a
period up to 31st March, 2016.
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3.10 Appointment of Shareholder Directors on the Bo ard of Exchanges:
• Exchanges were directed to reconstitute their Board of Directors by ensuring that institutional
shareholders would comprise 50% of the Shareholder Directors on the Board.
• 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,
Nomination and role of Independent Directors and appointment of Chief Executives at the
Nationwide Multi Commodity Exchanges in India.
a) Dr. Rakesh Gupta, General Manager, Priority Sector & Legal Bank Division, Punjab
National Bank on the Board of the Exchange NMCE, Ahmedabad, to represent Punjab
National Bank in place of Shri Rajinder Mahajan, under Shareholder Director category on
the Board of the Exchange on 28th October, 2013, 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.
b) Mr. K.N. Reghunathan, General Manager (Treasury), Union Bank of India, Mr. Sanjay
Agarwal, General Manager (Treasury & Investment), Bank of Baroda, Mr. M.A.K. Prabhu,
General Manager-Canara Bank and Mr. B.V. Chaubal, Deputy Managing Director and
Group Executive, State Bank of India as Shareholder Directors on the Board of MCX on
19th November, 2013. Their appointments are for the year 2013-14 (one term) or up to the
date of Annual General Meeting.
c) i) Mr. Samir Kumar Mitter, Life Insurance Corporation of India, ii) Mr. Rakesh Kapur,
Indian Farmers Fertilizer Co-operative Limited (IFFCO), iii) Mr. Narendra Murkumbi,
Shree Renuka Sugars Limited, iv) Dr. Venkatesh Tagat, National Bank for Agriculture and
Rural Development (NABARD), and v) Mr. Ravi Narain, National Stock Exchange of India
Limited, as Shareholder Directors on the Board of NCDEX, Mumbai on 2nd December
2013.
d) Mr. V.R. Gupta, Director (Finance), Central Warehousing Corporation and Mr. Kevin Pius
D’sa, President (Finance), Bajaj Holdings and Investment Limited as Shareholder
Directors on the Board of the NMCE, Ahmedabad on 2nd December 2013.
e) Mr. Miten Mehta, President, Financial Technologies (India) Limited (FTIL), and Mr. P.
Satish, Chief General Manager & Secretary – Secretary’s Department of NABARD as
Shareholder Directors on the Board of the MCX, Mumbai, on 6th December, 2013. Their
appointments are for the year 2013-14 (one term) or up to the date of Annual General
Meeting.
• The Commission, on 28th November, 2013 has conveyed the approval to MCX, Mumbai
regarding the appointment of Mr. Saytananda Mishra, (IAS Retd.) as Chairman of the Board,
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Mr. G. Anantharaman, (IRS Retd.) as Chairman of the Audit Committee and Mr. Ravi Kamal
Bhargava, (IAS Retd.) as the Chairman of the Remuneration Committee of the Exchange.
• The Commission, on 6th December, 2013 conveyed the approval for the appointment of
Mr. Samir Shah as Managing Director and CEO of the NCDEX, Mumbai for a period of three
years with effect from the date of his appointment i.e. 20th August, 2013 and also for the
remuneration of the Managing Director and CEO.
• The Commission, on 26th December, 2013 has withdrawn the appointment of Mr. Miten
Mehta, President, Financial Technologies (India) Limited (FTIL) as Shareholder Director on
the Board of MCX, Mumbai on the ground of the Commission’s Order dated 17th December,
2013 on the “Fit and proper” status of FTIL.
3.11 Approval for the transfer of equity shares :
• The Commission on 25th October, 2013, conveyed its approval for the transfer of equity
shares of National Commodity & Derivatives Exchange Ltd. from the Jaypee Capital Services
Limited to (a) Build India Capital Advisors LLP (25,33,800 equity shares i.e. 5% of the total
shareholding of the Exchange) (b) IDFC Private Equity Fund III (Represented by IDFC
Alternatives Limited) (25,33,800 equity shares i.e. 5% of the total shareholding of the
Exchange) and (c) Oman India Joint Investment Fund (23,82,929 equity shares i.e. 4.70% of
the total shareholding of the Exchange) as per the share purchase agreements between the
parties.
• The Commission on 2nd December, 2013 has conveyed its approval for the transfer of
26,85,828 equity shares i.e. 5.30% of the total shareholding of NCDEX from the Jaypee
Capital Services Limited to Oman India Joint Investment Fund as per the share purchase
agreements between the parties.
3.12 Approval for increase in the stake in MCX:
The Commission on 16th December, 2013 approved the increase in the stake of “Blackstone
GPV Capital partners (Mauritius) VI FII Ltd.” to 4.99 % in Multi Commodity Exchange of India
Ltd. (MCX).
3.13 Orders on the Fit and Proper Status of FTIL & Others:
• As per the guidelines, the shareholders and Directors in National Exchanges must fulfill the
criterion for a “fit and proper person”. Financial Technologies (India) Limited (FTIL) is the
promoter of MCX and is also the dominant shareholder in NSEL. Mr. Jignesh Shah and Mr.
Joseph Massey were Directors in MCX and Mr. Shreekant Javalgekar was MD and CEO of
MCX. They were also Directors in NSEL. Therefore, in view of the various irregularities and
settlement default at NSEL, the status of FTIL and Mr. Jignesh Shah, Mr. Joseph Massey
and Mr. Shreekant Javalgekar as “fit and proper person” for being shareholder/Director in
MCX was examined and the Commission issued Show Cause Notices to FTIL, Mr. Jignesh
Shah, Mr. Joseph Massey and Mr. Shreekant Javalgekar on 4th October, 2013, directing them
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to show cause as to why they should not be declared not “fit and proper” to be a
Shareholder/Director of MCX. The noticees have submitted the reply to the Show Cause
Notice on 31st October, 2013 and have requested for personal hearing. Accordingly, personal
hearing was given on 12th November, 2013 at the Office of the Commission during which the
noticees reiterated their request for cross examination of the forensic auditor M/s Grant
Thornton whose report into NSEL was also relied upon by the Commission while issuing the
Show Cause Notices. The Commission held the cross examination on 3rd December, 2013. In
this regard, on 17th December, 2013, the Commission passed a detailed speaking Order on
the fit and proper status of the Noticees, declaring them as not “fit and proper” to be
Shareholder / Director in the management and the Board of any Exchange, recognised or
registered by the Govt. of India / Forward Markets Commission, under FCRA, 1952.
3.14 Oversight Committee for MCX:
• M/s Indian Bullion Markets Association (IBMA) promoted by NSEL was trading on MCX and
Shri Shreekant Javalgekar was on the Board of IBMA and he was also MD and CEO of MCX.
The Commission asked an explanation from Shri Shreekant Javalgekar in this regard. After
examining the explanation the Commission vide letter dated 17th October 2013 directed the
Board of Directors of MCX to take appropriate action for the immediate removal of Mr.
Shreekant Javalgekar, MD and CEO of Exchange and Mr. Dipak Shah, Head of Operations,
MCX and appoint a new MD and CEO within a period of one month as per the laid-down
procedure. The Exchange was also directed to appoint an audit firm to conduct a special audit
and submit audit report to the Commission within 2 months of the appointment of the auditor.
The Commission directed the Exchange to constitute a Committee comprising of 5
Independent Directors and Institutional Shareholder Directors to provide oversight to the
management. Accordingly the Board of MCX constituted an Oversight Committee to oversee
the temporary management of MCX.
• On 6th November, 2013, the Commission communicated to MCX the items of work in the
scope of functions of the Board’s Oversight Committee in the interest of better management
and governance of the Exchange. The said committee comprised of the following members:
1. Mr. Pravir Vora, Chairman
2. Mr. G. Anantharaman, Independent Director,
3. Mr. R.K.Bhargava, Independent Director
4. Mr. P. Satish, Shareholder Director
5. Mr. K.N. Raghunathan, Shareholder Director
• On 9th December, 2013 the Commission directed the Oversight Committee for MCX to furnish
a fortnightly report to the Commission on major developments at the Exchange and action
taken by the Oversight Committee which may include issues related to trading and
settlement, surveillance, corporate governance, compliance, legal issues and any other
matter which the Committee deems significant to be brought to the notice of the Commission.
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• On 7th November, 2013, the Commission approved the Terms of Reference for Special Audit
of MCX. On 19th November, 2013, the Commission approved the appointment of Price
Waterhouse Coopers (PwC) to conduct special audit of MCX in line with the terms of
reference as approved by the Commission.
3.15 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) 25 audit reports were received from the
Auditors,(ii) 22 audit reports were sent to Exchanges for follow up action on non-compliances
observed, (iii) 11 audit reports were scrutinized and (iv) Action were completed in 11 audit
reports.
3.16 Membership registration
The system of membership registration continued during the period. The total number of
members registered from 1st October, 2013 to 31st December, 2013 was 32. Members
declared as surrendered/ deactivated/ suspended by the Commodity Exchange(s) during the
above period are 72. The total number of registered members as on 31st December, 2013
stands at 5514.
3.17 Attending to Client Complaints/Grievances
The Commission receives complaints from the clients of the members registered with
recognized exchanges. The complaints are mostly of the nature of unauthorized trades (trade
without consent of the client) in client’s account by member, contract notes/account
statements not issued by the member to the client, mis-utilization of client’s funds entrusted
with the member, portfolio management services offered by the member etc. The complaints
are taken up with respective exchanges for speedy disposal of the complaints. During
October to December, 2013, fifty one (51) complaints were received and sixteen (16)
complaints were closed in which action was complete.
During October to December 2013, two circulars were issued on the subject:
(i) Central KYC Registry and Directions on prevention of Money Laundering (Maintenance of
Records) Rules 2013.
(ii) Seeking Comments on Proposal to Implement FSLRC’s recommendations on consumer
protection.
The contents of the circular in brief are as follows:
a) Circular (i) above dated 18th December, 2013 for disseminating the modalities of Central
KYC Registry to Commodity Market Intermediaries and modifying the existing guidelines on
Prevention of Money Laundering Act in the light of prevention of Money Laundering
(Maintenance of Records) Rules 2013.
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b) Circular (ii) above dated 31st December, 2013 to review the existing guidelines on investor
protection in the light of FSLRC recommendations on consumer protection and to enhance
the standards of investor protection available to the clients in commodity futures market.
4. ENFORCEMENT ACTION:
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:
Sl. No. No. of complaints forwarded under Rule 13 of the FC(R) Rules 1954
State Police Authorities
1 1 The Superintendent of Police, Satna District, Satna (01.10.2013)
2 1 The Superintendent of Police, Indore District (HQ),Indore (28.10.2013)
3 1 The Commissioner of Police, Vasanth Nagar, Bengaluru (05.12.2013)
4 1 The Director General of Police Punjab, Punjab Police Head Quarters, Chandigarh.(10.12.2013)
5 1 The Senior Superintendent of Police, Mansa, Punjab.(13.12.2013)
6 1 The Commissioner of Police, Vadodara City, Gujarat.(12.12.2013)
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 October to December, 2013 are given
below:
• The Hon’ble High Court of Bombay passed two interim orders in Writ Petition (L) No. 2340 of
2013 filed by Tarun Amarchand Jain HUF & Another Vs. FMC and others, along with 4
connected cases, viz., PIL/89/2013, PIL/98/2013, WP/2534/2013 and WP/2505/2013
pertaining NSEL matters wherein, the exclusion of E-series contracts from the settlement plan
offered by NSEL has been contested by the petitioners. In the interim order dated 7th
October, 2013, the Hon’ble High Court kept the re-materialization / financial settlement of E-
series contracts in abeyance till 25th October, 2013 and directed FMC to permit the petitioners
for inspection of such particulars and other documents in respect of NSEL & IBMA as the
FMC and/or EOW may consider being relevant. In the second order dated 28th October,
2013, the Hon’ble High Court, while directing FMC to get the E-series contracts & related
transactions inspected by a forensic auditor, has ordered the re-materialization / financial
33
settlement of E-series to be kept in abeyance till the end of 4 weeks from the date of
furnishing a copy of forensic report to the petitioner’s advocates by FMC. The Commission
has accordingly appointed M/s. Choksey & Choksey for forensic audit of E-series contracts in
NSEL.
• The NSEL filed a Notice of Motion (L) No. 586 of 2013 in the Writ Petition (L) No. 2340 of
2013, Tarun Amarchand Jain HUF & Another Vs. FMC and others, praying for appointment of
a designated authority / commissioner / committee with the powers, inter alia, to monitor and
ensure that the defaulting members comply with the terms of their respective agreements and
to implement the terms of such agreements including powers to sell the collaterals and
recover the money from the concerned defaulting members in the event of default in
payments, etc. The next date of hearing in the matter is not yet notified.
• M/s. Bullberg Commodities Pvt. Ltd filed a Writ Petition (C) No. 7179 of 2013 against FMC,
before the High Court of Delhi, seeking directions for appointing M/s. Grant Thornton, forensic
auditors to investigate into affairs of MCX in relation to transactions of Petitioners & Check
unfair affair conduct of MCX.
• M/s. Kalimirch Vypari Association filed a Writ Petition (L) No. 2826 of 2013 against NCDEX
and others, before the Hon’ble High Court of Bombay, in the matter of delivery of Black
Pepper and its quality specifications.
• M/s. Financial Technologies (India) Limited, Shri Jignesh Shah and Shri Shreekant
Javalgekar filed Writ Petitions (L) No. 3330 of 2013, 3412 of 2013 and 3413 of 2013,
respectively, before the High Court of Bombay, challenging the order dated 17-12-2013
passed by the Commission in the matter of their status of ‘Fit and Proper’ Person. The
petitions were listed 3 times in December 2013 with other petitions in NSEL matters, however,
no interim relief has been granted so far to the petitioners’ in the matter.
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, 382 awareness programmes were conducted
across the country. Out of 382 awareness programmes, 270 programmes were conducted for
farmers and 112 for other stakeholders. The details of awareness programmes organized
during the period under review is given in Annexure VI .
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6.2 Stakeholders Meeting:
• A Stakeholders Meeting for the members of the National Commodity Exchanges belonging to
the North Zone was held at New Delhi on 19th October, 2013.
• A stakeholders’ meeting was organized by the Commission on 8th November, 2013 in
Kolkata for the members of the National Exchanges in the East Zone.
6.3 Participation in Exhibitions/Expos:
• The Commission in association with National Exchanges participated in AGROVISION 2013
held in Nagpur from 26th to 29th December, 2013.
6.4 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
October – December 2013, the Commission conducted 46 Capacity Building Programmes
which are given in Annexure V.
7. DEVELOPMENT AT NATIONAL SPOT EXCHANGE LIMITED:
• The Commission vide letter dated 3rd October 2013 directed formation of a committee to
oversee the auction/ disposal of commodities/assets at NSEL in order to bring greater
transparency and credibility to the bidding process.
• Meetings were held at the office of the Commission on 14th October, 2013 and 17th October,
2013 in view of the ad-interim order dated 7th October 2013 of the Hon’ble High Court of
Bombay in WP 2340 and WP 2534 of 2013 in which petitioners and their representatives,
NSEL, EOW and FMC participated.
• A letter was issued to the President, Institute of Chartered Accountants of India (ICAI) on 30th
October 2013 seeking a panel of competent CAs to conduct a forensic audit of NSEL e-series
transactions vide orders of the Hon’ble High Court of Bombay dated 28th October 2013 in WP
2340 and WP 2534 of 2013. Thereafter, the Commission has appointed a forensic auditor to
conduct forensic audit of the E-Series Contracts at NSEL.
• Indian Bullion Markets Association (IBMA) is one of the Institutional Trading cum Clearing
Members of NSEL through whom about 89 trading members & 19 clients have traded on
NSEL and they have to receive about Rs 1170 crores from NSEL through IBMA being their
clearing member. NSEL was making weekly payout to various members including IBMA with
the prior approval of FMC. The money received by IBMA from the NSEL’s settlement Escrow
A/c was distributed to its member and clients. But since mid-November, the settlement
account of IBMA was frozen by the Assistant Excise and Taxation Commissioner cum
Designated Officer, Ludhiana. In the meantime IBMA had requested NSEL to make direct
35
payout to its members and clients and had undertaken and declared that all obligations of
IBMA towards its members, clients and relevant authorities shall continue to be in force
notwithstanding this arrangement and this arrangement will not in any way absolve IBMA of
its responsibilities. In view of this, the Commission directed NSEL on 31st December, 2013 to
make direct payout to the members/clients of IBMA from NSEL escrow account.
• The Commission vide letter dated 16th December, 2013 directed NSEL to distribute Rs.11
Crores received as pay-in from M/s. Mohan India Pvt. Ltd. towards their settlement obligation
to the seller members. The above direction was issued subject to the condition that
permission to disburse the amount received from M/s Mohan India should not in any way be
construed as an approval of the settlement agreement entered into between M/s. Mohan India
Pvt. Ltd and NSEL.
• NSEL disbursed part payments on weekly basis to its concerned members i.e., ₹ 7.30 crore
on 5th October, 2013, ₹ 2.85 crore on 8th October, 2013, ₹ 28.34 crore on 15th October, 2013,
₹ 0.30 crore on 22nd October, 2013, ₹ 29.05 crore on 29th October, 2013, ₹ 6.10 on 19th
November, 2013 crore, ₹ 9.00 crore on 26th November, 2013, ₹ 9 Crore on 3rd December,
2013, ₹ 9 Crore, on 10th December, 2013 of ₹ 11.5 Crore, on 17th December, 2013, money
received from Mohan India (Special payout) of ₹ 11 Crore, on 20th December, 2013 of ₹
12.64 Crore on 24th December, 2013, of ₹ 20.40 Crore. on 31st December, 2013 The
proportionate disbursement towards IBMA for an amount of ₹ 10.07 Crores retained in the
NSEL escrow account against 15th, 16th, 17th, 18th, 19th settlement payouts and special payout
(Mohan India) was disbursed directly to IBMAs members and clients.
• The forensic auditors appointed to conduct a forensic audit of E-Series Contracts at NSEL,
M/s Chokshi and Chokshi, had requested for extension of time to submit their report. The
Commission has vide letter dated 30th December, 2013 granted extension of time up to 17th
January, 2014 to complete the work of forensic audit of E-Series Contracts at NSEL.
36
Annexure I
List of Commodities Notified Under Section 15 of th e 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 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, Navi Mumbai (UCX)
B. Commodity Specific Regional Exchange s
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 du ring the period Oct’ 2013 to Dec’ 2013
Sl. No Name of the Commodity Volume (In LT)
Value (In ₹crore)
I Agricultural Commodities Food Items
1 Chana/Gram 122.42 37833.25 2 Refined Soya oil 104.03 74041.96 3 Pepper 0.03 148.86 4 Jeera (Cumin seed) 3.93 5017.40 5 Red Chilli 2.93 1964.02 6 Soya bean/seed 179.78 68048.36 7 Rape/Mustard Seed 80.62 29484.89 8 Wheat 1.01 164.16 9 Potato 8.07 375.47
10 Turmeric 13.09 6897.99 11 Sugar 6.20 1761.73 12 Gur 4.90 1292.85 13 Cardamom 0.29 2100.34 14 Maize Feed 6.00 757.00 15 Barly 2.70 361.95 16 Coffee Rep Bulk 3.01 3311.38 17 Coriander/Dhaniya 35.94 26865.05 18 Crude Palm Oil 19.57 10847.68 19 Copra 2.27 1736.88 20 Coconut oil 0.003 3.27 (A) Total of Above 596.80 273014.48
Non Food Items 21 Guar seed 9.70 4857.11 22 Mentha Oil 0.84 7211.04 23 Castor seed 147.45 63221.07 24 Guar Gum 1.77 2434.48 25 Kapas 30.15 14544.08 26 Rubber 1.00 1617.06 27 Raw jute 17.80 5102.65 28 Cotton seed Oilcake / Kapasia Khali 55.99 8273.04 29 Sacking 7.71 3847.64 30 Isabgul Seed 3.86 2616.08 31 Cotton 14.02 20674.35 (B) Total of Above 290.29 134398.61
(A+ B) Total Agri-Commodities 887.09 407413.08 II Bullion 1 Gold 0.01 398143.42 2 Silver 0.59 273989.79 Total of Bullion 0.60 672133.21
III Metals 140.13 251608.67 IV Energy (excluding Natural gas volume ) 582.79 357134.85
Grant Total (I to IV) (excluding Natural gas volume ) 1610.62 1688289.82
40
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 ACE, Mumbai
Gold (1kg)Domestic
December 2013, February 2014, April 2014, June 2014
4th October, 2013
2 Silver (30kg) domestic
December 2013, March 2014, May 2014, July 2014
4th October, 2013
3 Copper November 2013, February 2014 April 2014, June 2014
4th October, 2013
4 Crude oil
19th November 2013, 18th December 2013, 20th January 2014, 19th February 2014, 19th March 2014, 21st April 2014
4th October, 2013
5 Crude Palm Oil
January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014, December 2014
10th October, 2013
6 Cotton 118 April 2014, May 2014, June 2014,July 2014
1stNovember, 2013
7 NCDEX, Mumbai
Cotton (29 mm)
January 2014, February 2014, March 2014, April 2014,October 2014, November 2014 and December 2014
31st December, 2013
8 Jeera January 2014
31st December, 2013
9 Coriander February 2014
31st December, 2013
10 Crude Palm Oil
December 2013, January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 and December 2014
14th November, 2013
11 Cotton seed (Industrial Grade-A & B)
A Grade:- January 2014, November 2014, December 2014, B Grade:- February 2014, March 2014, April 2014, May 2014, June 2014
23rd December, 2013
12 Gold (1kg) January 2014, March 2014,May 2014, July 2014,September 2014,November 2014
26th December, 2013
13 MCX, Mumbai
Aluminium January 2014 to December 2014
7th October, 2013
14 Aluminium Mini
January 2014 to December 2014 7th October, 2013
15 Brent Crude Oil
January 2014 to December 2014 7th October, 2013
16 Crude Palm Oil
January 2014 to December 2014 7th October, 2013
17 Gold Guinea January 2014 to December 2014
7th October, 2013
18 Gold Mini January 2014 to December 2014
7th October, 2013
19 Gold Petal (Delhi)
January 2014 to December 2014 7th October, 2013
20 Lead January 2014 to December 2014
7th October, 2013
21 Lead Mini January 2014 to December 2014
7th October, 2013
41
Sl. No.
Name of the Exchange
Commodities permitted
Contracts permitted Date of permission
22 Mentha Oil January 2014 to December 2014
7th October, 2013
23 Natural Gas January 2014 to December 2014
7th October, 2013
24 Nickel January 2014 to December 2014
7th October, 2013
25 Nickel Mini January 2014 to December 2014
7th October, 2013
26 Zinc January 2014 to December 2014
7th October, 2013
27 Zinc Mini January 2014 to December 2014
7th October, 2013
28 Copper June 2014, August 2014 and November 2014
7th October, 2013
29 Copper Mini June 2014, August 2014 and November 2014
7th October, 2013
30 Gold October 2014 and December 2014
7th October, 2013
31 Silver September 2014 and December 2014
7th October, 2013
32 Silver Mini August and November 2014
7th October, 2013
33 Silver Micro June 2014, August 2014 and November 2014
7th October, 2013
34 Cotton July 2014, October 2014, November 2014 and December 2014
7th October, 2013
35 Crude oil July 2014 to December 2014
7th October, 2013
36 Mild Steel Ingots/Billets (BIS 2830)
January 2014 to December 2014 18th October, 2013
37 UCX, Mumbai
Gold Kilo January 2014, March 2014, May 2014, July 2014, September 2014 and November 2014
7th October, 2013
38 Gold Nano January 2014 to December 2014
7th October, 2013
39 Silver 30 kg. February 2014, April 2014, June 2014, August 2014 and November 2014
7th October, 2013
40 Silver Nano January 2014 to December 2014
7th October, 2013
41 Crude oil January 2014 to December 2014
7th October, 2013
42 Chana January 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 and December 2014
7th October, 2013
43 Mustard seed
January 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 and December 2014
7th October, 2013
44 Refined Soy Oil
January 2014 to December 2014 7th October, 2013
45 Soya bean January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014 and December 2014
7th October, 2013
42
Sl. No.
Name of the Exchange
Commodities permitted
Contracts permitted Date of permission
46 RubberRSS4 January 2014 to December 2014 7th October, 2013 47 Turmeric April 2014 to December 2014
7th October, 2013
48 Copper February 2014, April 2014, June 2014, August 2014, November 2014
18th November, 2013
49 Lead December 2013, January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 and December 2014
18th November, 2013
50 Nickel December 2013, January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 and December 2014
18th November, 2013
51 Zinc December 2013, January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014,August 2014, September 2014, October 2014, November 2014 and December 2014
18th November, 2013
52 Natural Gas December 2013, January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014,August 2014, September 2014, October 2014, November 2014 and December 2014
18th November, 2013
53 Guar seed January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014, December 2014
16th December, 2013
54 Guar Gum January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014, December 2014
16th December, 2013
55 ICEX, Mumbai
Soybean October 2013, November 2013, December 2013, January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014 and December 2014
7th October, 2013
56 Castor seed October 2013November 2013, January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014 and November 2014
7th October, 2013
57 Copper Cathode,
February 2014,April 2014,June 2014, August 2014,November 2014
10th October, 2013
58 Gold February 2014,April 2014,June 2014, August 2014,October 2014,December 2014
10th October, 2013
59 Silver March 2014,May 2014,July 2014, September 2014,December 2014
10th October, 2013
60 Silver 5 kg March 2014, May 2014,July 2014, September 2014,December 2014
10th October, 2013
61 Crude Oil January 2014, February 2014, March 2014, April 2014,May 2014,June 2014, July 2014,August 2014,September 2014,October 2014,November 2014, December 2014
10th October, 2013
43
Sl. No.
Name of the Exchange
Commodities permitted
Contracts permitted Date of permission
62 Gold 100 gms
January 2014,February 2014,March 2014,April 2014,May 2014,June 2014, July 2014,August 2014,September 2014,October 2014,November 2014, December 2014
10th October, 2013
63 Lead January 2014,February 2014,March 2014,April 2014,May 2014,June 2014, July 2014,August 2014,September 2014,October 2014,November 2014, December 2014
10th October, 2013
64 Natural Gas January 2014,February 2014,March 2014,April 2014,May 2014,June 2014, July 2014,August 2014,September 2014,October 2014,November 2014, December 2014
10th October, 2013
65 Iron Ore 62 fine
January 2014,February 2014,March 2014,April 2014,May 2014,June 2014, July 2014,August 2014,September 2014,October 2014,November 2014, December 2014
10th October, 2013
66 Refined Soy Oil
January 2014,February 2014,March 2014,April 2014,May 2014,June 2014, July 2014,August 2014,September 2014,October 2014,November 2014, December 2014
10th October, 2013
67 Mustards seed
January 2014,April 2014,May 2014, June 2014,July n2014,August 2014, September 2014,October 2014, November 2014,December 2014
10th October, 2013
68 NMCE, Ahmedabad
Cardamom November 2013, December 2013, January 2014,February 2014,March 2014,April 2014,May 2014 and June 2014
28th October, 2013
69 IPSTA, Kochi Pepper MG 1 January 2014, February 2014, March 2014, April 2014, May 2014 and June 2014
8th October, 2013
70 RCEL, Rajkot Castor seed March 2014, June 2014, September 2014 and December 2014
21st October, 2013
71 COC, Hapur
Mustardseed January 2014
30th October, 2013
72 FCEI, Kochi Copra April 2014, May 2014, June 2014, July 2014
12th December, 2013
73 Coconut oil April 2014, May 2014, June 2014, July 2014
12th December, 2013
74 COC, Hapur Mustardseed April 2014, July 2014, October 2014, January 2015
26th December, 2013
75 BCEL, Bikaner
Guar seed February 2014
26th December, 2013
44
Annexure V
Details of capacity building programmes conducted i n October 2013 to December 2013
S. No.
Name of the Institute/Agriculture
University
Dates of the programme conducted
Venue of the programme Conducted
Category of participants
1 NABCONS, Mumbai
21-22nd October, 2013
Punjab Sr. officers of Public Sector Banks including Regional Rural banks & State cooperative Banks
2 ICM, Jaipur 17-18th October, 2013
Jaipur, Rajasthan Chairman/ Directors of Primary Sales & Purchase Committees
3 ICM, Guwahati (NER)
28-30th October, 2013
Shillong, Meghalaya (NER)
Secretaries/BODs of Agri. Marketing Coop.
4 ICM, Bhopal 24-25th October, 2013
Ujjain, M.P. BODs of Primary Marketing Coop. Soc. of M.P. & Chattisgarh
5 NSRICM, Kalyani (NER)
24-25th October, 2013
Sikkim, Meghalaya (NER)
Govt. of officials of Agri. Dept. of Sikkim & officials of Coop. Directorate of Sikkim
6 ICM, Hyderabad 29-31st October, 2013
Hyderabad, A.P. Officers of Dept. /Manager /Secretarial Staff & BODs of coop. in A.P.
7 TNAU, Coimbatore 10-11th October, 2013
Horticultural Research Station, Kodikanal
Students & faculty members of the Univ. , Scientists from KVK’s & Agri. Research stations and agricultural Extension officials
8 Pondicherry University
24-25th October, 2013
Pondicherry, U.T. Com., economics, management and agricultural sciences faculty from Indian Universities and college & research scholars in Pondicherry
9 RICM, Gandhinagar 24-25th October, 2013
Gandhinagar, Gujarat
Officers, Secretary/ Assistant Secretary of APMC & PACS of Gujarat State
10 Prog.for Corporate - CEO’s & CFOs by NCDEX
21st October, 2013
New Delhi CEO’s /CFO’s on hedging & commodity trade.
11 NABCONS, Mumbai 3-4th October, 2013
Jharkhand Sr. officers from State and Central Govt. Depts.
12 NIAM, Jaipur 30-31st October, 2013
Jharkhand, Ranchi
Cooperative Banks
13 Orientation prog. for Sr. officers of Min.of Finance, New Delhi by FMC, Mumbai
31st October, 2013
Mumbai, Hotel Marine Plaza
Orientation prog. for Sr. officers of Min. of Finance, New Delhi
14 NABCONS, Mumbai
3-4th October, 2013
Shimala Himachal Pradesh
For senior officers of Govt. of India Dept./Agri. Univ.
15 NIAM, Jaipur 14-15th November, 2013
Shimala, Himachal Pradesh
Chairman & elected members of APMCs
16 NIAM, Jaipur (NER)
15-16th November, 2013
Nagaland Dimapur(NER)
Chairman & elected members of APMCs
17 TOPIC, Gurgaon 21-22nd November, 2013
Ranchi, Jharkhand
Senior Managers & officers of various State commodity & marketing cooperative federations
18 ICM, Jaipur 28-29th November, 2013
Jaipur, Rajasthan Students of Indian Rural Management Institutes
19 ICM, Guwahati (NER)
11-13th November, 2013
Nahariagun,Arunchal Pradesh (NER)
Secretaries/BODs of Agri. Marketing Cooperatives
20 NSRICM, Kalyani (NER)
7-8th November, 2013
Agartala, Tripura, (NER)
For the officers of Cooperation Department of Govt. of Tripura
21 Birsa Agricultural University, Ranchi
22-23rd November, 2013
Ranchi, Jharkhand
Scientists, KVK scientists, students and Dept. officials and bankers
22 TNAU, Coimbatore 11-12th November, 2013
Krishi Vigyan Kendra, Ramanathapuram
Students & faculty members of the Univ. , Scientists from KVK’s & Agri. Research stations and agricultural Extension officials
45
S. No.
Name of the Institute/Agriculture
University
Dates of the programme conducted
Venue of the programme Conducted
Category of participants
23 MANAGE, Hyderabad
11-13th November, 2013
Shillong Meghalaya
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
24 IIPM, Bangalore 28-29th November, 2013
Bangalore For faculties & research scholars at Univ. & Mgnt. Institutes across the country (dept. of com/ Mgnt/ eco/fin/prod/agri)
25 NABCONS, Mumbai
7-8th November, 2013
Tamil Nadu For Marketing Fed./ Societies and PACs
26 TOPIC, Gurgaon 4-5th December, 2013
TOPIC, Gurgaon Haryana
Senior officers of State Coop. Dept./ Co op Banks and Coop. Dev. Projects.
27 VAMNICOM, Pune 16-18th December, 2013
Pune, Maharashtra
Chairman, Board of Directors of DCCBs & UCBs
28 VAMNICOM, Pune 16-18th December, 2013
Pune, Maharashtra
MDs, GM & Sr. Executives of DCCBs & UCBs
29 TNAU, Coimbatore 10-11th December, 2013
Agricultural College & Research Institute,Periakulam
Students & faculty members of the Univ.
30 RICM, Gandhinagar 6-7th December, .2013
Gandhinagar, Gujarat
Office bearers of 16 Regional exchanges
31 ICM, Jaipur 9-10th December, 2013
Jaipur, Rajasthan Board members of PAC Committee
32 IGICM, Lucknow 9-10th December, 2013
U.P. , Lucknow Jt. Dir./Dy. Dir. of directorate of Agri. U.P.
33 NSRICM, Kalyani 10-11th December, 2013
NSRICM, Kalyani BOD & Managers of Coop. Societies in W.B.
34 NABCONS, Mumbai 4-5th December, 2013
Haryana For Bankers
35 ICM, Hyderabad 10-12th December, 2013
On location, District level, A.P.
Officers of Dept. /Manager /Secretarial Staff & BODs of coop. in A.P.
36 MANAGE, Hyderabad
10-12th December, 2013
Goa, Panaji 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
37 TOPIC, Gurgaon 5-6th December, 2013
Lucknow, U.P.
Senior Managers & officers of various State commodity & marketing cooperative federations
38 ICM, Bhopal 17-18th December, 2013
ICM, Bhopal. MBA students of M.P.
39 ICM, Dehradun 18-19th December, 2013
Dehradun, Uttrakhand
For Inspectors of mandi board & Group inspector of Coop. Agri. Dept. of Uttrakhand State
40 NABCONS, Mumbai
19-20th December, 2013
Maharashtra, Pune
For Bankers
41 NABCONS, Mumbai (NER)
18-19th December, 2013
Assam (NER) For senior officers of Govt. of India Dept./Agri. Univ.
42 RBVRR, Police Academy, Hyderabad
21st December, 2013
RBVRR, Police Academy, Hyderabad
For the officers of the rank of Inspector of Police to Additional Superintendent of Police.
43 DNSRICM, Patna 23-24th December, 2013
Patna, Bihar For Cooperative Dev. officers of ICDP of various Districts
44 RICM, Gandhinagar 26-27th December, 2013
Gandhinagar, Gujarat
Officers, Sec. Assistant Sec. of APMC & PACS of Gujarat State
45 ICM, Jaipur 26-27th December, 2013
Jaipur, Rajasthan Sr. Managers of PAC Committee
46 NIAM, Jaipur 23-24th December, 2013
Jammu, Jammu & Kashmir
Chairman & elected members of APMCs
46
Annexure VI
State-wise details of awareness programmes for the period from Oct’ 2013 to Dec’ 2013
Names of States October 2013 to December 2013
Farmers Others Total Andhra Pradesh 8 8 16
Arunachal Pradesh 8 4 12
Assam 4 5 9
Bihar 13 2 15
Chhattisgarh 4 3 7
Chandigarh -- -- --
Daman & Diu -- -- --
Goa 3 4 7
Gujarat 64 14 78
Haryana 11 3 14
Himachal Pradesh 2 1 3
Jharkhand 4 2 6
Jammu & Kashmir -- 2 2
Kerala 12 1 13
Karnataka 11 10 21
Maharashtra 23 5 28
Madhya Pradesh 6 5 11
Manipur 5 -- 5
Meghalaya 5 4 9
Mizoram -- -- --
Nagaland 2 -- 2
New Delhi 1 -- 1
Odisha 16 2 18
Pondicherry -- -- --
Punjab 6 5 11
Rajasthan 7 12 19
Sikkim 1 2 3
Tamil Nadu 11 8 19
Tripura 1 -- 1
Uttar Pradesh 29 6 35
Uttaranchal 9 2 11
UT of Andaman 1 -- 1
West Bengal 3 2 5
TOTAL 270 112 382