By Anjani Sinha, MD & CEO, National Spot Exchange
I welcome Shri B.C.Khtua, IAS, Hon’ble Chief Guest, who
has agreed to be the Chief Guest of Pulses Meet -2008. Mr.
Khatua has been instrumental in effectively regulating the
commodity derivatives market in the country and also in
providing regulatory support to the derivatives market,
which has helped growth of this market.
I welcome Dr. S.K. Goel, Principal Secretary, Agriculture &
Co operation, Government of Maharashtra, who has agreed
to be the Guest of Honor in this function. Dr. Goel has
always been supportive to the new initiatives required for
reforms in agricultural marketing. He has been instrumental
in granting us license to operate in the State of Maharashtra in notified agricultural produce. As you are aware, the
agriculture marketing is a state subject, which is regulated under State APMC Act, National Spot Exchange is regulated
by him under the Maharashtra APMC Act.
As per our
license, we can launch trading at all locations across
Maharashtra in various commodities. In respect of deliveries, where farmer sells and delivers on our platform, we are
responsible to collect market cess and pay the same to the
Maharashtra Marketing Board. In other words, we are
responsible for making all compliance relating to mandi fee. As a result, our members, sub brokers and their clients do
not need any separate license from APMCs for buying and
selling of commodities on NSEL platform. However, if they
want to buy agri produce outside the NSEL platform, they
will need to obtain such license from respective APMC.
Hence, through NSEL platform, a pulses mill will be able to
buy pulses at various locations electronically on ex
warehouse basis without any need for APMC license. This is
going to happen for the first time in our country.
I welcome Mr. A.K. Dabral, Executive Director, NAFED, who
has agreed to become the Guest of Honour in this Meet. In
fact, Mr. U.KS.Chauhan had agreed to attend the function,
but due to his deputation on election duty, he was not able
to come. We are glad to receive you Sir in this august
gathering, and we are sure to have benefits of your thoughts and knowledge in course of today’s Meet.
Mr. Prem Kogta has always been an inspiring figures behind
all our initiatives associated with pulses trade and industry. We welcome you Sir today. To share my experience, when
we were conducting our road-shows for National Spot
Exchange at Jalgaon, at the end of our presentation and
question answer session, Mr. Kogta was the first person in
Jalgaon to apply for membership sharing his view that this is the best thing which is going to happen to help the trade
and industry. Sir, your action greatly inspired us and helped us to be committed to make National Spot Exchange project
Last but not the least, Mr. K.C. Bhartiya, President, PIA is such a wonderful person that he always tries to do
something to help the trade and industry and the people at
large in a self less manner. In fact, in course of our road
shows, Mr. Bhartiya volunteered self lessly that he will come with us in our roadshows to meet pulses traders and explain
to them the benefits of NSEL project. When he expressed his
desire to host the PIA AGM, we reacted by saying that we
will not just host it rather we will make it memorable and it will not be a stand alone event, rather it will become an
annual event. Our commitment to the pulses trade and
industry is that we will make a humble beginning to make
the market well structured, risk free, seamless, free from
counter party defaults, credit risk, free flow of information and spreading the cult of “Business with Knowledge.” As a beginning to this initiative, we have published a booklet
“Pulses Complex – A Brief Outline” which will be revealed by our Hon’ble Chief Guest today. Today, we will also sign a
MoU with PIA to pen down our long term commitment to the...
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