The Hindu : Commodity futures trading facility in J & K

Online edition of India's National Newspaper
Thursday, Sep 18, 2003

Business

Business

Commodity futures trading facility in J & K

By Our Special Correspondent

NEW DELHI SEPT. 17. The Centre has extended the commodity futures trading facility to Jammu and Kashmir as part of a major initiative to encourage futures trading in commodities. The facility was inaugurated by the J & K Minister for Finance, Planning and Development, Musaffar Hussain, at a function organised by the Ahmedabad-based National Multi-Commodity Exchange of India at Srinagar on Wednesday.

The Forward Contract (Regulation) Act, 1952 was extended to J & K from December 28, 1960.

The National Multi-Commodity Exchange through its brokers is providing the on-line trading connectivity. Though J&K is a commodity deficit State, it has considerable production base in a number of unique products such as fruits, certain varieties of basmati rice, wheat, maize, saffron and walnut.

Futures trading benefits not only in the case of substantive production base but also other stakeholders and participants in market such as traders, stockists, exporters and importers.

The exchange, which now provides futures trading facilities in 47 commodities, is also studying the commodity base of J & K for entering into contracts.

Moreover, the exchange proposes to provide trading connectivity to other cities and towns in J&K, while connectivity is already tied up in Jammu.

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