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Article: NMCE to start spot trading in commodities in a month

Article from:
The Hindustan Times
Article date:
August 29, 2008
Copyright

Hindustan Times

NEW DELHI, India, Aug. 29 -- In a move that has the potential to create 8,000 jobs in both urban and rural areas, the National Multi Commodity Exchange has decided to start spot trading in commodities in the country. The trading would be done through National Agriculture Produce Marketing Company. NMCE has already got the approval from the state governments of Gujarat and Rajasthan.

NMCE has applied for approval from 17 other states, which is pending. In the coming week the exchange has scheduled hearings for approval from three states. "The price discovery mechanism for the futures trading is very flawed today and the spot trading will lead to an efficient price discovery ...

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