FMC Bulletin July 2013 to September 2013fmc.gov.in/writereaddata/links/FMC Bulletin July 2013 to...

GOVERNMENT OF INDIA

FORWARD MARKETS COMMISSION

MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION

DEPARTMENT OF CONSUMER AFFAIRS

FMC Bulletin July 2013 – September 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

10

4. Indian Commodity Exchange Ltd., Mumbai 13

5. ACE Derivatives & Commodity Exchange Ltd., Mumbai

16

6.Universal Commodity Exchange Ltd., Navi Mumbai 19

3. Important Developments in the Commodity Market 22

4. Developmental Activities 29

Annexure

Sr. No. Subject Pg. No.

I List of commodities notified under section 15 of the

FCRA 1952.

32

II List of Recognized Commodity Exchanges 34

III Volume and value of commodities traded during the

period July 2013 –September 2013

35

IV Details of permissions granted to Recognized

Exchanges

36

V State wise details of Awareness programs conducted

during the period July 2013 –September 2013

41

VI Details of Capacity Building Programs conducted in

July 2013 –September 2013

42

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., July 2013 to September 2013, food items viz. Refined Soya Oil,

Chana, Rapeseed/Mustard seed, Soya bean, Coriander and Crude Palm Oil contributed major share

to the total value of trade in Agricultural Commodities. In Non food Items, Castor seed, Cotton,

Mentha Oil and Cotton seed Oil cake contributed major share in the commodity futures trading. The

total value of trade during the above said period was ₹24.13 lakh crore as against ₹45.91 lakh crore

during the corresponding period last year. During the period, the value of trade in Bullion was ₹10.24

lakh crore and in Metals (other than Bullion) it was ₹4.28 lakh crore. Value of trade in Agriculture

Commodities and Energy Products amounted to ₹3.79 lakh crore and ₹5.82 lakh crore respectively.

The total value of trade at the 6 National Multi Commodity Exchanges was ₹24.08 lakh crore and at

the remaining 11 Commodity Specific Exchanges, it was ₹0.05 lakh crore.

During the period under review, the Commission undertook various initiatives to improve the market

integrity and to protect the interests of the clients. The Commission issued directives to the National

Commodity Exchanges for Strengthening of Warehousing Facility in the Commodity Futures market

through Registration of warehouses with WDRA. The Commission also issued directives on

Reconstitution of the Risk Management Group and on the sources of funds and contribution by

exchanges to Settlement Guarantee Fund. To protect the small investors’ money from risk, the

Commission reiterated the directions on Portfolio Management Activities by the members of the

National Exchanges. Guidelines were issued regarding Constitution of the Board of Directors,

Nomination of Independent Directors and appointment of Chief Executives at the Nationwide Multi

Commodity Exchanges to ensure transparency and good corporate governance. The Commission

also issued directions relating to the working of commodities futures market on Saturdays.

In order to keep pace with the technological developments and to take appropriate regulatory

measures, the Commission constituted an Advisory Committee on Technology which would advise

the Commission on various issues arising on use of technology for commodity futures 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,

146 awareness programmes, 25 capacity building programmes and 1 stakeholders’ meeting 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 (July 2013 to September 2013), the total value of trade in all

commodities traded at the recognized Exchanges was ₹24.13 lakh crore as against ₹41.45 lakh crore

during the previous quarter (April 2013 to June 2013) and ₹45.91 lakh crore during the corresponding

period of last year.

The six major commodity Exchanges contributed 99.80 % to the total value of trade in the Commodity

futures market. These are MCX, Mumbai (85.68 %), NCDEX, Mumbai (11.30 %), NMCE, Ahmedabad

(1.49 %), ICEX, Mumbai (0.51 %), ACE Mumbai (0.35%) and UCX, Navi Mumbai (0.47%).

The following table indicates the total volume and value of trade during the quarter July 2013 to

September 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)

1,286.66 20,67,668.11 85.68

National Commodity & Derivatives Exchange Ltd., Mumbai (NCDEX) 716.93 2,72,627.26 11.30

National Multi Commodity Exchange of India Ltd., Ahmedabad (NMCE)

88.70 36,033.26 1.49

Indian Commodity Exchange Ltd., Mumbai (ICEX)

37.89 12,297.16 0.51

ACE Derivatives & Commodity Exchange Ltd., Mumbai (ACE)

12.20 8,396.44 0.35

Universal Commodity Exchange Ltd., Navi Mumbai (UCX)

28.94 11,323.63 0.47

Total of National Exchanges 2,171.32 24,08,345.86 99.80

Regional Exchanges 12.54 4,762.36 0.20

Grand total 2,183.87 24,13,108.22 100.00 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, Energy, Metals, and Agri Commodities (Food and Non-Food Items). In

Agricultural commodities the major contribution to the total value of trade was from Refined Soya Oil,

Chana, Rapeseed/Mustard seed, Soya bean and Castor seed.

The Cumulative value of commodities traded during July 2013 to September 2013 and the

value for the corresponding period last year (July 2012 to September 2012) is given below :-

(In ₹ lakh crore)

July 2013 to September 2013 April 2013 to June 2013 July 2012 to September 2012 24.13 41.45 45.91

2. PERFORMANCES OF THE

I. Multi Commodity Exchange

During the period under review

Nickel contracts constituted a major share of the value of commodities traded at the MCX

Mumbai. The following table indicates the % share of major commodities traded at MCX,

Mumbai, during the period under review.

Commodities

Gold Crude oil Silver Copper Lead Natural Gas 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, Silver, Copper,

period under review is given below.

SILVER18.37%

COPPER9.83%

LEAD4.84%

NATURAL GAS 3.93%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT MCX ,MUMBAI DURING JULY 2013 TO SEPTEMBER 2013

GOLD

COPPER

ZINC

3

PERFORMANCES OF THE EXCHANGES IN THE COMMODITY MARKET

Exchange of India Ltd., Mumbai (MCX)

During the period under review, Gold, Crude Oil, Silver, Copper, Lead, Natural Gas, Zinc &

Nickel contracts constituted a major share of the value of commodities traded at the MCX


Mumbai, during the period under review.

Commodities Total value (In ₹ crores)

% share to the total value

6,42,292.57 4,98,407.78 3,79,893.26 2,03,335.28 1,00,070.56

81,182.57 49,950.65 42,157.07

Total of major commodities 19,97,289.74 70,378.37

20,67,668.11


given in the following Diagram:

Graphical presentation of ready and futures prices of eight major commodities

Silver, Copper, Lead, Natural Gas, Zinc & Nickel at MCX, Mumbai during the


CRUDEOIL

ZINC2.42%

NICKEL2.04%

Other Commodities3.40%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT MCX ,MUMBAI DURING JULY 2013 TO SEPTEMBER 2013

CRUDEOIL SILVER

LEAD NATURAL GAS

NICKEL Other Commodities

MARKET

Lead, Natural Gas, Zinc &

Nickel contracts constituted a major share of the value of commodities traded at the MCX,



31.06 24.10 18.37

9.83 4.84 3.93 2.42 2.04

96.60 3.40

100.00


prices of eight major commodities viz. Gold,

at MCX, Mumbai during the

GOLD31.06%

CRUDEOIL24.10%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT

SILVER

NATURAL GAS

Other Commodities

4

Gold

Crude oil

Silver

25000

28000

31000

34000

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

0gm

s

Spot & Futures Prices of Gold Traded at MCX, Mumbai

Ready Prices 5-Aug-13 5-Oct-13 5-Dec-13

5-Feb-14 5-Apr-14 5-Jun-14

6000

6500

7000

7500

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er B

BL

Spot & Futures Prices of Crude Oil Traded at MCX, Mumbai

Ready Prices 19-Jul-13 19-Aug-13 19-Sep-13

21-Oct-13 19-Nov-13 18-Dec-13 20-Jan-14

19-Feb-14 19-Mar-14

38000

43000

48000

53000

58000

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er K

g

Spot & Futures Prices of Silver Traded at MCX, Mumbai

Ready Prices 5-Sep-13 5-Dec-13

5-Mar-14 5-May-14 5-Jul-14

5

Copper

Lead

Natural Gas

400

425

450

475

500

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er K

gSpot & Futures Prices of Copper Traded at MCX Mumbai

Ready Prices 30-Aug-13 29-Nov-13 28-Feb-14 30-Apr-14

115

125

135

145

155

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er K

g

Spot & Futures Prices of Lead Traded at MCX, Mumbai


31-Oct-13 29-Nov-13 31-Dec-13

190

205

220

235

250

265

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ p

er m

mB

tu

Spot & Futures Prices of Natural Gas Traded at MCX, Mumbai


28-Oct-13 25-Nov-13 26-Dec-13

6

Zinc

Nickel

II. National Commodity and Derivatives Exchange, Ltd., Mumbai (NCDEX)

During the period under review, Soy Oil, Chana, Soya Bean, Castor Seed, R/M Seed,

Dhaniya, Cotton Cake, Jeera, Turmeric & Guar Seed constituted a major share of the value of

commodities traded at the NCDEX, Mumbai. The following table and the pie-chart indicate the

% share of major commodities traded at NCDEX, Mumbai during the period under review.

Commodities Total value (In ₹ Crores)


Soya Oil 63,605.34 23.33 Chana 45,137.32 16.56 Soya bean 39,951.07 14.65 Castor Seed 35,075.57 12.87 R/M Seed 27,980.72 10.26 Dhaniya 11,814.39 4.33 Cotton Cake 11,248.58 4.13 Jeera 7,976.28 2.93 Turmeric 6,502.23 2.39 Guar Seed 6,076.24 2.23 Total of major commodities 2,55,367.74 93.669 Other commodities 17,259.52 6.33 Total 2,72,627.26 100.00

100

110

120

130

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er K

gSpot & Futures Prices of Zinc Traded at MCX, Mumbai


31-Oct-13 29-Nov-13 31-Dec-13

800

850

900

950

1000

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er K

g

Spot & Futures Prices of Nickel Traded at MCX, Mumbai


31-Oct-13 29-Nov-13 31-Dec-13


Chana, Soya Bean, Castor Seed, R/M Seed, Dhaniya, Cotton Cake, Jeera, Turmeric & Guar

Seed at NCDEX, Mumbai

CASTOR_SEED12.87%

R/M SEED10.26%

DHANIYA4.33%

COTTON_CAKE4.13%

JEERA2.93%

TURMERIC2.39%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT NCDEX,MUMBAI DURING JULY TO SEPTEMBER 2013

SOYA_OILCASTOR_SEEDCOTTON_CAKEGUAR_SEED

600

625

650

675

700

725

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

₹ P

er 1

0 K

g

Spot & Futures Prices of Soy Oil Traded at NCDEX

SPOT

Nov-13

2600

2800

3000

3200

3400

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Chana Traded at NCDEX

SPOTOct-13

7

Graphical presentation of ready and futures prices of ten major commodities


Seed at NCDEX, Mumbai during the period under review is given below.

Soy Oil

Chana

SOYA_OIL23.33%

SOYABEAN14.65%

CASTOR_SEED

TURMERIC2.39%

GUAR_SEED2.23%

OTHER COMMODITIES

6.33%


CHANA SOYABEANR/M SEED DHANIYAJEERA TURMERICOTHER COMMODITIES

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3Spot & Futures Prices of Soy Oil Traded at NCDEX

Jul-13 Aug-13 Sep-13

Dec-13 Jan-14 Feb-14

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

Spot & Futures Prices of Chana Traded at NCDEX

SPOT Jul-13 Aug-13 Sep-1313 Nov-13 Dec-13 Jan-14

prices of ten major commodities viz. Soy Oil,


during the period under review is given below.

SOYA_OIL23.33%

CHANA16.56%


SOYABEAN

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

Oct-13

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

1314

8

Soya Bean

Castor Seed

R/M Seed

29003050320033503500365038003950

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Soy Been Traded at NCDEX

SPOT Jul-13 Oct-13 Nov-13Dec-13 Jan-14 Feb-14

3000320034003600380040004200

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Castor Seed Traded at NCDEX

SPOT Jul-13 Aug-13 Sep-13Oct-13 Nov-13 Jan-14

3000

3150

3300

3450

3600

3750

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of R/M Seed Traded at NCDEX

SPOT Jul-13 Aug-13 Sep-13

Oct-13 Nov-13 Dec-13 Jan-14

9

Dhaniya

Cottonseed Oil Cake

Jeera

5000

5250

5500

5750

6000

6250

65006-

Jul-1

3

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Dhaniya Traded at NCDEX

SPOT Jul-13 Aug-13 Sep-13Oct-13 Nov-13 Dec-13 Jan-14

1400

1500

1600

1700

1800

1900

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Cottonseed Oil Cake Traded at NCDEX


Dec-13 Jan-14 Feb-14 Mar-14

12500

13000

13500

14000

14500

15000

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Jeera Traded at NCDEX


Oct-13 Nov-13 Dec-13

10

Turmeric

Guar Seed

III. National Multi Commodity Exchange, Ahmedabad ( NMCE)

During the period under review, Castor seed, Raw Jute, Rape/Mustard seed, Isabgul seed

and Chana constituted a major share of the value of commodities traded at the NMCE,

Ahmedabad. The following table and the pie-chart indicate the percentage share of major

commodities traded at NMCE, Ahmedabad during the period under review.

Commodities Total Value (In ₹. Crore)


Castor seed 6,718.17 18.64

Raw Jute 5,865.18 16.28

Rape/Mustard seed 5,774.64 16.03

Isabgul seed 4,142.60 11.50

Chana 3,679.81 10.21

Total of major commodities 26,180.40 72.66

Others 9,852.86 27.34

Total 36,033.26 100.00

4500

5000

5500

6000

65006-

Jul-1

3

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Turmeric Traded at NCDEX

SPOT Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

4000

5000

6000

7000

8000

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Guar Seed Traded at NCDEX

SPOT Jul-13 Oct-13 Nov-13 Dec-13 Jan-14


Raw Jute, Rape/Mustard seed, Isabgul

under review is given below.

Isabgulseed11.50%

Chana10.21%

Others 27.34%

Percentage share to the total value of the commodities traded at

During July 2013 To September 2013

CastorseedRape/Mustard seed

3200.003400.003600.003800.004000.004200.00

06-J

ul-1

3

13-J

ul-1

3

20-J

ul-1

3

₹ p

er 1

00 K

G

Spot and Futures Prices of Castorseed Traded at NMCE., Ahmedabad

Spot

2600.002650.002700.002750.002800.002850.002900.00

06-J

ul-1

3

13-J

ul-1

3

20-J

ul-1

3

₹ p

er 1

00 K

G

Spot and Futures Prices of Raw Jute Traded at NMCE, Ahmedabad

Spot

11

Graphical presentation of ready and futures prices of five major commodities

Raw Jute, Rape/Mustard seed, Isabgul seed and Chana at NMCE, Ahmedabad during the period

Castor seed

Raw Jute

Castorseed18.64%

Raw Jute16.28%

Rape/Mustard seed16.03%

Percentage share to the total value of the commodities traded at NMCE., Ahmedabad

During July 2013 To September 2013

Castorseed Raw JuteRape/Mustard seed Isabgulseed

27-J

ul-1

3

03-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

07-S

ep-1

3


Spot Aug-13 Oct-13 Dec-

27-J

ul-1

3

03-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

07-S

ep-1

3


Jul-13 Aug-13 Sep-13 Oct-13

prices of five major commodities viz. Castor seed,

seed and Chana at NMCE, Ahmedabad during the period

Raw Jute16.28%


Percentage share to the total value of the commodities traded at

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3


-13

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3


Nov-13

12

Rape/Mustard Seed

Isabgulseed

Chana

550.00

570.00

590.00

610.00

630.00

650.00

670.00

690.00

06-J

ul-1

3

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

03-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

07-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ p

er 1

00 K

gSpot and Futures Prices of Rape/Mustard seed Traded at NMCE., Ahmedabad

Spot Jul-13 Aug-13 Sep-13 Oct-13

6500.006600.006700.006800.006900.007000.007100.007200.00

06-J

ul-1

3

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

03-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

07-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ p

er 1

00 K

G

Date

Spot and Futures Prices of Isabgulseed Traded at NMCE., Ahmedabad

Spot Aug-13 Oct-13 Dec-13 Feb-14

2600.002700.002800.002900.003000.003100.003200.003300.003400.00

06-J

ul-1

3

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

03-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

07-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ p

er 1

00 K

g

Spot and Futures Prices of Chana Traded at NMCE,Ahmedabad

Spot Jul-13 Aug-13 Sep-13 Oct-13 Nov-13

IV. Indian Commodity Exchange


& Copper constituted a major share of the value of commodities traded at the

The following table and the pie

ICEX, Mumbai during the period under review.

Commodities

Mustard Seed Iron ore Natural Gas Lead Gold Crude oil Copper Total of major commoditiesOther commoditiesTotal

Note: Natural Gas volumes are not included in the Total Volume


Seed, Iron Ore, Natural Gas,


IRONORE9.88%

NATURAL GAS9.60%

LEAD5.87%

GOLD4.49%

CRUDEOIL4.27%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ICEX,MUMBAI DURING JULY 2013 TO SEPTEMBER 2013

MUSTARD SEEDLEADCOPPER

13

Exchange , Mumbai (ICEX)

During the period under review, Mustard Seed, Iron Ore, Natural Gas, Lead, Gold

constituted a major share of the value of commodities traded at the

and the pie-chart indicate the % share of major commodities traded at

ICEX, Mumbai during the period under review.

Total value

(In ₹ crores)

% share to the

total value 7,422.00 60.361,215.10 1,180.59

721.75 552.35 524.48 436.55

Total of major commodities 12,052.83 98.01Other commodities 244.33

12,297.16 100.00

Note: Natural Gas volumes are not included in the Total Volume

presentation of ready and futures prices of seven major commodities

Natural Gas, Lead, Gold, Crude Oil & Copper at ICEX, Mumbai during the


MUSTARD SEED

COPPER3.55%

OTHER COMMODITIES

1.99%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ICEX,MUMBAI DURING JULY 2013 TO SEPTEMBER 2013

IRONORE62FINES NATURAL GASGOLD CRUDEOILOTHER COMMODITIES

Lead, Gold, Crude Oil

constituted a major share of the value of commodities traded at the ICEX, Mumbai.

the % share of major commodities traded at

% share to the

60.36 9.88 9.60 5.87 4.49 4.27 3.55

98.01 1.99

100.00

prices of seven major commodities viz. Mustard

at ICEX, Mumbai during the

MUSTARD SEED60.36%


NATURAL GASCRUDEOIL

14

Mustard Seed

Iron Ore

Natural Gas

3000

3250

3500

3750

4000

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Mustard Seed Traded at ICEX, Mumbai


18-Oct-13 20-Nov-13 20-Dec-13

6000

7000

8000

9000

10000

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er M

T

Spot & Futures Prices of Iron Ore Traded at ICEX, Mumbai


31-Oct-13 29-Nov-13 31-Dec-13

190

210

230

250

270

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

mm

Btu

Spot & Futures Prices of Natural Gas Traded at ICEX, Mumbai


28-Oct-13 27-Nov-13 26-Dec-13

15

Lead

Gold

Crude Oil

110

120

130

140

150

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er K

gSpot & Futures Prices of Lead Traded at ICEX, Mumbai


31-Oct-13 29-Nov-13 31-Dec-13

25000265002800029500310003250034000

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

0 G

ms

Spot & Futures Prices of Gold Traded at ICEX, Mumbai

Ready Prices 1-Aug-13 1-Oct-13 2-Dec-13

6000

6300

6600

6900

7200

7500

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er B

BL

Spot & Futures Prices Of Crude Oil Traded at ICEX, Mumbai


21-Oct-13 19-Nov-13 18-Dec-13

16

Copper

V. ACE Commodities and Derivatives Exchange, Mumbai (ACE)

During the period under review, Cotton 118, Soya Bean, Castor Seed & Soy Oil constituted a

major share of the value of commodities traded at the ACE, Mumbai. The following table and

the pie-chart indicate the % share of major commodities traded at ACE, Mumbai during the

period under review.

Commodities Total value

(In ₹ crores)

% share to the

total value Cotton 118 4,234.60 50.43 Soybean 2,772.48 33.02 Castor 691.97 8.24 Soya Oil 450.07 5.36 Total of major commodities 8,149.12 97.05 Other commodities 247.32 2.95 Total 8,396.44 100.00

400

425

450

475

500

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er K

gSpot & Futures Prices of Copper Traded at ICEX, Mumbai

Ready Prices 30-Aug-13 29-Nov-13


Soya Bean, Castor Seed

below.

SOYBEAN33.02%

CASTOR8.24%

SOYA OIL5.36%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ACE, MUMBAI DURING JULY 2013 TO SEPTEMBER 2013

COTTON118

CASTOR

OTHER COMMODITIES

395004150043500455004750049500

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

₹ P

er C

andy

Spot & Futures Prices of Cotton 118 Traded at ACE, Mumbai

Ready Prices

20-Dec-13

17

Cotton 118

presentation of ready and futures prices of four major commodities

, Castor Seed & Soy Oil at ACE, Mumbai during the period under review is given

COTTON118

SOYA OIL5.36%

OTHER COMMODITIES

2.95%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ACE, MUMBAI DURING JULY 2013 TO SEPTEMBER 2013

COTTON118 SOYBEAN

REFSOYOIL

OTHER COMMODITIES

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3


Ready Prices 19-Jul-13 18-Oct-13

13 20-Jan-14 20-Feb-14

prices of four major commodities viz. Cotton 118,

at ACE, Mumbai during the period under review is given

COTTON11850.43%


14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3


20-Nov-13

18

Soya Bean

Castor Seed

Soy Oil

280030503300355038004050

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Soya Bean Traded at ACE, Mumbai

Ready Prices 19-Jul-13 18-Oct-13 20-Nov-13

20-Dec-13 20-Jan-14 20-Feb-14 20-Mar-14

305033003550380040504300

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

00 K

g

Spot & Futures Prices of Castor Seed Traded at ACE, Mumbai


18-Oct-13 20-Nov-13 20-Jan-14

600625650675700725

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ P

er 1

0 K

g

Spot & Futures Prices of Soy Oil Traded at ACE, Mumbai

Ready Prices 19-Jul-13 19-Aug-13 20-Sep-13 18-Oct-13

20-Nov-13 20-Dec-13 20-Jan-14 20-Feb-14

VI. Universal Commodity Exchange


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 Rape/Must Seed Soya bean Turmeric Kilo Gold Total of major commoditiesOthers Grand Total


Rape/Mustard seed, Soy bean, Turmeric and Kilo Gold

review is given below.

Soya bean21.14%

Turmeric17.68%

Kilo gold5.14%

Percentage share to the total value of the commodities traded at UCX.,Navi Mumbai During July 2013 to September 2013

Chana Rape/Mustard seed

19

Exchange Ltd., Navi Mumbai (UCX)

During the period under review, Chana, Rape/Mustard seed, Soy bean, Turmeric and Kilo

constituted a 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.

Commodities Total Value (In ₹ Crore)


2,838.75 2,670.28 2,393.73 2,002.30

582.52 Total of major commodities 10,487.58

836.06 11,323.63

Graphical presentation of ready and futures prices of five major commodities

Rape/Mustard seed, Soy bean, Turmeric and Kilo Gold at UCX, New Mumbai during the period under

Chana25.07%


Others7.38%

Percentage share to the total value of the commodities traded at UCX.,Navi Mumbai During July 2013 to September 2013

Rape/Mustard seed Soya bean Turmeric Kilo gold

Chana, Rape/Mustard seed, Soy bean, Turmeric and Kilo

constituted a major share of the value of commodities traded at UCX, Navi Mumbai

the percentage share of major commodities

% share to the total

25.07 23.58 21.14 17.68

5.14 92.62

7.38 100.00

prices of five major commodities viz. Chana,

at UCX, New Mumbai during the period under

Chana25.07%


Percentage share to the total value of the commodities traded at UCX.,Navi

Others

20

Chana

Rape/Mustard Seed

Soy Bean

2500.002600.002700.002800.002900.003000.003100.003200.003300.003400.003500.00

06-J

ul-1

3

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

03-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

07-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ p

er 1

0 0

Kg

Spot and Futures Prices of Chana Traded at UCX.,Navi Mumbai

Spot Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

3000.003100.003200.003300.003400.003500.003600.003700.003800.00

06-J

ul-1

3

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

03-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

07-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ p

er 1

00 K

G

Spot and Futures Prices of Rape/Mustard seed Traded at UCX., Navi Mumbai


2700.00

2900.00

3100.00

3300.00

3500.00

3700.00

3900.00

06-J

ul-1

3

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

03-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

07-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ p

er 1

00 K

G

Spot and Futures Prices of Soy Bean Traded at UCX., Navi Mumbai

Spot Jul-13 Aug-13 Oct-13

21

Turmeric

Kilo Gold

4400.004600.004800.005000.005200.005400.005600.005800.006000.00

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ p

er 1

00 K

GSpot and Futures Prices of Turmeric Traded at UCX., Navi Mumbai


26000.0027000.0028000.0029000.0030000.0031000.0032000.0033000.0034000.00

6-Ju

l-13

13-J

ul-1

3

20-J

ul-1

3

27-J

ul-1

3

3-A

ug-1

3

10-A

ug-1

3

17-A

ug-1

3

24-A

ug-1

3

31-A

ug-1

3

7-S

ep-1

3

14-S

ep-1

3

21-S

ep-1

3

28-S

ep-1

3

₹ p

er 1

0 G

m

Spot and Futures Prices of Kilo Gold Traded at UCX., Navi Mumbai

Spot Jul-13 Sep-13 Nov-13

22

3. IMPORTANT DEVELOPMENTS IN THE COMMODITY MARK ETS

3.1 Regulation of Commodity Exchanges:

3.1.1 Approval of amendment to bylaws

• On 1st July, 2013, the Commission approved the Bye-laws and Rules of Multi Commodity

Exchange of India Ltd. (MCX), relating to “Regulatory Framework for market access through

Authorized Persons”.

• The Commission, on 26th July, 2013, approved the amendments proposed by National

Board of Trade (NBOT), Indore in their Bye-laws No 211 (b), 211(c) and 211(d) to allow

non-client members to trade with more than three members and also the Bye- law No 509

(d) relating to amendments in respect of delivery logic.

• On 29th July, 2013, the Commission approved the Bye-laws of National Multi Commodity

Exchange of India Ltd. (NMCE), relating to “Regulatory Framework for market access

through Authorized Persons”.

3.1.2 Discontinuation of registration of certain in termediaries:

The Commission on 24th September, 2013 discontinued registration of certain intermediaries

like Depository Participants, Assayers and Warehouses etc. which do not come under the

regulatory purview of FMC.

3.2 Revision in the regulatory measures:

3.2.1 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.

• The Commission reviewed the price volatility, volumes and open interest in the commodities

of Chana, R/Mustard seed, Soya Bean and Refined Soya oil and reduced the initial margins

to the previous level of 5% of the value of the contract or VaR based margin whichever is

higher, with effect from 3rd July 2013.

• The Commission imposed special margin of 5% on short side on the Chana contracts on

25th July, 2013 for the National Exchanges where Chana contracts are being traded.

• The Commission on 2nd August, 2013 made applicable special margin of 10% on the short

side on all running contracts and yet to be launched contracts in Turmeric at all National

Exchanges where turmeric contracts are traded with effect from the beginning of August 06,

2013.

• The Commission on 21st August, 2013 withdrew the Special Margin of 5% on short side on

the Chana contracts at all the National Exchanges where Chana contracts are traded, with

effect from the beginning of August 23, 2013.

23

• The Commission has increased the initial margin in respect of all the Gold contracts traded

on the National Exchanges from the existing level of 4% to 5% or VaR based margin

whichever is higher w.e.f. 2nd September, 2013.

• In view of the current price volatility, the Commission imposed additional margin of 5% on

all Gold, Silver, Brent Crude Oil, Crude Oil and Natural Gas contracts traded on the National

Exchanges with effect from 2nd September, 2013.

• The Commission on 3rd September, 2013 imposed an additional margin of 5 % in all the

base metals contracts, namely Aluminium, Copper, Lead, Nickel and Zinc traded on the

National Exchanges till further orders, effective from 9th September, 2013, in view of the price

volatility observed.

• The Commission on 6th September, 2013 imposed 10 % special margin on long side of all

the contracts of Guar Seed and Guar Gum traded on National Exchanges till further orders,

effective from 11th September, 2013, keeping in view the price volatility in these two

commodities.

3.2.2 Permission for Algo/High Frequency Trade (HFT ) in Gold 100 gm futures Contracts:

Considering high contract value of 100 gm Gold, the Commission decided to allow Algo/High

Frequency Trade in Gold 100 gm futures contracts traded on all the Exchanges.

3.2.3 Approval of contract specifications:

The Commission on 19.7.2013, conveyed its approval to the modifications made by the

IPSTA, Kochi in ordinary margins in respect of Pepper MG 1 contracts and this modification

was made applicable with effect from July 2013 expiry onwards.

3.2.4 Removal of restrictions from taking fresh pos itions:

The Commission on 13th September, 2013 removed restrictions on taking of fresh positions in

the last 5 trading days of cardamom contracts at MCX, Mumbai. With this, the trade

participants in cardamom contracts are allowed to take fresh position till expiry of the contract.

3.2.5 Trading in commodity futures on Saturdays:

Relating to the working of commodities futures market on Saturdays, the Commission had

received the following feedback from the Exchanges, members of exchanges and the

physical market participants:

(i) As the international commodities futures markets remain closed on Saturdays, the

rationale for keeping the domestic futures markets for the non agri-commodities open on

Saturdays does not hold good,

(ii) The domestic physical markets for agri-commodities usually remain open on Saturdays,

24

(iii) Saturday may be declared closed for trading so as to allow the exchanges and their

members to utilize the day exclusively for housekeeping, maintenance of record, attend

to compliance matters etc.

In the light of the above, the Commission on 18th September, 2013 took the decision to keep

the trading platform of the commodity exchanges closed for trading on Saturdays for non agri-

commodities. However, trading in futures of agri-commodities will continue on Saturdays as

per the existing trading hours for the time being and the matter shall be reviewed after three

months.

3.3 Strengthening of Warehousing Facility in the Co mmodity Futures market and

Registration of warehouses with WDRA:

The Commission on 30th August 2013 directed the exchanges to ensure that all the existing

warehouses accredited by the exchanges shall be registered by Warehousing Development

and Regulatory Authority (WDRA) and certificate of accreditation obtained from the WDRA as

early as possible, but not later than 31.12.2013. The Exchanges are also directed to accredit

only those new warehouses which are registered & accredited by WDRA.

3.4 Expert Committee on regional Exchanges

The Expert Committee to suggest norms for the infrastructural requirements and up-gradation

of regional Exchanges has submitted its report to the Commission on 1st August, 2013.

3.5 Report on the Haryana Commodities Exchange

The Commission, on 10th September, 2013, furnished a report on the clarifications sought by

the Department of Consumer Affairs, on issues pertaining to the Haryana Commodities

Exchange such as induction of institutional clearing members, appointment of Independent

Directors, Plan for online trading etc, for considering the renewal of recognition of the

Exchange in respect of forward contracts in Mustard seed and Cotton seed oil cake.

3.6 Compliance under Prevention of Money Laundering Act, 2012 (PMLA)

The Commission informed the Financial Intelligence Unit- India (FIU-IND) in August, 2013

about the list of all the registered Exchanges for compliance under Prevention of Money

Laundering Act, 2012 (PMLA). The Commission has nominated Dr. Atul Verma, Director

(Enforcement), FMC, as the nodal officer for the purpose of ensuring compliance with PMLA,

2012.

3.7 Working Group set up by RBI on ‘Resolution Re gime’ for financial Institutions

The Commission, nominated Ms. Usha Suresh, Economic Adviser, FMC, as the nominee on

the working Group set up by RBI on ‘Resolution Regime’ for financial Institutions.

3.8 Reconstitution of the Risk Management Group

A Risk Management Group (RMG) was constituted to assist the Forward Markets

Commission in formulating risk management policies and guidelines for Commodities

25

Derivatives Market vide the Commission’s office order dated 21st February 2005. The

commodity futures market is facing many challenges with regard to risks arising on account of

domestic as well as global issues. It was, therefore, considered necessary that the RMG may

be reconstituted which would advise the Commission on various issues relating to risk

management at National level Commodity Futures Exchanges and at Regional Exchanges as

well. Accordingly, the Commission on 16th September 2013 reconstituted the RMG. The

composition of the reconstituted RMG is as follows:

1. Prof. J. R. Verma, Indian Institute of Management, Ahmedabad. - Chairman

2. Representative from Securities and Exchange Board of India, Mumbai. - Member

3. Mr. Nehal Vora, Chief Operating Officer, Bombay Stock Exchange. - Member

4. Mr. Rakesh Kapur, Joint MD and CFO, IFFCO - Member

5. Mr. Sunil Sanghai, MD, Head of Global Banking India, HSBC Ltd. - Member

6. MD /CEOs of all National Exchanges - Member

7. Representative from Commodity Participants Association of India. - Member

8. Director, Market Division, Forward Markets Commission - Convener

3.9 Guidelines regarding Constitution of the Board of Directors, Nomination of

Independent Directors and appointment of Chief Exe cutives at the Nationwide Multi

Commodity Exchanges

3.9.1 The Commission, on 5th August, 2013, conveyed the decision to all the National Commodity

Exchanges that the MDs / CEOs of the Exchange shall not hold position as a Director / office

bearer of any other Company without obtaining prior approval of the Commission.

3.9.2 The Commission, on 27th August, 2013, directed all the Managing Director / CEO of the

National Commodity Exchanges to furnish information related to the Board and Corporate

Governance of the Exchanges to the Commission by 2nd September 2013.

3.9.3 In order to have a broad-based representation of all classes of shareholders on the Board of

Directors of the Exchanges and to strengthen corporate governance, the Commission, on

13th September 2013, revised the relevant guidelines and directed all the National

Commodity Exchanges to take action on the following:-

(i) The representation of the Anchor investor on the Board of the Exchange shall not be more

than the proportion of their shareholding, which will be a maximum of 26% at the end of the

fifth year of the Exchange’s operation as per the extant policy.(ii) The representation of the

class of Shareholders (representing Government companies; Banks, Public financial

institutions; Co-operative Societies and Federations manufacturing or marketing agri-inputs or

marketing agri-produce or owning or operating, warehouses; warehousing companies in the

private sector having minimum five years standing in warehousing business and owning and

operating warehouses in at least two States; stock exchanges, commodity exchanges) shall

not be less than one-half of the total number of Shareholder Directors. Further, none of these

shareholders shall have more than one representative on the Board. (iii) The representation

26

of other classes of shareholders on the Board shall be as per their eligibility for appointment

on the Board.

3.10 Appointment of Independent Directors on the Bo ard of the national multi commodity

Exchanges:

During the quarter, the Commission appointed the following persons as Independent

Directors on the Board of the national multi commodity Exchanges under section 6 (2) (b)

of the FCR Act, 1952.

Sr. No.

Name of the Exchange Name of the Independent Director

Period of Appointment

1 Multi Commodity Exchange of India Ltd (MCX), Mumbai

Shri Dinesh Kumar Mehrotra, Former Chairman of LIC

03/07/2013 up to 31/03/2016

2 National Commodity & Derivatives Exchange Ltd., (NCDEX) Mumbai

Shri Prithviraj Bishnoi IAS (Retd.)

03/07/2013 up to 31/03/2016

3 National Multi Commodity Exchange Ltd (NMCE), Ahmadabad

Shri Sudhir Gunvantray Mankad IAS (Retd.)

22/07/2013 up to 31/03/2016

4 National Multi Commodity Exchange Ltd (NMCE), Ahmadabad

Shri Virendra Singh Jain, Former Chairman of SAIL

31/07/2013 up to 31/03/2016

5 Multi Commodity Exchange of India Ltd (MCX), Mumbai

Shri Santosh Kumar Mohanty, Director, FMC

one year w.e.f. 1.09.2013

3.11 Constitution of an Advisory Committee on Techn ology:

In order to keep pace with the technological developments and to take appropriate regulatory

measures, the Commission on 3rd September, 2013 constituted an ‘Advisory Committee on

Technology’ which would advise the Commission on various issues arising on use of

technology for commodity futures trading.

The Committee consists of the following members:-

1. Shri Ashish Chauhan, M.D, BSE, Mumbai - Chairman

2. Shri Deepak Sancheti, Ex-General Manager, SEBI - Member

3. Shri Pravir Vora, Ex-Chief Technology Officer, ICICI - Member

4. Shri N. Ram, Ex-Chief Technology Officer, HDFC - Member

5. Shri Sujit Prasad, Chief General Manager, SEBI - Member

6. Chief Technology Officers of all National level Exchanges - Member

7. Representative from Commodity Participant Association, CPAI - Member

8. Shri P.N. Tiwari, Director, FMC -Member Secretary

3.12 Attending to Client Complaints/Grievances:

3.12.1 The Commission receives complaints from the clients registered with the Exchange members

alleging unauthorized trades being executed by the members in their account, contract

notes/account statements not being received from the members, mis-utilization of clients’

money etc. The complaints are forwarded to the respective exchanges for settling the

grievances of the clients expeditiously. During the period July to September, 2013, forty (40)

complaints were received and 11 complaints were disposed.

27

3.12.2 Settlement Guarantee Fund:

The Commission, on 23rd August, 2013 issued clarification to the national exchanges on the

sources of funds and contribution by exchanges to Settlement Guarantee Fund (SGF).

The Components’ of SGF shall be:

(i) The initial contribution to SGF by the Exchange will be equivalent to 5% of the sum total

of the Gross Revenues of the Exchange for the preceding financial years starting from

Financial Year 2007-08 or from the date when the Exchange was set-up, till Financial

Year 2012-13, subject to a minimum of Rs. 10 crore.

(ii) The Base minimum capital of members

(iii) Interest accrued on Base Minimum Capital

(iv) Refundable deposits made by the member (other than margins) for trade by whatever

name called.

(v) All settlement related penalties charged by the exchange for members’ w.e.f. 1st

September 2013.

(vi) The annual contribution by the Exchange will be 5% of its Gross revenue of the previous

year with effect from 1st April 2014.

(vii) Interest amount and any other income accrued on the investment of funds of SGF.

3.13 Inclusion of ‘Aadhar Card’ as a proof of ident ity and proof of address in KYC

documentation

Investor Protection Division issued a circular on 23.8.2013 to all National Exchanges

informing that the Commission has decided to include ‘Aadhar Card’ as a proof of identity and

proof of address in KYC documentation.

3.14 Investmen t of Investor Protection Fund (IPF) trust money:

The Commission on 6th September, 2013 directed the National Exchanges to make all

investment of IPF trust money in accordance with the relevant provisions of Indian Trust Act,

1882 and Section 11(5) of Income Tax Act, 1961.

3.15 Portfolio Management Activities by the members of the National Exchanges :

Even after issuing directions and clarifications as early as in December 2006 on Portfolio

Management Services Activities, the Commission continued to receive complaints that

Portfolio Management Activities are taking place in large number in commodities futures

market putting small investors’ money at risk. In view of this, the Commission on 11th

September 2013 issued further directions to the Exchanges not to allow the following

activities:

• any activity in the nature of promise of assured returns after a certain fixed time period or

assured profits by the members or profit sharing activity.

• any activity without executing Member Client Agreement or completing uniform client

registration formalities.

• any activity without presenting client with a Risk Disclosure document.

28

• any activity without proper orders from the client for managing his accounts/executing

trades etc.

• any advertisement/publicity made by the member highlighting only the benefits of futures

market without highlighting the risks involved.

• any other activity which is ambiguous or misleading the client in any way.

3.16 Inspect the books of accounts of the Members

The Commission has been inspecting the books of accounts of the Members of the National

Exchanges and Regional Exchanges on a regular basis. During the quarter, 291 audit reports

were received from the Auditors and 287 audit reports were sent to Exchanges for follow up

action on non-compliances observed.

3.17 Membership registration

The system of membership registration continued during the period. The total number of

members registered from 01.07.2013 to 30.09.2013 is 36. No members were declared as

surrendered/ deactivated/ suspended by the Commodity Exchange(s) during the above

period. The total number of registered members as on 30.09.2013 stands at 5554.

4 ENFORCEMENT ACTION:

4.1 As per Rule 13 of the F.C.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 FCR Rules 1954

State Police Authorities

1 1 The Commissioner of Police, Delhi Police (on 23.08.13) 2 1 The Commissioner of Police, Ahmedabad (on

13.08.2013) 3 1 The Superintendent of Police, Economic Offences Wing,

Chennai (on 16.09.2013) 4 1 Shri Bhisham Singh, Deputy Commissioner of Police

(Crime), Delhi (on 05.09.2013) 5 1 The Director General of Police, Punjab (on 13.09.2013) 6 1 The Director General of Police, Rajasthan (on

13.09.2013) 7 1 The Superintendent of Police, Mathura (on 11.09.2013) 8 1 The Additional Commissioner of Police, Economic

Offences Wing, Mumbai (on 24.09.2013)

4.2 Scrutiny Reports forwarded to the Police Author ities a) Report on the scrutiny of the documents seized from M/s. Wardhman (Vardhman)

Jewellers, Daud Baug Road, Andheri (W), Mumbai, has been forwarded to the Economic

Offences Wing(EOW) of Mumbai Police on 26 July 2013.

b) Crime Branch Police, Mumbai conducted raid on 02/04/2013 at the office premises of

Prashant Subalchand Maji situated at Shiv-Sena Office building, Fanaswadi, Kalbadevi,

Mumbai. The Scrutiny report was dispatched to EOW Mumbai on 14.08.2013.

29

5. COURT CASES AND LEGAL MATTERS:

While discharging the regulatory functions, especially enforcement functions, the Commission

have been engaged in litigation with different parties/entities. The Commission and / or the

Union of India have 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 July to September, 2013 are given below:

5.1 M/s. Betul Oil Ltd., Mumbai filed a Special Leave Petition (SLP) No. 19786-19787 of 2013

before the Hon’ble Supreme Court of India, challenging the order dated 12-04-2013 passed

by the Hon’ble MP High Court in WP 3621 of 2012, in the matter of show cause notice issued

by NCDEX against violation of the directions passed by the Commission in clubbing of open

positions in Guar seed contracts. The Hon’ble Supreme Court heard the aforesaid SLP on 11-

07-2013 and dismissed the same as withdrawn, with a direction that it will be open to the

petitioners to file a reply to the show cause notice so that a final decision can be taken by the

Authority after ascertaining the facts.

5.2 Susheel Kumar Pandey had filed the Writ Petition No. 899 of 2013 against the Secretary,

Ministry of Finance & 7 others before the Hon’ble Calcutta High Court at Kolkata alleging that

MCX was involved in manipulation of Rupee-Dollar valuation. The Hon’ble High Court

dismissed the aforesaid Petition on 09-09-2013 with a observation that the petitioner has the

recourse available under the RTI Act and the petition is an abuse of judicial process.

5.3 Indian Council of Investors filed the Public Interest Litigation (L) No. 89 of 2013 against Union

of India and others, before the Hon’ble High Court of Bombay, in the matter of National Spot

Exchange Limited. Dr. Kirit Somaiya also filed PIL (L) No. 98 of 2013 against The Ministry of

Consumer Affairs, Food and Public Distribution and others. In the similar matter, Tarun

Amarchan Jain HUF and another also filed Writ Petition (L) No. 2340 of 2013 against FMC

and others. All the petitions were clubbed together for hearing and now pending before the

Hon’ble High Court of Bombay.

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, 146 awareness programmes were conducted

across the country. Out of 146 awareness programmes, 78 programmes were conducted for

30

farmers and 68 for other stakeholders. The details of awareness programmes organized

during the period under review is given in Annexure V.

The Commission in association with the National Exchanges organized Stakeholders’

Meeting on Warehousing Sector on 8th July, 2013 at Jaipur, Rajasthan.

6.2 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 July –

September 2013, the Commission conducted 25 Capacity Building Programmes which are

given in Annexure VI.

7. DEVELOPMENT AT NATIONAL SPOT EXCHANGE LIMITED:

(i) The National Spot Exchange Limited (NSEL) was exempted vide notification dated the 5th

June, 2007 by the Government under Section 27 of the FC(R) Act 1952, for trading of

forward contracts of one day duration subject to certain conditions. However as NSEL was

violating conditions of exemption granted to them, on 12th July 2013 the Ministry of Consumer

Affairs directed NSEL to give an undertaking that no further/ fresh contracts will be launched

by them until further instructions from the concerned authority. Subsequently, on 31st July

2013, NSEL suspended trading in all contracts (except e-series contracts which were

suspended on 6th August 2013) and decided to merge the delivery and settlement of all the

outstanding contracts and deferred the settlement for a period of 15 days. This resulted into a

pay-out / settlement crisis of over ₹ 5500 crore.

(ii) In order to protect the interests of commodity market participants, the Central Government

issued a notification on 6th August 2013, in partial modification of gazette notification dated 5th

June, 2007, imposing additional conditions on NSEL that no trading in the existing e-series

contracts and no further one day forward contracts in any commodity shall be launched by

NSEL without prior approval of the Central Government. The notification also stipulated that

the settlement of all outstanding one day forward contracts at NSEL shall be done under the

supervision of FMC.

(iii) FMC instructed NSEL to open a settlement escrow account for receiving deposits of pay in

made on or after 31st July 2013 and instructed NSEL that disbursement from this escrow

account to selling members shall be done with the approval of the Commission.

(iv) As per the settlement plan submitted by NSEL to the Commission on 14th August, 2013,

NSEL was required to collect an amount of ₹ 5574.35 crore from buying members and to

make payment of ₹ 5380.53 crore to selling members. As per this plan NSEL was expected

to collect ₹ 174.72 crore from the buying members every week from 20th August 2013. The

exchange had made pay out of ₹ 92 crore on 20.08.2013, ₹ 12.60 crore on 27.08.2013,

31

₹ 15.36 crore on 03.09.2013, ₹ 13.45 crore on 10.09.2013, ₹ 8.57 crore on 17.9.2013 and

₹ 11.45 crore on 24.9.2013 on a pro rata basis to the seller members. Further, NSEL has

disbursed ₹ 177.22 crore outside the agreed settlement plan to small selling members on

27.8.2013 as below:

a. 608 selling members who were to receive upto ₹ 2 lakh as on 31.7.2013 were given

100% of their dues.

b. 6380 selling members who were to receive above ₹ 2 lakh and upto ₹ 10 lakh as on

31.7.2013 were given 50% of their dues.

(v) FMC deputed officials to the exchange for verifying the settlement obligations, settlement

guarantee fund and documents showing details of goods lying in the warehouses of NSEL.

The Commission recommended to the Government that central agencies like CWC, FCI may

be appointed to assess the quality and quantity of the goods at NSEL warehouses and secure

their custody. It further recommended that Ministry of Finance be requested to assign this

matter to an expert agency inter alia the task of tracking end use of money borrowed by the

buyers through NSEL platform and that the Ministry of Law and Justice to be approached for

an opinion on the issue of liability of promoters of NSEL.

(vi) Commission also recommended to the Ministry that a multi agency investigation is needed to

locate and recover the siphoned off money and establish criminal liability arising out of

cheating, forgery, criminal breach of trust, money laundering and criminal conspiracy by

persons/entities responsible for warehouse goods, buyers and exchange officials.

(vii) NSEL was also instructed to take appropriate action to take custody of goods in warehouses

by engaging appropriate agencies for security and collateral management. It was also

instructed to appoint a forensic auditor to establish the credibility of books of accounts and

record maintenance by the exchange. Also it was directed to proceed with liquidation of all

realizable assets of the defaulter members for their failure to meet the pay in obligations and

the amount realized out of such liquidation of assets was asked to be deposited in the escrow

account. Further NSEL was directed to take suitable punitive action based on the findings of

the collateral management agency as per the law, under intimation to the Commission.

Interim report regarding inspection of NSEL warehouses indicates that as against the stock

value reported by NSEL of ₹ 2389.36 crore lying in 16 warehouses, physical verification has

shown that the value of commodities lying in the warehouse is about ₹ 358 crore only.

(viii) A proposal from NSEL to appoint Grant Thornton as forensic auditor was received and the

concurrence for the same was given by the Commission.

(ix) NSEL has filed complaint with the Economic Offences Wing of the Mumbai Police against five

defaulting members who did not possess adequate commodities in their warehouses.

32

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

33

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

34

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

35

Annexure III

Volume & Value of Trading in Various Commodities du ring the period July 2013 to Sept’ 2013

Sl. No Name of the Commodity Volume (In LT)

Value (In ₹crore)

I Agricultural Commodities Food Items

1 Chana/Gram 172.60 51657.23 2 Refined Soya oil 96.39 64273.06 3 Pepper 0.03 120.80 4 Jeera (Cumin seed) 5.91 7976.29 5 Red Chilli 3.99 2193.33 6 Soya bean/seed 135.40 45117.28 7 Rape/Mustard Seed 137.44 46338.84 8 Wheat 2.60 410.73 9 Potato 13.04 935.58

10 Turmeric 16.18 8504.54 11 Sugar 6.07 1832.30 12 Gur 4.52 1338.91 13 Cardamom 0.41 3147.05 14 Maize Feed 13.27 1751.25 15 Barly 6.88 885.08 16 Coffee Rep Bulk 2.12 2694.28 17 Coriander/Dhaniya 20.48 11814.39 18 Crude Palm Oil 21.17 10904.93 19 Copra 4.49 2396.36 20 Coconut oil 0.001 0.41 21 RBD palmolein 0.02 10.63 (A) Total of Above 663.00 264303.24

Non Food Items 22 Guar seed 15.44 8443.04 23 Mentha Oil 1.33 12009.22 24 Castor seed 121.88 43724.57 25 Guar Gum 1.80 2921.42 26 Kapas 13.25 6704.44 27 Rubber 1.41 2597.06 28 Raw jute 21.17 5865.17 29 Cotton seed Oilcake / Kapasia Khali 73.66 11888.19 30 Sacking 3.04 1440.44 31 Isabgul Seed 6.15 4142.60 32 Cotton 9.37 15246.74 33 Soymeal 0.36 104.99 (B) Total of Above 268.87 115087.89

(A+ B) Total Agri-Commodities 931.87 379391.13 II Bullion 1 Gold 0.02 643552.64 2 Silver 0.81 380644.77 Total of Bullion 0.84 1024197.41

III Metals 210.93 427534.84 IV Energy (excluding Natural gas volume ) 1040.23 581984.84

Grant Total (I to IV) (excluding Natural gas volume ) 2183.87 2413108.22

36

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 NCDEX, Mumbai

Barley January 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

4th July 2013

2 Castor seed January 2014,February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014 & November 2014

4th July 2013

3 Cottonseed oil cake

January 2014, February 2014, Mach 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, & December 2014

4th July 2013

4 Soya bean January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014 & December 2014

4th July 2013

5 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

4th July 2013

6 Soybean Meal

January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014 & December 2014

4th July 2013

7 RBD Palmolein


4th July 2013

8 Sugar M January 2014,February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

4th July 2013

9 Rubber January 2014,February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

4th July 2013

10 Chana January 2014, February 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

29th July 2013

11 Coriander January 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

29th July 2013

37

Sl. No.




12 NCDEX, Mumbai

Gur January 2014, March 2014, July 2014, September 2014, November 2014 & December 2014

29th July 2013

13 Jeera March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

29th July 2013

14 Rapeseed/ Mustard seed

January 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

29th July 2013

15 Turmeric April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

29th July 2013

16 Wheat January 2014, February 2014,March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

29th July 2013

17 (Maize (Kharif)

January 2014, February 2014, March 2014, October 2014,November 2014 & December 2014

29th July 2013

18 Maize (Rabi)

April 2014, May 2014, June 2014, July 2014, August 2014 & September 2014

29th July 2013

19 Brent Crude Oil

16th January 2014,13th February 2014, 14th March 2014,15th April 2014,15th

May 2014, 13th June 2014,16thJuly 2014, 14th August 2014,15th September 2014, 16th October 201413th November 2014 &16th December 2014

29th July 2013

20 Light Sweet Crude Oil

17th January 2014,19th February 2014, 19th March 2014,21st April 2014,19th May 2014,19th June 2014,21st July 2014, 19th August 2014, 19thSeptember 2014, 20thOctober 2014,19th November 2014 & 18th December 2014

29th July 2013

21 Copper Cathode

28th February 2014, 30th April 2014, 30th June 2014, 29th August 2014 & 28th November 2014

29th July 2013

22 Polyvinyl chloride

January 2014, February 2014,March 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

29th July 2013

23 Gold 100 grams

August 2013,September 2013,October 2013,November2013 &December 2013

29th July 2013

24 Guar seed December 2013,January 2014, February 2014,March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014 and December 2014

11th July 2013

38

Sl. No.




25 NCDEX, Mumbai

Guar gum December 2013,January 2014, February 2014,March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014 and December 2014

11th July 2013

26 Silver 30 kg December 2013, March 2014, May 2014, July 2014, September 2014 & December 2014

23rd August 2013

27 Gold 1 kg October 2013, December 2013, February 2014, April 2014, June 2014, August 2014, October 2014 & December 2014

23rd August 2013

28 Steel long 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

26th August 2013

29 Guar seed 10 MT)

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

2nd September 2013

30 ACE, Mumbai

Soya bean January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014 & December 2014

4th July 2013

31 Refined Soy oil


4th July 2013

32 RBD Palmolein

October 2013, November 2013, December 2013, January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, August 2014

4th July 2013

33 Guar seed December 2013, January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014 and December 2014.

4th July 2013

34 Guar gum December 2013, January 2014, February 2014, March 2014, April 2014, May 2014, June 2014, July 2014, October 2014, November 2014 and December 2014

4th July 2013

35 Soya bean meal (Export)

October 2013,November 2013, December 2013, January 2014, February 2014& march 2014

2nd August, 2013

36 Soya bean meal (Domestic)

April 2014, May 2014,June 2014, July 2014 August 2014 and September 2014

2nd August, 2013

39

Sl. No.




37 ACE, Mumbai

Crude Palm Oil

August 2013, September 2013, October 2013, November 2013 and December 2013

13th August, 2013

38 Chana January 2014, February 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 and December 2014

27th August, 2013

39 Rape seed/ Mustard seed

January 2014, April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014, November 2014 & December 2014

27th August, 2013

40 Castor seed January 2014, February 2014, March 2014,April 2014, May 2014, June 2014, July 2014, August 2014, September 2014, October 2014 & November 2014

27th August, 2013

41 NMCE, Ahmedabad

Castor seed

15th January 2014,15th February 2014, 15th March 2014,15th April 2014 15th May 2014, 14th June 2014,15th July 2014,14th August 2014,15th September 2014,15th October 2014,15th November 2014

16th September, 2013

42 Chana 20th January 2014,20th February 2014, 19th April 2014 20th May 2014, 20thJune 2014,19th July 2014, 20th August 2014, 20th September 2014,20th October 2014,20th November 2014,20th December 2014


43 Coffee REP Bulk

31st January 2014,31st March 2014,31st May 2014,31st July 2014,30th September 2014,29th November 2014


44 Copra 15th January 2014,15th February 2014, 15th March 2014,15th April 2014,15th May 2014,14th June 2014,15th July 2014, 14th August 2014,15th September 2014,15th October 2014,15th November 2014,15th December 2014


45 Isbgulseed 15th February 2014,15th April 2014,14th June 2014,14th August 2014,15th October 2014,15th December 2014


46 Pepper 15th January 2014,15th February 2014, 15th March 2014,15th April 2014,15th May 2014,14th June 2014,15th July 2014,14th August 2014,15th September 2014,15th October 2014,15th November 2014,15th December 2014


47 Rape/Mustard seed

15th January 2014,15th April 2014,15th May 2014,14th June 2014,15th July 2014,14th August 2014,15th September 2014,15th October 2014,15th November 2014, 15th December 2014


40

Sl. No.




48 NMCE, Ahmedabad

Raw Jute 31st January 2014, 27th February 2014, 31st March 2014,30th April 2014,31st May 2014,30th June 2014,31st July 2014, 30th August 2014,30th September 2014,31st October 2014, 29thNovember 2014,31st December 2014


49 Rubber 15th January 2014, 15th February 2014,15th March 2014,15th April 2014, 15th May 2014,14th June 2014,15th July 2014, 14th August 2014,15th September 2014,15th October 2014,15th November 2014,15th December 2014


50 Sacking 15th January 2014,15th February 2014, 15th March 2014,15th April 2014,15th May 2014,14th June 2014,15th July 2014,14th August 2014,15th September 2014,15th October 2014,15th November 2014,15th December 2014


51 Soy oil 20th January 2014,20th February 2014, 20th March 2014,19th April 2014,20th May 2014,20th June 2014,19th July 2014,20th August 2014,20th September 2014,20th October 2014,20th November 2014,20th December 2014


52 MCX, Mumbai

Cotton January 2014 to June 2014 19th July, 2013 53 Cottonseed

oil cake January 2014 to December 2014 excluding October 2014

19th July, 2013

54 Crude Oil January 2014 to June 2014 19th July, 2013 55 Cardamom January 2014 to December 2014 19th July, 2013 56 Guarseed December 2013 and January 2014 to

December 2014 excluding August and September 2014

19th July, 2013

57 Guar Gum December 2013 and January 2014 to December 2014 excluding August and September 2014

19th July, 2013

58 UCX, Navi Mumbai

Guarseed October and November 2013 19th July, 2013

59 Guar Gum October and November 2013 19th July, 2013

60 SCOOAL, Surendranagar

Kapas April 2014 31st July, 2013

61 FCEI, Kochi

Copra December 2013, January 2014, February 2014 and March 2014

22nd August, 2013

62 Coconut oil December 2013, January 2014, February 2014 and March 2014

22nd August, 2013

63 COC, Hapur Mustardseed February 2014 and May 2014 6th September, 2013

41

Annexure V

State-wise details of awareness programmes for the period from July to September, 2013

Names of States July to September, 2013

Farmers Others Total

Andhra Pradesh 2 6 8

Aruhachal Pradesh 2 -- 2

Assam 2 1 3

Bihar 1 2 3

Chatttisgarh -- -- --

Chandigarh -- -- --

Daman & Diu -- -- --

Goa -- 1 1

Gujarat 8 7 15

Haryana -- 2 2

Himachal Pradesh 2 -- 2

Jharkhand 2 1 3

Jammu & Kashmir 2 -- 2

Kerala 7 -- 7

Karnataka -- 5 5

Maharashtra 1 14 15

Madhya Pradesh 11 6 17

New Delhi -- -- --

Odisha 2 3 5

Pondicherry -- -- --

Punjab 4 1 5

Manipur 2 -- 2

Meghalaya 1 -- 1

Mizoram -- -- --

Nagaland 2 -- 2

Rajasthan 9 3 12

Sikkim 2 -- 2

Tamil Nadu 1 7 8

Tripura 2 -- 2

Uttar Pradesh 7 1 8

Uttaranchal -- -- --

UT of Andaman -- 1 1

West Bengal 6 7 13

TOTAL 78 68 146

42

Annexure VI

Details of capacity building programmes conducted i n July 2013 to September 2013

S. No.

Name of the Institute/Agriculture

Univ ersity

Dates of the programme conducted

Venue of the programme Conducted

Category of participants

1 VAMNICOM, Pune 29-31st August 2013

Pune, Maharashtra

Chairman, MDs, GMs, BODs & Sr. Executives of Mktg. Coop. Mktg. Commodity Boards/ Fed./ APMC etc.

2 VAMNICOM, Pune 29-31st August 2013

Pune, Maharashtra

Chairman, MDs, GMs, BODs & Sr. Executives of State Sugar Federations and Factories etc.

3 ICM, Dehradun 20-21st August 2013

Dehradun, Uttrakhand

Chairman, MDs, GMs, BODs & Sr. Executives of Mktg. Coop. Mktg. Commodity Boards/ Fed./ APMC etc.

4 NSRICM, Kalyani 20-21st August 2013

Kalyani, West Bengal

Chairman, MDs, GMs, BODs & Sr. Executives of State Sugar Federations and Factories etc.

5 RICM, Chandigarh 26-27th August 2013

Chandigarh, Punjab

Officers of DCCB, USCB, SCB, Dept. of Coop.& Sec., Assist. Secy. Inspector of APMC of Uttrakhand State

6 Periyar University, Salem, Tamil Nadu

30-31st August, 2013

Salem, Tamil Nadu

Faculty members and related staff of the Univ.

7 NIAM, Jaipur 6-7th August, 2013 Bhopal, M.P. Cooperative Banks 8 NABCONS, Mumbai 22-23rd August,

2013 Andhra Pradesh

Sr. officers from State and Central Govt. Depts.

9 TOPIC, Gurgaon 5-6th September 2013

TOPIC,Gurgaon Haryana

Managers /Trainers of Federations/institutes, District officers of Federations

10 IGICM, Lucknow 2-3rd September 2013

Lucknow, U.P. Managers of State Ware Housing Corporations

11 MICM, Bhubaneshwar 6-7th September 2013

Bhubaneshwar Orissa

Govt. officers of Coop. Dept. (SARCS/ICS)

12 DNSRICM, Patna 26-27th September 2013

Patna, Bihar Personnel of Bihar State Ware Housing Corp.

13 ACMART, Kolkata 12-13th September 2013

Kolkata, West Bengal

Functionaries of Primary Agricultural Cooperative Societies of Kolkata

14 ACMART, Kolkata 14-15th September 2013

Kolkata, West Bengal

Functionaries of Primary Agricultural Cooperative Societies of Kolkata

15 Central Agricultural University, Imphal, Manipur (NER)

19-20th September 2013

Imphal, Manipur (NER)

Programme coordinators/ subject matter specialists of KVKs and extension managers of state Dev. Dept.

16 Acharya N.G. Ranga AgriculturalUniversity Hyderabad, (A.P.)


Hyderabad, A.P.

UG final year students of B.Sc (CA&BM), PG students &Faculty

17 Pondicherry University 5-6th September 2013

Pondicherry, U.T.

Commerce, eco., management and agricultural sciences faculty from Indian Universities and college & research scholars in Pondicherry

18 RICM, Gandhinagar 23-24th September 2013

Gandhinagar, Gujarat

Officers, Secretary/ Assistant Secretary of APMC & PACS of Gujarat State

19 S.K. Rajasthan Agri. Univ. Bikaner


Bikaner, Rajasthan

Students and other staff of the University

20 NABCONS, Mumbai 5-6th September 2013

Kerala For Marketing Federation/ Societies and PACs

21 Directorate of Marketing Federations Hyderabad

27th September 2013

FMC, Mumbai Trainees from Directorate of Agricultural Marketing/Agricultural Marketing boards of Andhra Pradesh,Tamil Nadu and Karnataka

22 NIAM, Jaipur 26-27th September 2013

Chattisgarh, Raipur

Cooperative Banks


Gujarat Sr. Officers of Public Sector Banks including Regional Rural banks &State Cooperative Banks


Uttar Pradesh For Marketing Federation/ Societies and PACs


West Bengal For State and Central Govt. officers.

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