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Soy bourse gets govt nod to trade in mustard

India's only Soya Futures Exchange has received government permission to trade in rapeseed/mustard, oil and oilcake, a top exchange official said on Monday in Indore.

"The Department of Consumer Affairs has given us the permission for futures trading in rapeseed for five years with effect from June 1, 2000," Kailash Shahra, chairman of the Soybean Processors Association of India, said.

He said the exchange hopes to start trading in rapeseed oil shortly.

The Soya Futures exchange kicked off trading in mid-February after it won government approval last year to conduct trading in soybean, soymeal and soyoil.

The exchange is located at Indore in Madhya Pradesh, the country's soybean bowl. The state accounts for about 75 percent of India's annual soybean production of about five million tonne.

Shahra said the exchange expects to boost its trading volumes from the daily Rs 150 million ($ 3.38 million) as a result of the permission to trade in rapeseed futures.

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