According to officials, after launching sugar successful on its electronic platform, NCDEX Spot has decided to go in for more commodities.
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In most developed markets, there are reporting agencies for spot markets and generally deals took place on the over-the-counter market.
The exchange has formed a new company -- NCDEX Spot Exchange--and senior officials said bullion will be one of the important products in spot market trading.
From what the crisis is all about to who all are affected, here are 10 FAQs.
NCDEX Spot (NSpot) on Tuesday said that it has attained the number one position in electronic auctions of food crops.
It will be the first to go, in what has become an overcrowded segment since India first allowed futures trading in commodities in 2003.
India's commodity markets regulator, the Forward Markets Commission has urged commodity exchanges to review the mechanism of spot market prices. In an interview to a leading business daily, FMC Chairman B C Khatua said the commodity exchanges should widen the sample size of the poll participants for spot market prices.
Shortage of seeds, threat of El Nino expected to restrict sowing.
Chary also says some government officials have played an important role in favouring organisations that MCX competes with.
Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 crore scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business, with turnover estimated to dip by 30 per cent to Rs 125 lakh crore.
Manoj Vaish on Saturday took charge as Managing Director and CEO of the country's leading commodity exchange MCX that is under the regulatory glare following troubles at the promoter group.
'We have entered the commodity space with a long-term view.'
A major payment crisis involving Rs 5,600 crore (Rs 56 billion) broke out at National Spot Exchange last year.
Brokers have only kept guarantees for which they have open positions.
New FMC directives for MDs & CEOs; regulator also wants half the directors on commodity exchange boards to be independent.
Trading in agri commodities on Saturdays to be reviewed later; more changes likely in the coming months to align with global pattern.
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