Location: Home > textile information
NSEL reaches the door steps of textile industry
Source: National Spot Exchange Ltd (NSEL) Date: 2009-04-22
| National Spot Exchange Ltd., the neutral and transparent electronic spot market entered the textile hub of the country, Coimbatore. Around 50-60% of the total textile industry is based in Coimbatore. NSEL aims at developing the electronic spot market by spreading awareness about the use of electronic platform. This platform will benefit the total value chain of cotton trade like the brokers, traders, merchants, the textile mills etc. by providing online delivery based contract to hedge their price risk against fluctuating prices. The buyers located anywhere in the country can negotiate electronically on a nation wide electronic platform. Speaking on the occasion, Mr Anjani Sinha, MD & CEO, NSEL said, ��We aim to demystify the benefits of the spot market to the millions across India. This is possible only through awareness. We believe only through awareness will it be possible for us to reach the unenviable position of the leader in spot market��. With the huge size of MSP operation being carried out by NAFED this year, NSEL looks forward to a significant delivery based volume of cotton through its platform. NSEL has commenced its live operation on October 15, 2008 and since then, it has seen continuous surge in its volume. Within 6 months of its operations, NSEL has emerged as a coveted and leading spot exchange in the country with more than 95% market share. NSEL has its presence in Maharashtra, Karnataka, Gujarat and Bihar. Presently, NSEL offers spot trading in 9 commodities viz. Gold, Silver, Cotton, Castor seed, Guarseed, lemon Tur, Urad, Red Arecanet, and Chana. During the ensuing financial year, NSEL will launch spot trading in a number of other products in various states of Kerala, Tamilnadu, Madhya Pradesh, etc. and so, the business is expected to grow in many folds. To augment its domestic strategic alliances, NSEL has signed various strategic Licensing Agreements / Memoranda of Understanding in Madhya Pradesh, Rajasthan leading producer companies, NAFED, IL &FS for bringing various stake holders into a common platform. National Spot Exchange Limited is a National level Institutionalized, Electronic, Transparent Spot Exchange. NSEL is poised to transform the rural economy by way of improving marketing efficiency for agricultural produce. It is a state-of the-art organized and structured market place providing facilities for risk fee and hassle free procurement and disposal of farm produce. It provides customized solutions to various problems faced by the farmers, traders, processors, exporters, importers, arbitrageurs, investors and the general mass relating to agricultural marketing, storage, warehouse receipt financing, etc. | |
|
|
