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GOVERNMENT OF INDIA

FORWARD MARKETS COMMISSION

MINISTRY OF FINANCE

DEPARTMENT OF ECONOMIC AFFAIRS

FMC Bulletin

January 2014 – March 2014

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

i) Multi Commodity Exchange of India Ltd., Mumbai 3

ii) National Commodity & Derivatives Exchange Ltd., Mumbai

7

iii) National Multi Commodity Exchange of India Ltd., Ahmedabad

11

iv) Indian Commodity Exchange Ltd., Mumbai 15

v) ACE Derivatives & Commodity Exchange Ltd., Mumbai

18

vi) Universal Commodity Exchange Ltd., Navi Mumbai 19

3. Important Developments in the Commodity Market 23

4. Developmental Activities 34

Annexure

Sr. No. Subject Pg. No.

I List of commodities notified under section 15 of the

FCRA 1952.

36

II List of Recognized Commodity Exchanges 38

III Volume and value of commodities traded 39

IV Details of permissions granted to Recognized

Exchanges

40

V Details of Capacity Building Programs conducted 41

VI State wise details of Awareness programs conducted 43

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., January to March 2014, food items viz. Refined Soya Oil, Soya

bean, Chana, Coriander and Rapeseed/Mustard seed contributed major share to the total value of

trade in Agricultural Commodities. In Non-food Items, Castor seed, Cotton and Kapas contributed

major share in the commodity futures trading. The total value of trade during the above period was

₹18.98 lakh crore as against ₹40.84 lakh crore during the corresponding period last year. During the

period, the value of trade in Bullion was ₹6.74 lakh crore and in Metals (other than Bullion) it was

₹2.89 lakh crore. Value of trade in Agriculture Commodities and Energy Products amounted to ₹4.48

lakh crore and ₹4.87 lakh crore respectively. The total value of trade at the 6 National Multi

Commodity Exchanges was ₹18.87 lakh crore and at the remaining 11 Commodity Specific

Exchanges, it was ₹0.11 lakh crore.

During the period under review, the Commission undertook a number of measures to improve the

hedging efficiency of the market. Additional delivery centers have been included. New commodity

contracts were introduced. To reduce the cost of hedging, the market participants have been

exempted from paying margins (except MTM) if they have deposited certified goods to the Exchange

accredited warehouse.

In order to have efficient functioning of the Commodity Futures Market, the Commission decided to

keep trading platform closed on Saturdays for all the futures contracts. The Commission also decided

to grant continuous approval for trading in the futures contracts. For better alignment of the domestic

futures prices with the international price movements in the internationally linked agricultural

commodities, evening trade has been permitted in 10 such commodities. In order to regularly monitor

the collection of margins by members and also provide a reasonable time to members for collection of

margins from their clients, the Commission revised its instructions on short-collection/ non- collection

of margins. The Commission also gave directions to the Exchanges on dealings in Cash Transactions

and levying of Differential Transaction Charges. As a part of implementation of non-legislative

recommendations of FSLRC, the Commission adopted enhanced consumer protection measures

which include requirement of professional diligence on the part of members and protection of

consumers from unfair terms in financial contracts.

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,

290 awareness programmes, 32 capacity building programmes and 10 stakeholders’ meetings 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 (January to March 2014), the total value of trade in all commodities

traded at the recognized Exchanges was ₹18.98 lakh crore as against ₹ 16.88 lakh crore during the

previous quarter (October 2013 to December 2013) and ₹40.84 lakh crore during the corresponding

period of last year.

The six national commodity Exchanges contributed 99.44 % to the total value of trade in the

Commodity futures market. These are MCX, Mumbai (78.25 %), NCDEX, Mumbai (15.70 %), NMCE,

Ahmedabad (2.38 %), ICEX, Mumbai (1.13 %), ACE Mumbai (0.63%) and UCX, Navi Mumbai

(1.34%).

The following table indicates the total volume and value of trade during the quarter January 2014 to

March 2014 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)

779.55 1485111.83 78.25

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

665.55 298013.40 15.70

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

99.42 45200.83 2.38

Indian Commodity Exchange Ltd., Mumbai (ICEX)

75.22 21478.71 1.13

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

6.11 12035.34 0.63

Universal Commodity Exchange Ltd., Navi Mumbai (UCX)

60.40 25504.35 1.34

Total of National Exchanges 1686.25 1887344.46 99.44

Regional Exchanges 24.29 10589.03 0.56

Grand total 1710.54 1897933.49 100.00Note: 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, Agriculture Commodities (Food and Non-Food Items) and Metals. In

Agricultural commodities the major contribution to the total value of trade was from Castor seed,

Refined Soya Oil, Soya bean, Chana and Coriander.

The Cumulative value of commodities traded during January 2014 to March 2014 and the

value for the corresponding period last year (January 2013 to March 2013) is given below :-

(In ₹ lakh crore)

January 2014 to March 2014 October 2013 to December 2013 January 2013 to March 2013 18.98 16.88 40.84

3

2. PERFORMANCES OF THE EXCHANGES IN THE COMMODITY MARKET

I. Multi Commodity Exchange of India Ltd., Mumbai (MCX)

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

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

MCX, Mumbai.

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

MCX, Mumbai, during the period under review.

Commodities Total value(In ₹ crore)

% share to the total value

Gold 353103.91 23.78Silver 313305.32 21.10Crude oil 247879.65 16.69Natural Gas 237777.52 16.01Copper 99031.91 6.67Lead 69942.03 4.71Zinc 43258.99 2.91Nickel 42016.41 2.83Aluminum 27906.32 1.88Total of major commodities 1434222.05 96.57Other commodities 50889.78 3.43Total 1485111.83 100.00

Graphical presentation showing the percentage share of above Commodities / Contracts is

given in the following Diagram:

Graphical presentation of ready and futures prices of nine major commodities Gold, Silver,

Crude Oil, Natural Gas, Copper, Lead, Zinc, Nickel & Aluminum at MCX, Mumbai during the

period under review is given below.

GOLD 23.78%

SILVER21.10%CRUDEOIL

16.69%

NATURAL GAS16.01%

COPPER6.67%

LEAD4.71%

ZINC2.91%

NICKEL2.83%

ALUMINUM1.88%

Other Commodities3.43%

PERCENTAGE SHARE OF THE VALUE OF COMMODITIES TRADED AT MCX ,MUMBAI DURING JANUARY 2014 TO MARCH 2014

4

GOLD

SILVER

CRUDE OIL

26500

28500

30500

32500

4-Ja

n-1

4

11-J

an

-14

18-J

an

-14

25-J

an

-14

1-F

eb-1

4

8-F

eb-1

4

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-

14

8-M

ar-

14

15-

Ma

r-1

4

22-

Ma

r-1

4

29-

Ma

r-1

4

₹ P

ER

10

GM

S

SPOT & FUTURES PRICES OF GOLD TRADED AT MCX, MUMBAI

Ready Prices 5-Feb-14 5-Apr-14 5-Jun-14

5-Aug-14 3-Oct-14 5-Dec-14

40000

45000

50000

55000

4-Ja

n-1

4

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb-

14

8-F

eb-

14

15-

Feb

-14

22-

Feb

-14

1-M

ar-

14

8-M

ar-

14

15-

Ma

r-1

4

22-

Ma

r-1

4

29-

Ma

r-1

4

₹ P

ER

K

G

SPOT & FUTURES PRICES OF SILVER TRADED AT MCX, MUMBAI

Ready Prices 5-Mar-14 5-May-14

5-Jul-14 5-Sep-14 5-Dec-14

5500

6000

6500

7000

4-Ja

n-1

4

11-J

an-1

4

18-J

an-1

4

25-J

an-1

4

1-F

eb-1

4

8-F

eb-1

4

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-1

4

8-M

ar-1

4

15-M

ar-1

4

22-M

ar-1

4

29-M

ar-1

4

₹ P

ER

B

BL

SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT MCX, MUMBAI

Ready Prices 20-Jan-14 19-Feb-14 19-Mar-14

21-Apr-14 19-May-14 19-Jun-14 21-Jul-14

19-Aug-14 19-Sep-14

5

NATURAL GAS

COPPER

LEAD

205

255

305

355

405

4-Ja

n-1

4

11-J

an-1

4

18-J

an-1

4

25-J

an-1

4

1-F

eb-1

4

8-F

eb-1

4

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-1

4

8-M

ar-1

4

15-M

ar-1

4

22-M

ar-1

4

29-M

ar-1

4

₹ pe

r m

mB

tu

SPOT & FUTURES PRICES OF NATURAL GAS TRADED AT MCX, MUMBAI


25-Apr-14 27-May-14 25-Jun-14

350

400

450

500

4-Ja

n-1

4

11

-Jan

-14

18

-Jan

-14

25

-Jan

-14

1-F

eb-1

4

8-F

eb-1

4

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-1

4

8-M

ar-1

4

15-M

ar-1

4

22-M

ar-1

4

29-M

ar-1

4

₹ P

ER

K

G

SPOT & FUTURES PRICES OF COPPER TRADED AT MCX, MUMBAI

Ready Prices 28-Feb-14 30-Apr-14 30-Jun-14 29-Aug-14

115

125

135

145

4-Ja

n-1

4

11-J

an-1

4

18-J

an-1

4

25-J

an-1

4

1-F

eb-1

4

8-F

eb-1

4

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-1

4

8-M

ar-1

4

15-M

ar-1

4

22-M

ar-1

4

29-M

ar-1

4

₹ P

ER

K

G

SPOT & FUTURES PRICES OF LEAD TRADED AT MCX, MUMBAI


30-Apr-14 30-May-14 30-Jun-14

6

ZINC

NICKEL

ALUMINUM

110

120

130

140

4-Ja

n-1

4

11-J

an-1

4

18-J

an-1

4

25-J

an-1

4

1-F

eb-1

4

8-F

eb-1

4

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-1

4

8-M

ar-1

4

15-M

ar-1

4

22-M

ar-1

4

29-M

ar-1

4

₹ P

ER

K

G

SPOT & FUTURES PRICES OF ZINC TRADED AT MCX, MUMBAI


30-Apr-14 30-May-14 30-Jun-14

800

850

900

950

1000

4-Ja

n-1

4

11-J

an-1

4

18-J

an-1

4

25-J

an-1

4

1-F

eb-1

4

8-F

eb-1

4

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-1

4

8-M

ar-1

4

15-M

ar-1

4

22-M

ar-1

4

29-M

ar-1

4

₹ P

ER

K

G

SPOT & FUTURES PRICES OF NICKEL TRADED AT MCX, MUMBAI


30-Apr-14 30-May-14 30-Jun-14

100

105

110

115

4-Ja

n-1

4

11-J

an-1

4

18-J

an-1

4

25-J

an-1

4

1-F

eb-1

4

8-F

eb-1

4

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-1

4

8-M

ar-1

4

15-M

ar-1

4

22-M

ar-1

4

29-M

ar-1

4

₹ P

ER

K

G

SPOT & FUTURES PRICES OF ALUMINIUM TRADED AT MCX, MUMBAI


30-Apr-14 30-May-14 30-Jun-14

7

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

During the period under review Soy Oil, Soya Bean, Castor Seed, Dhaniya, Chana, Kapas,

R/M Seed, Cotton Cake, Turmeric & Guar Seed constituted a major share of the value of

commodities traded at NCDEX, Mumbai.


NCDEX, Mumbai during the period under review.

Commodities Total value(In ₹ Crore)

% share to the total value

Soya Oil 55120.68 18.50Soya bean 45925.48 15.41Castor seed 44987.87 15.10Dhaniya 38465.32 12.91Chana 26321.09 8.83Kapas 17227.92 5.78Mustard seed 17088.13 5.73Cottonseed oilcake 14452.38 4.85Turmeric 8426.57 2.83Guar seed 6530.19 2.19Total of major commodities 274545.64 92.125Other commodities 23467.77 7.87Total 298013.40 100.00

Graphical presentation of ready and futures prices of ten major commodities Soy Oil, Soya

Bean, Castor Seed, Dhaniya, Chana, Kapas, R/M Seed, Cotton Cake, Turmeric & Guar Seed at

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

SOYA_OIL18.50%

SOYABEAN15.41%

CASTOR_SEED15.10%

DHANIYA12.91%

CHANA8.83%

KAPAS5.78%

MUSTARD_SEED5.73%

COTTONSEED_OILCAKE4.85%

TURMERIC2.83%

GUAR_SEED2.19%

OTHER COMMODITIES

7.87%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT NCDEX,MUMBAI DURING JANUARY 2014 TO MARCH 2014

8

SOY OIL

SOYA BEAN

CASTOR SEED

650

675

700

725

750

4-J

an

-14

11

-Ja

n-14

18

-Ja

n-14

25

-Ja

n-14

1-F

eb

-14

8-F

eb

-14

15

-Fe

b-1

4

22

-Fe

b-1

4

1-M

ar-1

4

8-M

ar-1

4

15-M

ar-1

4

22-M

ar-1

4

29-M

ar-1

4

₹ P

ER

10

KG

SPOT & FUTURES PRICES OF SOY OIL TRADED AT NCDEX

SPOT Jan-14 Feb-14 Mar-14 Apr-14

May-14 Jun-14 Jul-14 Aug-14

3500

3650

3800

3950

4100

4250

4400

4-J

an

-14

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb

-14

8-F

eb

-14

15

-Fe

b-1

4

22

-Fe

b-1

4

1-M

ar-1

4

8-M

ar-1

4

15

-Ma

r-14

22

-Ma

r-14

29

-Ma

r-14

₹ P

ER

10

0 K

G

SPOT & FUTURES PRICES OF SOY BEEN TRADED AT NCDEX

SPOT Jan-14 Feb-14 Mar-14

Apr-14 May-14 Jun-14 Jul-14

3900

4150

4400

4650

4900

4-Ja

n-1

4

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb-

14

8-F

eb-

14

15-

Fe

b-1

4

22-

Fe

b-1

4

1-M

ar-

14

8-M

ar-

14

15-

Ma

r-14

22-

Ma

r-14

29-

Ma

r-14

₹ P

ER

10

0 K

G

SPOT & FUTURES PRICES OF CASTOR SEED TRADED AT NCDEX



9

DHANIYA

CHANA

KAPAS

7000

8000

9000

10000

11000

4-Ja

n-1

4

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb-

14

8-F

eb-

14

15-

Feb

-14

22-

Feb

-14

1-M

ar-

14

8-M

ar-

14

15-

Ma

r-1

4

22-

Ma

r-1

4

29-

Ma

r-1

4

₹ P

ER

100

KG

SPOT & FUTURES PRICES OF DHANIYA TRADED AT NCDEX

SPOT Jan-14 Feb-14 Apr-14 May-14 Jun-14 Jul-14

2800

3000

3200

3400

3600

4-Ja

n-1

4

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb-

14

8-F

eb-

14

15-

Fe

b-1

4

22-

Fe

b-1

4

1-M

ar-

14

8-M

ar-

14

15-

Ma

r-14

22-

Ma

r-14

29-

Ma

r-14

₹ P

ER

100

KG

SPOT & FUTURES PRICES OF CHANA TRADED AT NCDEX

SPOT Jan-14 Feb-14 Apr-14 May-14 Jun-14 Jul-14

800

900

1000

1100

4-J

an

-14

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb

-14

8-F

eb

-14

15

-Fe

b-1

4

22

-Fe

b-1

4

1-M

ar-1

4

8-M

ar-1

4

15

-Ma

r-14

22

-Ma

r-14

29

-Ma

r-14

₹ P

ER

20

KG

SPOT & FUTURES PRICES OF KAPAS TRADED AT NCDEX

SPOT Feb-14 Mar-14 Apr-14

10

R/M SEED

COTTON CAKE

TURMERIC

3250

3450

3650

3850

4-J

an-1

4

11-J

an

-14

18-J

an

-14

25-J

an

-14

1-F

eb-1

4

8-F

eb-1

4

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-

14

8-M

ar-

14

15-

Ma

r-1

4

22-

Ma

r-1

4

29-

Ma

r-1

4

₹ P

ER

100

KG

SPOT & FUTURES PRICES OF R/M SEED TRADED AT NCDEX

SPOT Jan-14 Apr-14 May-14 Jun-14 Jul-14

1400

1500

1600

1700

1800

4-J

an

-14

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb-

14

8-F

eb-

14

15

-Fe

b-1

4

22

-Fe

b-1

4

1-M

ar-

14

8-M

ar-

14

15

-Ma

r-14

22

-Ma

r-14

29

-Ma

r-14

₹ P

ER

10

0 K

G

SPOT & FUTURES PRICES OF COTTON SEED OIL CAKE TRADED AT NCDEX



5500

6000

6500

7000

7500

4-Ja

n-1

4

11-J

an

-14

18-J

an

-14

25-J

an

-14

1-F

eb-

14

8-F

eb-

14

15-

Feb

-14

22-

Feb

-14

1-M

ar-

14

8-M

ar-

14

15-

Ma

r-1

4

22-

Ma

r-1

4

29-

Ma

r-1

4

₹ P

ER

10

0 K

G

SPOT & FUTURES PRICES OF TURMERIC TRADED AT NCDEX

SPOT Apr-14 May-14 Jun-14 Jul-14

11

GUAR SEED

III. National Multi Commodity Exchange, Ahmadabad (NMCE)

During the period under review Sacking, Chana, Raw Jute, Rape/Mustard seed and

Castor seed constituted a major share of the value of commodities traded at 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 % share to the total value

Sacking 6237.28 13.80

Chana 6216.78 13.75

Raw Jute 5758.73 12.74

Rape/Mustard seed 5351.13 11.84Castor seed 5308.82 11.74

Total of major commodities 28872.74 63.88

Others 16328.09 36.12

Total 45200.83 100.00

4000

4500

5000

5500

6000

4-Ja

n-1

4

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb-

14

8-F

eb-

14

15-

Fe

b-1

4

22-

Fe

b-1

4

1-M

ar-

14

8-M

ar-

14

15-

Ma

r-14

22-

Ma

r-14

29-

Ma

r-14

₹ P

ER

100

KG

SPOT & FUTURES PRICES OF GUAR SEED TRADED AT NCDEX



12

Graphical presentation of ready and futures prices of five major commodities viz. Sacking,

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

under review is given below.

SACKING

Sacking13.80% Chana

13.75%

Raw Jute12.74%

Rape/Mustard seed11.84%

Castorseed11.74%

Others 36.12%

PERCENTAGE SHARE TO THE TOTAL VALUE OF COMMODITIES TRADED AT

NMCE., AHMEDABADDURING JANUARY 2014 TO MARCH 2014

3000.00

3050.00

3100.00

3150.00

3200.00

3250.00

3300.00

3350.00

3400.00

04/Jan/14

11/Jan/14

18/Jan/14

25/Jan/14

01/Feb

/14

08/Feb

/14

15/Feb

/14

22/Feb

/14

01/M

ar/14

08/M

ar/14

15/M

ar/14

22/M

ar/14

29/M

ar/14

₹ P

ER

100

B

AG

S

SPOT AND FUTURES PRICES OF SACKING AT NMCE, AHMEDABAD

Spot Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14

13

CHANA

RAW JUTE

2700.00

2800.00

2900.00

3000.00

3100.00

3200.00

3300.00

3400.00

04/Jan/14

11/Jan/14

18/Jan/14

25/Jan/14

01/Feb

/14

08/Feb

/14

15/Feb

/14

22/Feb

/14

01/M

ar/14

08/M

ar/14

15/M

ar/14

22/M

ar/14

29/M

ar/14

₹ P

ER

10

0 K

GSPOT AND FUTURES PRICES OF CHANA AT NMCE, AHMEDABAD.

Spot Jan‐14 Feb‐14 Apr‐14 May‐14

2900.00

2920.00

2940.00

2960.00

2980.00

3000.00

3020.00

3040.00

3060.00

3080.00

3100.00

04/Jan/14

11/Jan/14

18/Jan/14

25/Jan/14

01/Feb

/14

08/Feb

/14

15/Feb

/14

22/Feb

/14

01/M

ar/14

08/M

ar/14

15/M

ar/14

22/M

ar/14

29/M

ar/14

₹ P

ER

100

KG

SPOT AND FUTURES PRICES OF RAW JUTE AT NMCE., AHMEDABAD.

Spot Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14

14

RAPE/MUSTARD SEED

CASTOR SEED

590.00

610.00

630.00

650.00

670.00

690.00

710.00

730.00

04/Jan/14

11/Jan/14

18/Jan/14

25/Jan/14

01/Feb

/14

08/Feb

/14

15/Feb

/14

22/Feb

/14

01/M

ar/14

08/M

ar/14

15/M

ar/14

22/M

ar/14

29/M

ar/14

₹PER

20 KG

SPOT AND FUTURES PRICES OF RAPE/MUSTARD SEED AT NMCE., AHMEDABAD.

Spot Jan‐14 Apr‐14 May‐14

3900.00

4000.00

4100.00

4200.00

4300.00

4400.00

4500.00

4600.00

4700.00

04/Jan/14

11/Jan/14

18/Jan/14

25/Jan/14

01/Feb

/14

08/Feb

/14

15/Feb

/14

22/Feb

/14

01/M

ar/14

08/M

ar/14

15/M

ar/14

22/M

ar/14

29/M

ar/14

₹ P

ER

10

0 K

G

SPOT AND FUTURES PRICES OF CASTORSEED AT NMCE., AHMEDABAD.

Spot Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14

15

IV. Indian Commodity Exchange, Mumbai (ICEX)

During the period under review Castor Seed, Soya Bean, Iron Ore, Mustard Seed, Lead, Gold

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


ICEX, Mumbai during the period under review.

Commodities Total value(In ₹ Crore) % share to the total value

Castor Seed 7109.49 33.10

Soybean 4446.58 20.70

Iron ore 62 fines 2733.69 12.73

Mustard Seed 2560.55 11.92

Lead 2196.42 10.23

Gold 1014.36 4.72

Copper Cathode 729.08 3.39


Other commodities 688.55 3.21

Total 21478.71 100.00

Graphical presentation of ready and futures prices of seven major commodities, Castor Seed, Soya

Bean, Iron Ore, Mustard Seed, Lead, Gold & Copper at ICEX, Mumbai during the period under

review is given below.

CASTOR SEED33.10%

SOYBEAN20.70%

IRONORE62FINES12.73%

MUSTARD SEED11.92%

LEAD10.23%

GOLD4.72%

COPPERCATHODE3.39%

OTHER COMMODITIES

3.21%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ICEX,MUMBAI DURING JANUARY 2014TO MARCH 2014

16

CASTOR SEED

SOYA BEAN

IRON ORE

3750

4000

4250

4500

4750

4-Ja

n-14

9-Ja

n-14

14-J

an-

14

19-J

an-

14

24-J

an-

14

29-J

an-

14

3-F

eb-

14

8-F

eb-

14

13-

Feb

-14

18-

Feb

-14

23-

Feb

-14

28-

Feb

-14

5-M

ar-

14

10-

Mar

-14

15-

Mar

-14

20-

Mar

-14

₹ P

ER

10

0 K

gSPOT & FUTURES PRICES OF CASTOR SEED AT ICEX,MUMBAI


3500

3750

4000

4250

4500

4-J

an-1

4

9-J

an-1

4

14-J

an-1

4

19-J

an-1

4

24-J

an-1

4

29-J

an-1

4

3-F

eb-1

4

8-F

eb-1

4

13-

Feb

-14

18-

Feb

-14

23-

Feb

-14

28-

Feb

-14

5-M

ar-1

4

10-M

ar-1

4

15-M

ar-1

4

20-M

ar-1

4

₹ P

ER

10

0 K

g

SPOT & FUTURES PRICES OF SOYA BEAN AT ICEX,MUMBAI


6000

7000

8000

9000

4-J

an-1

4

11-J

an-1

4

18-J

an-1

4

25-J

an-1

4

1-F

eb-1

4

8-F

eb-1

4

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-1

4

8-M

ar-1

4

15-M

ar-1

4

22-M

ar-1

4

₹ P

ER

MT

SPOT & FUTURES PRICES OF IRON TRADED AT ICEX,MUMBAI


17

MUSTARD SEED

LEAD

GOLD

3250

3500

3750

4000

4-Ja

n-14

11-J

an-

14

18-J

an-

14

25-J

an-

14

1-F

eb-

14

8-F

eb-

14

15-

Feb

-14

22-

Feb

-14

1-M

ar-

14

8-M

ar-

14

₹ P

ER

10

0 K

gSPOT & FUTURES PRICES OF R/M SEED AT ICEX,MUMBAI

Ready Prices 20-Jan-14 17-Apr-14

120

130

140

150

4-J

an-1

4

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb-

14

8-F

eb-

14

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-

14

8-M

ar-

14

15-M

ar-1

4

22-M

ar-1

4

₹ P

ER

Kg

SPOT & FUTURES PRICES OF LEAD TRADED AT ICEX,MUMBAI


25000

27500

30000

32500

4-Ja

n-1

4

11-J

an-1

4

18-J

an-1

4

25-J

an-1

4

1-F

eb-1

4

8-F

eb-1

4

15-

Feb

-14

22-

Feb

-14

1-M

ar-1

4

8-M

ar-1

4

15-M

ar-1

4

22-M

ar-1

4

₹ P

ER

10

Grm

SPOT & FUTURES PRICES OF GOLD TRADED AT ICEX,MUMBAI

Ready Prices 3-Feb-14 1-Apr-14

18

COPPER

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

During the period under review Cotton 118 and CPO constituted a major share of the value of

commodities traded at 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 ₹ Crore) % share to the total valueCotton 118 8968.15 74.52CPO 2782.90 23.12Total of major commodities 11751.05 97.64Other commodities 284.29 2.36Total 12035.34 100.00

420

440

460

480

4-J

an-1

4

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb-

14

8-F

eb-

14

15-F

eb-1

4

22-F

eb-1

4

₹ P

ER

KG

SPOT & FUTURES PRICES OF COPPER TRADED AT ICEX,MUMBAI

Ready Prices 28-Feb-14 30-Jun-14

COTTON11874.52%

CPO23.12%

OTHER COMMODITIES

2.36%

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ACE, MUMBAI DURING JANUARY2014 TO MARCH 2014

19

Graphical presentation of ready and futures prices of two major commodities, Cotton 118 and

CPO at ACE, Mumbai during the period under review is given below.

COTTON 118

CPO

VI. Universal Commodity Exchange Ltd., Navi Mumbai (UCX)

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

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

The following table 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) % share to the total value

Chana 9329.24 36.58Rape/Mustard seed 5422.97 21.26Turmeric 4624.49 18.13Soya bean 2847.38 11.16Rubber 1196.22 4.69


Others 2084.04 8.17 Grand Total 25504.35 100.00

40000

42000

44000

46000

4-Ja

n-1

4

11-

Jan-

14

18-

Jan-

14

25-

Jan-

14

1-F

eb-

14

8-F

eb-

14

15-

Feb

-14

22-

Feb

-14

1-M

ar-

14

8-M

ar-

14

15-

Mar

-14

22-

Mar

-14

29-

Mar

-14

₹ P

ER

CA

ND

Y

SPOT & FUTURES PRICES OF COTTON118 TRADED AT ACE, MUMBAI

Ready Prices 20-Jan-14 20-Feb-14 20-Mar-1417-Apr-14 20-May-14 20-Jun-14 18-Jul-14

500

550

600

650

4-J

an-1

4

11-

Jan

-14

18-

Jan

-14

25-

Jan

-14

1-F

eb-

14

8-F

eb-

14

15-F

eb-1

4

22-F

eb-1

4

1-M

ar-

14

8-M

ar-

14

15-M

ar-1

4

22-M

ar-1

4

29-M

ar-1

4

₹ P

ER

10

KG

SPOT & FUTURES PRICES OF CPO TRADED AT ACE, MUMBAI


30-Apr-14 31-May-14 30-Jun-14 31-Jul-14

20

Graphical presentation of ready and futures prices of five major commodities viz. Chana,

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

review is given below.

CHANA

Chana36.58%

Rape/Mustard seed21.26%

Turmeric18.13%

Soya bean11.16%

Rubber4.69%

Others 8.17%

PERCENTAGE SHARE TO THE TOTAL VALUE OF COMMODITIES TRADED AT UCX., NEW MUMBAI

DURING JANUARY 2014 TO MARCH 2014

2800.00

2900.00

3000.00

3100.00

3200.00

3300.00

3400.00

3500.00

04/Jan/14

11/Jan/14

18/Jan/14

25/Jan/14

01/Feb/14

08/Feb/14

15/Feb/14

22/Feb/14

01/M

ar/14

08/M

ar/14

15/M

ar/14

22/M

ar/14

29/M

ar/14

₹ P

ER

10

0 K

G

SPOT AND FUTURES PRICES OF CHANA AT UCX., NEW MUMBAI

Spot Jan‐14 Apr‐14 May‐14 Jun‐14 Jul‐14

21

RAPE/MUSTARD SEED

TURMERIC

3200.00

3300.00

3400.00

3500.00

3600.00

3700.00

3800.00

3900.00

4000.00

04/Jan/14

11/Jan/14

18/Jan/14

25/Jan/14

01/Feb

/14

08/Feb

/14

15/Feb

/14

22/Feb

/14

01/M

ar/14

08/M

ar/14

15/M

ar/14

22/M

ar/14

29/M

ar/14

₹

per

100

KG

SPOT AND FUTURES PRICES OF RAPE/MUSTARD SEED AT UCX., NEW MUMBAI

Spot Jan‐14 Apr‐14 May‐14 Jun‐14 Jul‐14

5600.00

5800.00

6000.00

6200.00

6400.00

6600.00

6800.00

7000.00

7200.00

7400.00

7600.00

4/Jan/14

11/Jan/14

18/Jan/14

25/Jan/14

1/Feb

/14

8/Feb

/14

15/Feb

/14

22/Feb

/14

1/M

ar/14

8/M

ar/14

15/M

ar/14

22/M

ar/14

29/M

ar/14

₹ p

er

100

KG

SPOT AND FUTURES PRICES OF TURMERIC AT UCX., NEW MUMBAI

Spot Apr‐14 May‐14 Jun‐14 Jul‐14

22

SOY BEAN

RUBBER

3500.00

3600.00

3700.00

3800.00

3900.00

4000.00

4100.00

4200.00

4300.00

4400.00

4500.00

04/Jan/14

11/Jan/14

18/Jan/14

25/Jan/14

01/Feb

/14

08/Feb

/14

15/Feb

/14

22/Feb

/14

01/M

ar/14

08/M

ar/14

15/M

ar/14

22/M

ar/14

29/M

ar/14

₹PER

100 KG

SPOT AND FUTURES PRICES OF SOY BEAN AT UCX., NEW MUMBAI

Spot Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14 Jul‐14

14100.0014300.0014500.0014700.0014900.0015100.0015300.0015500.0015700.0015900.0016100.0016300.00

4/Jan/14

11/Jan/14

18/Jan/14

25/Jan/14

1/Feb

/14

8/Feb

/14

15/Feb

/14

22/Feb

/14

1/M

ar/14

8/M

ar/14

15/M

ar/14

22/M

ar/14

29/M

ar/14

₹ P

ER

10

0 K

G

SPOT AND FUTURES PRICES OF RUBBER AT UCX., NEW MUMBAI

Spot Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14

23

3. IMPORTANT DEVELOPMENTS IN THE COMMODITY MARKETS

3.1 Regulation of Commodity Exchanges:

3.1.1 Approval to the amendment to the Bye-laws:

The Commission, on 13th January, 2014 approved the Bye-laws of ACE Derivatives and

Commodity Exchange Ltd., Mumbai regarding sharing of information among Exchanges

about defaulter members.

The Commission on 15th January, 2014 approved the Bye-laws of UCX regarding sharing of

information among Exchanges about defaulter members.

3.1.2 Approval to the amendment to Rules:

The Commission, on 16th January, 2014 conveyed the approval of the Commission for the

amendments to the deletion of Clause 141 related to the “Permanent/ non-retiring Director”

and also insertion of the Clause 185(3) and 185A, regarding the appointment of Vice-

Chairman (without executive Powers), of the Articles of Association to the Universal

Commodity Exchange Ltd, Navi Mumbai.

The Commission on 17th January, 2014 conveyed its approval for amendment to the Rules

of the ACE Derivatives and Commodity Exchange Limited regarding addition of a new

clause in its Rules indicating the activities which are not allowed by the members of the

Exchange in addition to Portfolio Management Activities such as any activity in the nature of

promise of assured returns after a certain fixed time period (for example a month, 3 months

or 6 months etc.) or assured profits by the member 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 etc.

3.2 Revision in the Regulatory Measures:

3.2.1 Approval of Contract Specification:

The Commission on 13th January, 2014 approved the proposal sent by NCDEX regarding

1) modification in Moisture and Count in Maize and 2) revision in Additional Delivery

Centre.

The Commission on 11th February, 2014 approved the proposal sent by NCDEX

regarding modification in applicability of near month limit in respect of Gur and Soybean

meal contracts. This approval for the above modification shall be from the contracts

expiring in March 2014 and thereafter.


regarding revision in the day of launching of Cotton seed (Industrial Grade) futures

contracts. Trading in any contract month will open on the 1st day of the month. If 1st day

happens to be a non-trading day, contracts would open on the next trading day. The

24

approval for the above modification shall be applicable for the contracts which are yet to

be launched.


regarding modification in i) Name of the commodity ii) Ticker symbol iii) Basis iv) Delivery

centre v) Quality specification and vi) Additional delivery centers in Steel Long BIS 2831

futures contracts.

The Commission on 13th February, 2014 approved the proposal sent by ACE regarding

modification in the date of expiry of the Gold hedge contracts. This approval for the

modification shall be for the contracts which are yet to be launched.

The Commission on 13th February, 2014 in response to a request by MCX decided to

exempt potato cold storages from WDRA registration for the current season to ensure

smooth supply operations and efficient price discovery on the Exchange platform.

The Commission on 20th February, 2014 directed NMCE to closely monitor the

transactions on the Exchange platform and ensure that, the trade volumes and price of

the commodity derivatives are not manipulated.


regarding enhancement of Tick Size in Jeera futures contracts from ₹ 2.50 per quintal to

₹ 5.00 per quintal. This modification will be applicable from all running contracts onwards.

3.2.2 Withdrawal of additional Margin of 5% in castor seed:

The Commission on 12th February, 2014, conveyed its approval to NCDEX for withdrawal

of the additional margin of 5% on long side and short side imposed by Exchange on

Castor seed contracts w.e.f. 14th February, 2014 due to subdued volatility in the prices.

3.2.3 Additional Margins on Potato Contracts:

In view of price volatility and other trading developments in the potato contracts at MCX ,

the Commission on 13th February, 2014 approved the proposal of MCX to impose an

additional margin of 20% in March 2014 contract and 10% in April 2014 contract with

immediate effect.

3.2.4 Exemption from payment of margins in respect of early-pay in for Commodities:

The Commission on 15th January 2014, to reduce the cost of hedging, directed the

Exchanges to exempt the market participants from paying initial, additional and special

margins, who have deposited certified goods against all the relevant futures contracts sold

and earmarked for delivery, to the Exchange accredited warehouse, w.e.f 1st February,

2014. Such participants will continue to remain exempted from payment of delivery margins.

However, the Exchange shall continue to collect mark to market margins from such market

participants.

25

3.2.5 Settlement Guarantee Fund:

In the light of recommendations made by Risk Management Group and the results of stress

test computations carried out by Exchanges, the Commission on 14th March, 2014 partially

modified its earlier directives dated 23rd August, 2013 as follows:-

(i) The Settlement Guarantee Fund (SGF) shall not include the refundable deposits made by

members for trade. However, the Base Minimum Capital (BMC) of members and interest

income on investment of BMC will continue to be part of SGF.

(ii) The exchange shall, on quarterly basis, make the risk assessment on SGF and shall make

fresh contribution to SGF to meet the shortfall, if any, out of the revenue earned by them.

The maximum contribution by an exchange in SGF in a year shall be up to 5% of the gross

revenue (net of Income Tax to be paid by the exchange). In cases where exchanges have

sufficient funds available in SGF to meet the contingent risk, then there is no need for

exchanges to make any further contribution.

(iii) The income accruing on the funds belonging to SGF shall be credited to SGF by the

Exchange, net of income tax paid on such income.

(iv) All settlement related penalties charged by the Exchange from members will continue to be

part of SGF.

3.2.6 Mechanism for regular monitoring of short-collection/non-collection of margins:

In order to regularly monitor the collection of margins by members and also provide a

reasonable time to members for collection of margins from their clients, the Commission on

14th March, 2014 revised its earlier instructions on short-collection/ non- collection of margins.

As per revised instructions, the members will have time till ‘T+2’ working days to collect

margins (except initial margins) from their clients and the Member shall report to the

Exchange on T + 5 day the actual short collection/non collection of all margins from clients.

Penalty shall be levied as per the details given below on the members for short / non-

collection of margins from their clients beyond T + 2 working days:

For each member ‘a’ Per day Penalty as % age of ‘a’ (< Rs 1 lakh ) And (< 10% of applicable margin) 0.5 (>= Rs1 lakh) Or(>= 10% of applicable margin) 1.0

Where a = Short – collection/Non-collection of margins per client per day.

Further, if short-collection/non-collection of margins of a client continue for more than three

consecutive days after T+2 working days, then a penalty of 1% of the shortfall amount shall

be levied for each day of continued shortfall.

3.2.7 Approval of the futures contracts on continuous basis:

In order to have efficient functioning of the Indian Commodity Futures Market for price risk

management, price discovery by hedgers and stakeholders especially farmers and as

recommended by the Risk Management Group (RMG) in its second meeting held on

26

3.1.2014, the Commission on 15th January, 2014 decided to grant continuous approval for

trading in the futures contracts instead of the existing practice of giving permission for trading

in futures contracts on yearly basis. Continuous approval for futures trading on the Exchange

in the said contracts is subject to certain terms and conditions.

3.2.8 Due Date / Expiry Date:

The Commission on 1st January, 2014 approved the proposal by UCX, Mumbai for

preponement of the Due Date / Expiry Date of Crude oil January 2014 contract from

20.1.2014 to 17.1.2014 as per the international holidays.

The Commission on 8th January, 2014 approved the proposal sent by ACE Ltd., Mumbai

regarding preponement of the Due Date/Expiry Date in Crude Oil January 2014 contract from

20.1.14 to 17.1.14 as per international holidays.

3.2.9 Final Settlement Price:

The Commission on 8th January, 2014 approved the proposal by NCDEX regarding

modification in conversion factor as 31.9899927 instead of 32.1507425 in Final Settlement

Price in respect of Gold hedge contracts.

3.2.10 Trading holidays for all Regional/Commodity Specific Exchanges

The Commission on 15th January, 2014 directed the Regional/Commodity Specific Exchanges

to henceforth follow the list of holidays declared under the Negotiable Instruments Act 1881

and the local holidays declared by State /Central Government organizations as trading

holidays under intimation to the Commission.

3.2.11 Dealing in Cash Transactions:

The Commission on 12th March, 2014 directed the Exchanges that acceptance of cash by

itself shall not constitute any trade abuse and acceptance of cash by members from their

clients for commodity futures trading shall be guided only by the relevant provisions of the

Income-Tax Act, Prevention of Money Laundering Act and any other law in force in this

regard.

3.2.12 The Commission on 13th March, 2014 invited views and suggestions from the public on

revision of Limits on Open Position in commodity futures market by 15th April, 2014.

3.2.13 The Commission on 14th March, 2014 allowed all national exchanges to extend the trade

timings in Soya Oil, Soya meal, Crude Palm Oil, RBD Palmolein, Cotton, Kapas, Cotton seed

oil cake, Cotton seed, Sugar and Maize futures contracts upto IST 11.30 p.m./11.55 p.m.

(during US day light saving time) w.e.f. 1st April 2014 onwards.

3.2.14 The Commission decided on 14th March, 2014 that all the commodity Exchanges shall keep

heir trading platform closed on Saturdays for all the futures contracts i.e. agricultural and non-

agricultural with effect from 1st April 2014 onwards. It would help Exchanges to utilise the

27

entire day exclusively for housekeeping, maintenance of record and to attend compliance

matters etc.

3.3 As per the FSLRC’s recommendations for consumer protection in the financial markets,

amendment of the Annexure 3 of KYC document “Rights and obligations of members,

authorized persons and clients” was proposed and a draft circular was uploaded on the

Commission’s website on 31.12.2013 for a period of 2 months, for comments from the public.

Since, no comments had been received from the public and the National Exchanges’

comments were broadly supportive of the amendments, the Commission on 28th March, 2014

directed the Exchanges to adopt the said amendments with effect from 1st May, 2014 which

would be applicable for all clients registering on or after 01.05.2014 and all the existing

clients/members shall execute the required amended agreement latest by 31.12.2014.

3.4 Differential Transaction Charges:

The Commission had received representations suggesting differential transaction charges for

different commodities contracts. Since there was inherent merit in implementing a differential

transaction charge structure and there was also need to promote competition in the market to

bring in greater efficiencies and lower transaction costs to market participants, the

Commission on 13th February, 2014 decided the following:

a) The Exchanges can levy different transaction charges for different commodities’ contracts

and even in the case of contracts of the same commodity.

b) The Exchanges will ensure that the ratio between highest to lowest transaction charge in

the turnover slab of any contract is not more than 1.5:1

c) In the slab system the concessional transactional charges shall be charged only on the

incremental volume/turnover and not on the entire volume/turnover.

Further, while levying the transaction charges, the Exchanges will ensure that:

a) It is imposed in a fair and transparent manner.

b) It does not favour selective trades or selective category of investors

c) It does not encourage generation of artificial volumes.

d) It does not result in any market irregularities.

3.5 The Commission on 12th February, 2014 directed Indian Commodity Exchange Limited

(ICEX) that funds in Settlement Guarantee Fund (SGF) and Investor Protection Fund (IPF)

account and member accounts shall not be utilized without prior approval of the Commission.

Chairman, ICEX informed the Commission on 20th December, 2013 that they propose to

close down the trading activity of the Exchange due to erosion of net worth which had come

down to ₹ 8.67 crore. Subsequently, the Commission on 14th February, 2014 intimated the

Ministry of Finance that, the Commission had directed ICEX not to introduce trading in any

fresh contract and also stop trading in contracts where the open interest is zero.

3.6 The Commission, on 31st January 2014, recommended to the Ministry of Finance to renew the

recognition of the Surendranagar Cotton Oil & Oilseeds Association Ltd, Surendranagar for

conducting forward trading in Kapas for a period of five years from 1.04.2014 to 31.03.2019.

28

3.7 Appointment of Independent Directors on the Board of the national multi commodity

Exchanges:

The Commission conveyed its approval for the appointment of the following persons as

Independent Directors on the Board of the Exchanges in compliance with the provisions in the

revised Guidelines dated 12th August, 2013 for the constitution of Board of Directors,

Nomination and role of Independent Directors and appointment of Chief Executives at the

Nationwide Multi Commodity Exchanges in India.

The Commission on 9th January, 2014 appointed Shri R. Mohandas as Independent Director

on the Board of India Pepper and Spice Trade Association (IPSTA), Kochi, for a period up to

31/03/2015.

The Commission, on 13th January, 2014 conveyed the approval of the Commission to UCX,

Navi Mumbai regarding the appointment of Mr. Devdas Chhotray, (IAS Retd.), Independent

Director as a Chairman of the Board, Mr. A. Ramkrishnan, Independent Director as Chairman

of the Audit Committee and Ms. Neela Gangadharan, Independent Director as the Chairman

of the Remuneration & Compensation Committee of the Exchange.

The Commission, on 16th January, 2014 conveyed the approval of the Commission to the

appointment of Dr. Manoj Vaish as Managing Director and CEO of MCX, Mumbai for a period

of three years with effect from the date of his appointment subject to the following:-

(i) Clause 7 in the agreement relating to Ownership of work Product / IPR may be reviewed

subsequent to appointment.

The Commission, on 13th February, 2014 conveyed its approval for the appointment of the

following on the Board of NCDEX, Mumbai.

a) Mr. Srinath Srinivasan, as Shareholder Director representing M/s Oman India Joint

Investment Fund (OIJIF) on the Board of the Exchange.

b) Mr. Mukund Chitale as Independent Director on the Board of NCDEX, Mumbai, The

appointment would be valid up to 31.03.2017.

c) Shri V. C. Chaturvedi, Director has been appointed as Independent Director on the

Board of Directors of NCDEX, Mumbai to represent the Central Government for a period

up to 31.03.2015 in place of Dr. Y.S.P. Thorat.

3.8 Appointment of Shareholder Directors on the Board of Exchanges:

The Commission conveyed its approval for the appointment of the following persons as

Shareholder Directors on the Board of the Exchanges in compliance with the provisions in the

revised Guidelines dated 12th August, 2013 for the constitution of Board of Directors at the

Nationwide Multi Commodity Exchanges in India.

a) The Commission, on 9th January, 2014 conveyed its approval for the appointment of the

following on the Board of ACE Derivatives and Commodity Exchange Limited:-

29

(i)Mr. Narayan S.A., Mr. Prakash Nayak, Kotak Mahindra Bank/ Kotak Mahindra Prime,

Mr. Ashok Yadav, HAFED, Mr. K. Chandrashekhar, Union Bank of India, and Mr. Vineet

Dudeja, Bank of Baroda, under Shareholder Directors category on the Board of the

Exchange, as per the provision given in Clause 1.2. This appointment is for the year 2013-

14 (one term) up to the date of Annual General Meeting.

(ii)Ms. Dharmishta Raval as Chairman of the Board, Mr. Dileep Chokshi as Chairman of

the Audit Committee and Mr. B. M. Jindel as the Chairman of the Remuneration &

Compensation Committee of the Exchange.

b) The Commission, on 8th January, 2014 conveyed its approval for the appointment of the

following on the Board of UCX, Navi Mumbai:-

(i) Mr. D.S. Ahluwalia, Executive Director (Finance), Rural Electrification Corporation Ltd

(REC), New Delhi as Shareholder Director in place of Mr. V.K. Arora on the Board of the

Exchange

(ii)The appointment of Mr. G. Chandrashekhar as Independent Director on the Board of

UCX, Navi Mumbai for a period up to 31/03/2017 .

c) The Commission, on 21st January, 2014 conveyed the approval of the Commission to

UCX, Navi Mumbai regarding the appointment of Mr. Suhas Ganpule as Shareholder

Director, M/s Skyline Capital Services Pvt. Ltd; and Mr. Kamal Verma, Sr. Executive

Director (F & A) M/s Indian Farmers Fertilizer Cooperative Limited (IFFCO), New Delhi as

Shareholder Director in place of Mr. Manish Gupta on the Board of the Exchange. This

appointment is for the year 2013-14 (one term) up to the date of Annual General Meeting

d) The Commission, on 3rd February, 2014 conveyed the approval of the Commission to the

Multi Commodity Exchange of India Ltd., Mumbai regarding the appointment of Mr. Rajiv

S. Abhyankar, General Manager (Treasury & Investments), Bank of Baroda, as a

Shareholder Director on the Board of the Exchange in place of Mr. Sanjaya Agarwal on

the Board of the Exchange. This appointment is for the year 2013-14 (one term) up to the

date of Annual General Meeting.

3.9 Oversight Committee for MCX:

The Commission had directed MCX to constitute an Oversight Committee in the interest of

better management and governance of the Exchange and also keeping in view the absence

of a MD & CEO which warranted a close monitoring and supervision of the running of the

Exchange by the Oversight Committee. Subsequently, the Commission had directed MCX

that, the Oversight Committee will cease to function from the date the new MD & CEO takes

over the charge of the Exchange. Mr. Manoj Vaish took charge of MD and CEO of MCX with

effect from 1st February, 2014 and the Oversight Committee was discontinued. The

Commission on 21st February, 2014 intimated the MD & CEO, MCX that the Oversight

Committee had submitted its closure report and directed him to examine the minutes of all the

30

meetings of the Oversight Committee and the closure report, wherein various issues have

been raised and take necessary action under intimation to the Commission.

3.10 Special audit of MCX:

The Commission had ordered a special audit of MCX which is being done by Price

Waterhouse Coopers (PWC). The PWC submitted its interim report to the Commission. The

Commission on 11th February, 2014 directed the Chairman, Board of Directors, MCX to place

the report submitted by PWC before the Board of Directors of MCX at the next Board Meeting

for discussion and for taking necessary action.

3.11 The Commission on 17th January, 2014 and 31st January, 2014, had directed MCX to take

immediate steps to implement the Order dated 17th December, 2013, stating FTIL as not fit

and proper person to continue to be a shareholder of 2% or more of the paid-up equity capital

of MCX as prescribed under Guidelines issued by the Government of India for Capital

Structure of Commodity Exchanges post 5 years of operation. However, no such effective

action was taken by the Exchange towards the implementation of the Commission’s Order.

Moreover, the interim report of PwC on the Special Audit of MCX had pointed out several

serious irregularities. However, details of action taken on the findings of PwC, was not

received from the Exchange, despite a deadline of 15 days given to the Exchange. The

Exchange was again directed to furnish details of action taken on 14th March, 2014. Further,

the Oversight Committee constituted under the orders of the Commission had also revealed

irregularities in its closure report and the minutes of various meetings submitted to the

Commission. The Exchange was directed on 21st February, 2014 to submit an action taken

report on the same. However no such action taken report was submitted by the Exchange. In

this regard, the Commission on 21st March, 2014 directed the MD & CEO, MCX that, the

order of the Commission dated 17th December, 2013 and the aforesaid directives should be

implemented on or before 30th April, 2014, failing which, the Exchange would not be permitted

to launch fresh contracts from 1st May, 2014 onwards. Besides the above, the Commission

would also take other appropriate measures in this regard as per the provisions of FCRA and

as per the Guidelines related to Constitution of Board of Directors, dated 12th August, 2013, to

ensure compliance to its orders and directions.

3.12 Registration of warehouses with the WDRA:

As the process of inspection and registration of warehouses with WDRA is taking time and

market participants are facing difficulty since adequate warehousing space is not available at

some of the locations and the Exchanges are finding it difficult to identify new warehouses

meeting WDRA norms which are already registered with the WDRA or which have already

applied for WDRA registration, the Commission decided to extend the time -frame for

requirement of registration with WDRA till 30th September, 2014 for the warehouses to be

accredited by Exchanges. To ensure that futures markets are not affected by lack of adequate

warehousing space in various locations, Exchanges can also accredit new warehouses that

apply for registration with WDRA by 30th June, 2014.

31

3.13 Common /uniform client registration form/process:

As per the existing KYC document, the clients who had opted for obtaining Contract Notes in

Electronic form had to give a declaration every year. Since receiving Contract Notes in

Electronic Form is only an option exercised by the client which can be revoked, the

Commission on 13th March, 2014 directed the National Exchanges to make amendments in

the KYC Document that declaration to obtain Electronic Contract Note (ECN) once given,

need not be renewed every year.

3.14 Inspect the books of accounts of the Members

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

Exchanges on a regular basis. During the quarter,(i) 29 audit reports were received from the

Auditors,(ii) 27 audit reports were sent to Exchanges for follow up action on non-compliances

observed, (iii) 12 audit reports were scrutinized and (iv) Action were completed in 9 audit

reports.

3.15 Audit of the Exchanges and Members:

All the six National Exchanges and five Regional Exchanges have been selected for

performance audit/ inspection of their books & records and the letters were issued to the

respective auditors on 28th March 2014. The scope of the audit for National Exchanges

includes assessment of 24 principles for Financial Market Infrastructures (FMIs) issued by

IOSCO. Also, 284 National Exchange members have been selected to conduct audit/

inspection of their books of accounts for the year 2012-2013. Letters have been issued to the

selected National Exchange members on 28th March 2014.

3.16 Membership registration

The total number of members registered from 1st January, 2014 to 31st March, 2014 was 41.

Members declared as surrendered/ deactivated/ suspended by the Commodity Exchange(s)

during the above period are 70. The total number of registered members as on 31st March,

2014 stands at 5502.

4. ENFORCEMENT ACTION:

(i) As per Rule 13 of the FC(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:

32

Sl. No. No. of complaints

forwarded under Rule 13

of the FC(R) Rules 1954

State Police Authorities

1 1

The Director General of Police Rajasthan,

Rajasthan Police Headquarters, Jaipur- 302 002,

(6.1.2014)

2 1

The Director General of Police Rajasthan,

Rajasthan Police Headquarters, Jaipur- 302 002,

(18.1.2014)

3 1

The Commissioner of Police,

Delhi Police Headquarters,

New Delhi- 110 002.(29.1.2014)

4 1 The Deputy Commissioner of Police (Crime), New

Delhi -110002. (16.1.2014)

5 1 The Director General of Police,

Lucknow UP - 226 001.(26.2.2014)

6 1 The Joint Commissioner of Police, Crime

Branch,Mumbai 400 001.(13.3.2014)

(ii) Scrutiny Reports forwarded to the Police Authorities: Sl. No. Case/ FIR No. Dispatched to Dispatched

on

1 Case Crime No. 167/2012

dated 5/10/2012 registered

under the Forward Contracts

(Regulation) Act, 1952 at P.S.

Juna Rajwada, Kolhapur.

Shri S.G. Doke,

Assistant Police Inspector, Juna

Rajwada Police Station,

Kolhapur.

3rd

February,

2014

2 Case Crime No. 498/13 by CID

Bhopal registered at P.S. Cyber

Hitech Bhopal

Shri Shiyash A.

Superintendent of Police, SIT

(Crime Investigation Dept.),Police

Head Quarters, Jahangirabad,

Bhopal (MP)

28th March,

2014

(iii) Action taken by the Exchange such as Expulsion and Suspension:

a) NMCE informed that the Exchange have expelled 6 members for not giving the reply to

the Final Show Cause Notice (SCN) for creating artificial volumes and in execution of

suspected tax evasion transaction on the Exchange platform during the Financial year 2010-

11.Expulsion orders were issued by NMCE against the following parties on 20th February,

2014.

33

Sl. No. Name of the Member

1 M/s Atulit Tieup Pvt. Ltd. (CL0150)

2 M/s Ramdoot management Pvt. Ltd. (CL0155)

3 M/s Konark Comdeal Pvt. Ltd. (CL0264)

4 M/s J. D. Sroff (CL0312)

5 M/s D. M. Finance (CL0280)

6 M/s Prachi Commodity (CL0348)

b) NMCE suspended trading rights of the following three members as they did not

respond in time to SCN for their involvement in creating artificial volumes and in execution of

suspected tax evasion transaction on the Exchange platform during the Financial year 2010-

11. Suspension orders were issued by NMCE against the following parties on 20th February,

2014.

Sl. No. Name of the Member

1 M/s Shiv Shakti Commodities (CL0397)

2 M/s Sanjay S. Patel (CL0352)

3 M/s Maruti Brokarage House Pvt. Ltd. (CL0299)

5. COURT CASES AND LEGAL MATTERS:

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

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

Union of India has 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 January to March, 2014 are given below:

Hon’ble Supreme Court of India, on 24-01-2014, heard the IA No. 17-19 of 2014 filed by

Neptune Overseas Ltd for vacating the interim order in SLP/10225-1027/2012 filed by FMC

vs. NOL and granted time to respondents for filing objections, if any, within four weeks. The

Commission filed the affidavit-in-reply in the matter on 25-03-2014. The next date of hearing

is yet to be notified.

Hon’ble Bombay High Court, on 28-02-2014, heard at length the Writ Petitions No. 3330 of

2013, 3412 of 2013 and 3413 of 2013 filed by M/s. Financial Technologies (India) Limited,

Shri Jignesh Shah and Shri Shreekant Javalgekar, respectively, challenging the Order dated

17-12-2013 passed by FMC in the matter of ‘Fit and Proper’ Person and was pleased to pass

an order rejecting the interim reliefs prayed for by the petitioners seeking stay on the

operation of the said order passed by the Commission.

34

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, 290 awareness programmes were conducted

across the country. Out of 290 awareness programmes, 132 programmes were conducted for

farmers and 158 for other stakeholders. The details of awareness programmes organized

during the period under review is given in Annexure VI.

6.2 Stakeholders Meetings:

The Commission in association with the National Exchanges had organized the following 10

Stakeholders Meeting during period under review.

Sr. No. Date Location Stakeholders/Commodity

1 15th February, 2014 Agra Members Potato Stakeholders

2 27th February, 2014 Bengaluru Members’ Meet

3 4th March, 2014 Patna Maize Contracts Stakeholders

4 4th March, 2014 Chennai Hedgers Meet

5 4th March, 2014 Hyderabad Members’ Meet

6 11th March, 2014 Mumbai Members’ Meet

7 14th March, 2014 Indore Members’ Meet

8 21st March, 2014 Kochi Commodity Specific Meet- Rubber and Spices

9 26th March, 2014 Nagpur Members’ Meet

10 27th March, 2014 Chandigarh Members & Value Chain Participants of Potato, Mustard Seed, Maize, Wheat and

Cotton

6.3 Foreign Visits:

Two senior officers of the Commission were nominated to participate in APRC Enforcement

Directors’ Meeting and APRC Meeting held at Hong Kong from

22. 1.2014 to 23.1.2014. Two officers were also deputed to participate in the Meeting of the

IOSCO Committee on Commodities Derivatives Markets (Committee 7) held at Madrid, Spain

from 6.2.2014 to 7.2. 2014

35

6.4 Participation in Exhibitions/Expos:

The Commission in association with the National Exchanges participated in the Agri & Horti

Food Fest, 2014 organised by the Government of West Bengal at Netaji Indoor Stadium,

Kolkata from 18th – 21st February, 2014.

6.5 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

January – March 2014, the Commission conducted 32 Capacity Building Programmes which

are given in Annexure V.

7. DEVELOPMENT AT NATIONAL SPOT EXCHANGE LIMITED:

There were ten pay-outs during the period from January 2014 to March 2014 under reference,

i.e., pay out scheduled on 7th January 2014 (21st pay out) of Rs 2.45 Crores, pay out

scheduled on 14th January 2014 (22nd pay out) of Rs 3.24 Crores, payout scheduled on 21st

January 2014 (23rd pay out) of Rs 4.50 Crores and payout scheduled on 28th January 2014

(24th pay out) of Rs 2.00 Crores, pay out on 4th February, 2014 (25th pay out) of ₹ 8.62 crore,

pay out on 11th February, 2014 (26th pay out) of ₹ 1.05 crore, payout on 18th February, 2014

(27th pay out) of ₹ 4.10 crore and payout on 25th February, 2014 (28th payout) of ₹ 0.50 crore,

pay out scheduled on 4th March, 2014 (29th pay out) of ₹ 0.83 Crore and pay out scheduled

on 11th March, 2014(30th pay out) of ₹ 1.68 Crore.

The payouts in the published plan issued vide NSEL circular was only till 11th March 2014 i.e.

the 30th payout. However, a payout of ₹ 3.66 Crore was made on 21st March, 2014 (31st

payout).

The forensic auditors appointed to conduct a forensic audit of e-series contracts at NSEL, M/s

Chokshi and Chokshi submitted their report on 30-01-2014. In pursuance of the order of the

Hon’ble High Court of Bombay, arrangement was made to make available copies of the report

to the Petitioner’s advocates through the Commission’s advocates.

The forensic auditors appointed to conduct a forensic audit of e-series contracts at NSEL, M/s

Chokshi and Chokshi on 4th February 2014 submitted an addendum to their original report

(report dated 30th January, 2014).

After considering the forensic audit report dated 30th January, 2014 submitted by Chokshi &

Chokshi and to protect the interest of over 33000 e-series investors the Commission issued a

letter to NSEL on 27th March 2014, conveying no objection to the re-materialization / Financial

settlement plan of e-series contracts. This was issued in response to NSEL’s letter dated 22nd

March, 2014.

36

Annexure I

List of Commodities Notified Under Section 15 of the 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

37

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

38

Annexure II

List of the Exchanges

Sr. No. Name of the Exchanges

A. National Multi Commodity Exchanges

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 Exchanges

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

39

Annexure III Volume & Value of Trading in Various Commodities during the period January to March 2014

Sl. No Name of the Commodity Volume

(In LT) Value

(In ₹crore)

I Agricultural Commodities Food Items

1 Chana/Gram 132.48 41870.762 Refined Soya oil 78.65 55181.953 Pepper 0.02 124.724 Jeera (Cumin seed) 5.02 5749.895 Red Chilli 0.00 0.006 Soya bean/seed 133.74 53219.447 Rape/Mustard Seed 96.42 32869.408 Wheat 2.02 320.199 Potato 36.96 2105.3510 Turmeric 18.60 13051.0611 Sugar 14.64 4311.6012 Gur 5.33 1534.9913 Cardamom 0.30 2420.1414 Maize Feed 5.18 625.4615 Barly 1.35 185.5516 Coffee Rep Bulk 3.53 4453.5417 Coriander/Dhaniya 43.09 38465.3218 Crude Palm Oil 27.12 15460.9119 Copra 4.31 3623.0320 Coconut oil 0.01 9.41(A) Total of Above 608.76 275582.67

Non Food Items

21 Guar seed 14.97 7345.7222 Mentha Oil 0.88 7433.2623 Castor seed 138.99 59713.4524 Guar Gum 3.53 4717.0325 Kapas 49.37 23744.7326 Rubber 2.57 3895.2927 Raw jute 19.34 5758.7328 Cotton seed Oilcake / Kapasia Khali 92.61 14482.6729 Sacking 12.61 6237.2830 Isabgul Seed 5.99 4223.9731 Cotton 22.31 34751.75(B) Total of Above 363.17 172303.88

(A+ B) Total Agri-Commodities 971.93 447886.55II Bullion 1 Gold 0.01 360289.252 Silver 0.69 313769.30 Total of Bullion 0.70 674058.55

III Metals 181.53 289003.20IV Energy (excluding Natural gas volume ) 556.38 486985.19

Grant Total (I to IV) (excluding Natural gas volume ) 1710.54 1897933.49

40

Annexure IV

Details of permissions granted to the Recognized Exchanges:

Sl.

No.

Name of the

Exchange

Commodities

permitted

Contracts permitted Date of permission

1 ACE Ltd,

Mumbai

Gold hedge January 2014, March 2014, May 2014,

July 2014, September 2014

8th January, 2014

2 NCDEX,

Mumbai

Gold hedge

100 gms

March 2014, May 2014, July 2014,

September 2014, November 2014

20th January, 2014

3 Castor seed May 2014, June 2014, July 2014,

August 2014, September 2014,

October 2014 and November 2014

17th February, 2014

4 Chana 1 MT April 2014, May 2014, June 2014, July

2014, August 2014, September 2014,

October 2014, November 2014 and

December 2014.

17th February, 2014

5 Silver 15 kgs.

(hedge)

April 2014, June 2014, August 2014

and November 2014

18th February, 2014

6 Silver 5 kgs April 2014, June 2014, August 2014

and November 2014

18th February, 2014

7 NCDEX Bajra April 2014. May 2014, June 2014, July

2014, October 2014, November 2014

and December 2014

12th March, 2014

8 IPSTA, Kochi Pepper MG1 July 2014, August 2014, September

2014

8th January, 2014

41

Annexure V

Details of capacity building programmes conducted in January to March 2014

Sl. No.

Name of the Institute/Agriculture

University

Dates of the programme

conducted

Venue of the programme

Conducted

Category of participants

1 CBI officers of ACB,

Mumbai

16th January, 2014 Mumbai CBI officers of ACB, Mumbai

2 NABCONS, Mumbai

16-17th January, 2014

Bihar Sr. officers from State and Central Govt. Depts.

3 Dr. B.S. Konkan Krishi Vidyapeeth,

Dapoli (Mah)

7-8th January, 2014

Konkan Dapoli, Maharashtra

M. Sc. And Ph.D. degree students of the Uni.

4 ICM, Bhopal 9-10th January,

2014

Ujjain, M.P. Board of Directors of PACS of M.P.

& Chhattisgarh

5 ICM, Bhopal 15-16th January,

2014

Chhattisgarh,

Raipur

Commerce students of Chhattisgarh

6 NABCONS,

Mumbai (NER)

21-22nd January,

2014

Manipur For Bankers

7 NABCONS,

Mumbai (NER)

27-28th January,

2014

Tripura (NER) For State and Central Govt. officers.

8 TNAU, Coimbatore 8-9th January,

2014

Krishi Vigyan

Kendra, Tindivanam

Students & faculty members of the

Univ.

9 IGICM, Lucknow 20-21st January,

2014

U.P., Lucknow Managers of State Agri. Mktg. Fed.

10 IIPM, Bangalore 23-24th January,

2014

Bangalore For faculties & research scholars at

Univ. & Mgnt institutes across the country (dept. of com/ Mgnt/ eco/fin/prod/agri.)

11 NIAM, Jaipur 28-29th January,

2014

Dehradun,

Uttarakhand

Chairman & elected members of

APMCs.

12 NABCONS,

Mumbai (NER)

30-31st January,

2014

Mizoram (NER) For senior officers of Govt. of India

Dept./Agri. Univ.

13 ICM, Hyderabad 29-31st January,

2014

Hyderabad, A.P. For the officers of Department

/Manager /Secretarial Staff & BODs of cooperatives in A.P.

14 MANAGE, Hyderabad

28-30th January, 2014

Jaipur, Rajasthan Faculty of Agri. Eco. Dept. of State Agri. Univ. Scientists of KVK’s under ICAR, Senior officers of Dept. of Agri.

& other line Dept. of various States.

15 BIRD, Lucknow 10-11th February,

2014

Kolkata, W.B. Bankers viz. RRBs, Coop. Banks,

Commercial banks, Producers

Groups/ Companies, commodity boards, farmers groups/ clubs/

associations

16 IGICM, Lucknow 10-11th February,

2014

U.P., Lucknow Mangers of Mandi Parishad

42

Sl.

No.

Name of the

Institute/Agriculture University

Dates of the

programme conducted

Venue of the

programme Conducted

Category of participants

17 NABCONS, Mumbai (NER)

6-7th February, 2014

Nagaland (NER) For State and Central Govt. officers.

18 NABCONS,

Mumbai

6-7th February,

2014

Goa For senior officers of Govt. of India

Dept./Agri. Univ.

19 NABCONS,

Mumbai

6-7th February,

2014

Chhattisgarh For senior officers of Govt. of India

Dept./Agri. Univ.

20 Kerala Agri. Univ. Thrissur,

Vellanikkara

12-13th February, 2014

Thrissur, Kerala Agri. Ext. Officers, agri./rural dev. officers of bank, ext. officers of

MSME depart., PG students from

eco./com. agri. Traders, progressive farmers, secretaries. of agri. Soc., coop. org. and other institutional

representatives dealing with agri.

Business

21 TOPIC, Gurgaon

(NER)

17-18th February,

2014

Jorhati (NER)

Assam

Senior Managers & officers of various

State com & marketing coop. fed.

22 NABCONS,

Mumbai (NER)

25-26th February,

2014

Arunachal Pradesh

(NER)

For Marketing Federation/ Societies

and PACs

23 ICM, Hyderabad 19-21st February,

2014

Hyderabad, A.P. For the officers of Department

/Manager /Secretarial Staff & BODs

of cooperatives in A.P.

24 NIAM, Jaipur 25-26th February,

2014

Orissa,

Bhubaneshwar

Cooperative Banks

25 TNAU, Coimbatore 3-4th March, 2014 Agricultural College

& Research

Institute, Kovilpatti

Students & faculty members of the

Univ. , Scientists from KVK’s & Agri.

Research stations and agricultural Ext. officials

26 Punjab Police Academy, Phillaur

4th March, 2014 Phillaur Police officers of Punjab Police Academy.

27 NABCONS,

Mumbai (NER)

28th February-

1st March, 2014

Meghalaya (NER) For Marketing Federation/ Societies

and PACs

28 NIAM, Jaipur 5-6th March, 2014 M.P., Bhopal Chairman & elected members of

APMCs

29 MANAGE, Hyderabad

10-12th March, 2014

Junagarh, Gujarat Faculty of Agri. Eco. Dept. of State Agri. Univ. Scientists of KVK’s under

ICAR, Senior officers of Dept. of Agri. & other line Dept. of various States

30 NABCONS, Mumbai

10-11th March, 2014

Karnataka For Marketing Federation/ Societies and PACs

31 NABCONS,

Mumbai

20-21st March,

2014

Jammu & Kashmir For senior officers of Govt. of India

Dept./Agri. Univ.

32 NABCONS,

Mumbai

19-20th

March,2014

Uttarakhand For senior officers of Govt. of India

Dept./Agri. Univ.

43

Annexure VI

State-wise details of awareness programmes for the period from January to March 2014

Names of States January to March 2014

Farmers Others Total

Andhra Pradesh 11 12 23

Aruhachal Pradesh -- 2 2

Assam 1 2 3

Bihar -- 3 3

Chatttisgarh 3 4 7

Chandigarh -- -- --

Daman & Diu -- -- --

Goa -- 1 1

Gujarat 38 17 55

Haryana 1 4 5

Himachal Pradesh -- -- --

Jharkhand 1 5 6

Jammu & Kashmir -- 1 1

Kerala 5 11 16

Karnataka 6 9 15

Maharashtra 13 16 29

Madhya Pradesh 1 17 18

Manipur 4 -- 4

Meghalaya 1 -- 1

Mizoram 1 6 7

Nagaland 10 1 11

New Delhi -- 1 1

Odisha 1 3 4

Pondicherry -- -- --

Punjab 1 4 5

Rajasthan 1 16 17

Sikkim -- -- --

Tamil Nadu 15 6 21

Tripura -- 7 7

Uttar Pradesh 17 5 22

Uttaranchal -- 2 2

UT of Andaman -- -- --

West Bengal 1 3 4

TOTAL 132 158 290

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