nmce press release 5th january 2010 - gold guinea

8/14/2019 NMCE Press Release 5th January 2010 - Gold Guinea

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NMCE executes 1st physical delivery in GoldGuinea Contract.Clients from 12 cities took delivery through Muthoot

Centers

• NMCE launched Gold Guinea contract on 7th November 2009.

• NMCE to launch 999 Fineness Gold Guinea (8 gms) Futures on the

exchange.

• NMCE partnered with Muthoot Group for 22 Pan-India delivery

centers

• Delivery took place through Muthoot Centers in Mumbai,

Delhi, Kolkata, Ahmedabad, Bangalore, Kochi & Madurai

• Clients from smaller towns like Rajkot, Mathura,

Moradabad, Coimbatore & Jaipur also took deliveries.

• Coins of 999 purity were delivered

• Consumers got delivery even for 1 coin.

Ahmedabad, January 5th 2010, National Multi Commodity Exchange(NMCE), executed 1st physical delivery in Gold Guinea contract on 31st

December, 2009. Guineas were delivered through Muthoot branches tothe clients from 12 cities. The Muthoot brand coins were of .999 purity.NMCE became the first national exchange in India to launch the mostinnovative gold product (Gold Guinea) recently on 7th November 2009and partnered with Muthoot Group for 22 pan India delivery centers.

The settlement prices of the contract on 31st December came to Rs.13408/-. On 7th November 2009 on the launch of the contract the first

order was punched at Rs. 13310/- by Shri Rajiv Agarwal, IAS, Secretary,Consumer Affairs at Kochi. The contract recorded volumes of Rs. 591.5crores in December contract with 4,28,699 number of trades. Thehighest Open Position during the contract was 5238 on 16thDecember. The contract saw participation from over 100 members.

Mr. Anil Mishra, CEO, NMCE, said “We have accomplished our mission to bring retail participant to the futures market by making



delivery of gold guinea at multiple locations. An investor who waited totake delivery of one coin was the real participant and was delighted totake delivery. This is a befitting reply to those who say retail

participants do not and cannot participate in futures market. Of coursethe brokers look at bigger clients and big ticket size but large number of retail participants left unattended. We at NMCE care for them and multiple delivery centers for Gold Guinea through Muthoot is helpingthis out because we have common mission “reaching out to mass”.This is journey just begun. We have miles to go in this endeavor”.

The broker/members seemed very happy with the innovative contract.Mr. Kishore Narne, VP, Anand Rathi Commodities (Mumbai)said “Gold Guinea is the most suitable and transparent way to buy gold, and NMCE by bringing in delivery partner like Muthoot to handleall delivery related matters made a very smooth and simple processfor retail investors who often feel that taking delivery of commoditieson exchanges is a complex process. With the wide spread network offices of Muthoot, investors across India can reap the benefits of us.”

Mr. Abhishek Garg, of Castle Business Solutions (Kolkata) said

“NMCE Gold Guinea contract provided us good arbitrage opportunities.Our apprehensions (contract only for small retailers) was removed when we could execute at NMCE 120-250 lots at one price. Thedelivery process was automated and hassle free. We thank NMCE for providing such platform. Here a NMCE we are getting Kolkata delivered tampered proof Gold Guinea at prevailing market prices whereas at other place we have to pay 1000-1500 extra per coin.

About National Multi Commodity ExchangeNational Multi Commodity Exchange is the first nationalized multi

commodity exchange that pioneered the commodity trade in India. Ithas more than 300 members on board today with a pan Indiapresence. Promoted by leading commodity – relevant institutionsNMCE has position itself as an exchange for the purpose of PriceDiscovery, Price risk Management, transparent transactions andseamless hedging. These commodity relevant institutions includeCentral Warehousing Corporation Ltd. which has more than 500warehouses across the country with a storage capacity of more than a



crore tones., Punjab National Bank – country’s second largest publicsector bank having more than 4500 centralized banking system onlinebranches, NAFED – the apex body of more than 600 marketing co-

operatives, Gujarat Agro Industries Corporation Ltd - a nodal agency of Gujarat state for promotion and setting up of modern agriculturalmarkets, Neptune overseas Ltd – an erstwhile recognized export houseby the Government of India having a dream and vision of technologybacked transformation of the market economy.

Rajkaran Shahpuri ShekharSinghSr. Executive – Corporate Communications, Tarmac Affairs,National Multi Commodity Exchange, AhmedabadOf India Limited (NMCEIL) Mobile –

9825060991Board No - +91 79 [email protected] - +91 [email protected]

Photos

mailto:[email protected]






Mrs. Romi Daxini showing Muthoot Vault Receipt at AhmedabadCenter, also collecting Gold Guineas from Mr. K.C. Lal Branch Manager,

Muthoot Finance, Ahmedabad.

nmce press release 5th january 2010 - gold guinea

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