Coffee Futures Exchange plans to set up regional centres
K Baburajan
BANGALORE, January 22: The Coffee Futures Exchange India Ltd is planning to set up regional centres across the country. To spread its wings to coffee consuming and trading areas, the company has identified at least five places in south and one centre in north."While Bangalore, the largest exporter of coffee among other cities, will be the headquarters, Coffee Futures Exchange will set up regional centres in Hassan, Coorg, Chickmagalur (in Karnataka), Wayanad (in Kerala), Salem (in Tamil Nadu), and one in North," says senior officials with Coffee Futures Exchange India Ltd. Sources said the company has also decided to divide its entire operations into three groups to look after the different functions. The groups will comprise of trading, finance and market committees, the exchange officials said. The committee on trading is expected to take a final decision on regional centres shortly, the exchange officials said. The Coffee Futures Exchange India is also planning to link this regional centres via
VSAT. However, sources maintained that no decision has been taken yet, according to the exchange officials. The trading time in the commodity is not available. The office will be operational at least five day a week, the exchange officials said. According to officials, the company has received the permission of Registrar of Companies (RoC) to commence business early next week. However, a formal application has to be forwarded to the Forward Marketing Commission in Mumbai to start trading in coffee. As the FMC chairman A Agarwal is currently assisting the chief election commissioner in the ensuing Lok Sabha elections in Maharashtra, the sources said that the exchange was unable to submit the applications earlier and would be submitting this Friday," they added. The authorised capital of the company will be Rs two crore made up of 1,000 shares of Rs 20,000 each, the exchange officials said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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