However, the exchange members will be allowed to only square off their earlier open positions by May 20, but no fresh deals will be allowed during that period. The decision to permit fresh trading in turmeric future contracts will depend upon how amicably the exchange is able to settle the outstanding position of its members, including the controversial deal that forced Aggarwal to close the exchange since March 27. SCE was closed since March 27, following the controversial deals worth over Rs 18 crore of just one member who had intended to sabotage the exchange and then challenged in Sangli lower court the decision of the exchange authorities.

The case came up for hearing yesterday, but postponed the hearing till May 30."In the interest ofother members of the exchange, we have permitted reopening of the SCE", said Aggarwal. As regards the controversial deals done by Jitendra Keshavdas, one of the SCE member, Aggarwal said: SCE is an independent commodities exchange, and therefore, it is the exchange authorities' responsibility to settle the issue considering the interests of other members." The FMC's permission to reopen the SCE, is however, subject to the following conditions: n Effective from Wednesday (April 29), the SCE members will be allowed to only square off their open positions since March 27, 1998 and either give or take deliveries pending as per the open contracts.