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PRESS TRUST OF INDIA
New Delhi, August 5:The Forward Markets Commission (FMC) is yet to clear the domestic futures trade in pepper for November and December and sought some clarifications from the domestic pepper exchange, India Pepper and Spices Traders Association (Ipsta) chairman Vidyasagar said on Wednesday.
"FMC is yet to clear November and December futures. It has asked for some clarifications and we are bound to give it," he told PTI over phone from Kochi.
The FMC delay in clearing the futures has caused some concern among traders in the 50-year-old domestic futures exchange, which is being run by Ipsta.
A section of traders perceive it as a pressure tactic by FMC to force them to take part in the year-old International Pepper Future Exchange, now witnessing a low turnover.
Vidyasagar, however, denied there was any pressure on the traders to participate in the international pepper bourse.
"The November and December futures will open on time. We are sure our clarifications will satisfy FMC," he said.
Meanwhile, New Delhi, August 5:The Forward Markets Commission (FMC) is yet to clear the domestic futures trade in pepper for November and December and sought some clarifications from the domestic pepper exchange, India Pepper and Spices Traders Association (Ipsta) chairman Vidyasagar said on Wednesday.
"FMC is yet to clear November and December futures. It has asked for some clarifications and we are bound to give it," he told PTI over phone from Kochi.
The FMC delay in clearing the futures has caused some concern among traders in the 50-year-old domestic futures exchange, which is being run by Ipsta.
A section of traders perceive it as a pressure tactic by FMC to force them to take part in the year-old International Pepper Future Exchange, now witnessing a low turnover.
Vidyasagar, however, denied there was any pressure on the traders to participate in the international pepper bourse.
"The November and December futures will open on time. We are sure our clarifications will satisfy FMC," he said.
Meanwhile,the domestic futures exchange members have demanded the convening of an emergency general body meeting to take stock of the situation.
Vidyasagar said trading in the domestic exchange had achieved a record turnover last year.
"Last years turnover was the highest since the domestic futures came into being," he said.
As far as the International Pepper Future Exchange was concerned, he said it was picking up.
Trading had begun to improve, particularly after Ipsta made a few changes in the norms.
"Trading is better now in international futures, though it has been slow in picking up," he said.
No exchange could produce results in six months or one year after its inception and the international futures was no exception, he said.
Ipstas proposed roadshow abroad to attract more players to the international futures was planned for October, Vidyasagar said.
Intially, Ipsta was expected to hold the roadshow from April.
"We are yet to get funds for the roadshow. The commerce and civil supplies ministryhave promised to fund the show," he said.
Trade turnover was expected to improve after the roadshows he added.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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