The association held an extraordinary general meeting on Monday to get the final clearance on trading rules and regulations. The stage is now set to launch futures trading in October, said association president Suresh Kotak. The mock trading is likely to begin during the last week of September (navratri), which will be monitored by Fortell, consultant and expert in commodity-futures trading.

The association will take on new members as well as execute promotional activities, said Kotak.

The association had submitted amended bylaws to the Forward Market Commission during early July, and trading was expected to start on July 17. However, the commission suggested certain changes, and the plan to commence futures was postponed.

The association worked on the suggested changes, which subsequently, were incorporated and were put forward during the EGM forapproval. The commission gave its final clearance, and now with the trading norms in place, the exchange can commence its operations.

Cotton futures will resume once again after about a decade. The association implemented the recommendations of the Kamal Nayan Kabra Committee on commodity futures which were accepted by the United Front government last year.

The cotton-futures trading is expected to cover growers as well as users against the risk of price fluctuations. However, some players in the cotton market like mills and Cotton Corporation of India will prefer to wait and watch before jumping into the fray.