MINISTER OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION (SHRI SHARAD YADAV)
(a) to (d): The Government has given approval for setting up
four Nation-wide Multi Commodity Exchanges in the corporate
sector out of which the National Multi Commodity Exchange of
India Ltd., (NMCEIL) Ahmedabad has been given final recognition
and three others viz. the National Board of Trade (NBOT),
Indore the National Commodity and Derivatives Exchange
Ltd.(NCDEX), Mumbai and the Multi Commodity Exchange(MCX),
Mumbai have been given in principle approval to complete the
procedural formalities. The Exchanges are promoted by private
and public sector corporate bodies. Government gives
approval/recognition since these Exchanges are regulated under
the Forward Contract (Regulation) Act, 1952. the NMCEIL,
Ahmedabad started operations in November, 2002 trading in 47
items comprising the edible oil block, aluminium, nickel,
sugar, rubber, gur, pepper, lead, copper, tin, zinc, gram,
guarseed and sacking. The other three Exchanges are in the
process of completing necessary infrastructural and statutory
formalities, though the Exchange at Indore is already operating
with large trading, as a regional Exchange. Once they complete
the formalities they will be applying for permission for
trading in specific commodities.