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The Multi Commodity Exchange of India Limited (MCX), Financial Technologies (India) Ltd., and National Agricultural Cooperative Marketing Federation of India Limited (NAFED) have entered into a joint venture on 10th February, 2005 for the establishment of National Spot Exchange for Agriculture Produce (NSEAP), enabling participants all over the country to trade with each other electronically and settle their trades under the support and regulations of NSEAP. The exchange is expected to commence live trading during the second half of the year, 2005-06.
This information was given in Rajya Sabha today by the Minister of State for Consumer Affairs, Food and Public Distribution Shri Taslimuddin in a written reply to a question of Shri C. Ramachandriah.
Organised marketing of agricultural commodities is promoted in the country through a network of regulated markets. All the State Governments and Union Territories (except Kerala, Manipur, Dadra & Nagar Haveli, Lakshdweep and Andaman & Nicobar Islands) have enacted legislation viz. the Agricultural Produce Marketing Regulation Act (APMC Act) to provide for regulation of the agricultural markets. No State Government/Union TerritoryAdministration has enacted separate legislation for setting up of Agricultural Produce Marketing Companies.
By disseminating spot price data on agricultural commodities, NSEAP would enable farmers across the country to access the national market and to trade with each other on an electronic platform and settle their trades under the support and regulations of NSEAP, the minister added.
SBK:CP:rajya(f)4.3
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