CONRAD DIAS
Ranchi, Nov 19. An investor awareness workshop for the students of Birsa Agricultural University (BAU) was organised by the National Commodity and Derivatives Exchange Limited, Mumbai, working under the Securities Exchange Board of India, an organisation of the Union Ministry of Finance, in the auditorium of Ranchi Agricultural College on Saturday.
Addressing the workshop, Neeraj Shukla, Assistant Vice President, Exchange, discussed the working of the Virtual Commodity Market, its benefits and its contribution to maintaining the stability of the country’s economy.
He said that the work and influence of the Commodity Exchange, which was started at the end of the year 2003, is continuously expanding and it is working in the field of food grains, energy, metals and other raw materials.
Shukla said that due to the non-availability of remunerative prices for agricultural products, the children of the farmers are turning away from agriculture. Commodity Exchange is a useful platform to increase the self-sufficiency of farmers and to get remunerative prices for their produce.
He said that the virtual market is more liquid, competitive, transparent and efficient as compared to the traditional physical market. The products which conform to the quality parameters set by the Exchange are available in the virtual market, so the buyer does not need to personally verify their quality.
The number of buyers increases on this online forum, it is not known who is bargaining with whom and the chances of sellers getting a good price increase.
The AVP of the Exchange elaborated on the process of buying and selling in the commodity market such as registration, account opening, KYC update, deposit margin, the commencement of trading, market-to-market settlement, delivery, necessary precautions, etc.
The workshop was organised by the ongoing National Agricultural Higher Education Project (NAHEP) at BAU and the placement cell of the university. Dr MS Malik, Principal Investigator, NAHEP, Dr BK Jha, Coordinator of Placement Cell and Pooja Singh, Officer, Commodity Exchange also spoke on the occasion.
