New GOVERNMENT OF INDIA FORWARD MARKETS COMMISSION … · 2015. 9. 11. · Investor Awareness...

GOVERNMENT OF INDIA

FORWARD MARKETS COMMISSION

MINISTRY OF CONSUMER AFFAIRS

FOOD AND PUBLIC DISTRIBUTION

DEPARTMENT OF CONSUMER AFFAIRS

ANNUAL REPORT 2011-12

EVEREST, 3RD FLOOR. 100, MARINE DRIVE,

MUMBAI 400 002

Contents

Sr. No. Chapter Subject Page No.

1 Foreword 1 2 I About the Commission 2-4 3 II Initiatives of the Commission in

2011-12 and Milestones 5-6

4 III Developments in Commodity Markets in 2011-12

7-10

5 IV Review of Commodity Markets in 2011-12

11 - 34

6 V Regulatory Initiatives of the Commission in 2011-12

35 - 42

7 VI Actions taken against illegal Forward Trading

43 - 46

8 VII Important Court Cases and Legal Matters

47 – 50

9 VIII Developmental Initiatives 51 - 57 10 IX Jago Grahak Jago 58 - 63

List of Annexure

Sr. No. Annexure Number Details Page No.

1 Annexure I List of commodities notified under Section 15 of FCRA

64

2 Annexure II List of Exchanges 66 3 Annexure III Trading permissions granted for

National Exchanges 67

4 Annexure IV Trading permissions granted for Commodity Specific Regional

Exchanges

72

5 Annexure V Partner Institutes for Awareness Programmes and Capacity Building

Programmes

74

6 Annexure VI State wise distribution of Awareness Programmes

76

7 Annexure VII State wise distribution of Capacity Building Programmes

77

8 Annexure VIII State wise installation of Price Ticker Boards

78

9 Annexure IX Details of overseas training and participation in International

Conferences

79

10 Annexure X Details of staff position in the Commission

81

11 Annexure XI Details of representation of SC/ST/OBC etc in the Commission

84

1

Foreword Indian Commodity Markets witnessed mixed developments during the year 2011-12.

Forward Markets Commission has taken many regulatory measures to deal with these developments. I take this opportunity to present Annual Report of the Forward Markets Commission which gives a detailed account of developments in the Commodity Market, Forward Markets Commission as well as Government’s responses to the same.

Forward Markets Commission took various initiatives in 2011-12 to ensure market integrity, prevent market abuse and improve compliance. Investor protection has been a high priority of the Commission and accordingly Investor Protection Fund was operationalised in 2011-12 with the co-operation of National Commodity Exchanges.

Price volatility is part and parcel of Commodity Markets and Commission resorted to regulatory measures like imposing different types of margins, revision of open position limits and in extreme cases even closing out of contract.

Efforts are also being made to bring in more transparency and discipline in Indian Commodity Futures Markets. A number of measures were taken in this direction.

Commission remained committed to its efforts at Market Development. A number of capacity building programmes, awareness programmes, stakeholders’ meetings were conducted in partnership with National Exchanges and many reputed institutes. Implementation of Price Dissemination Project continued and led to installation of Price Ticker Boards across the country. Commission was also part of the Jago Grahak Jago campaign of the Ministry of Consumer Affairs, Food and Public Distribution and advertisements were published in 125 newspapers in 9 languages.

Commission remains committed to its efforts to strengthen Indian Commodity Futures Markets and to ensure appropriate market development in the future as well.

Chairman Forward Markets Commission

2

CHAPTER I

ABOUT THE COMMISSION

Forward Markets Commission (FMC) headquartered at Mumbai, is a regulatory authority for commodity futures market in India. It is a statutory body set up under Forward Contracts (Regulation) Act 1952.

The Commission functions under the administrative control of the Ministry of Consumer

Affairs, Food & Public Distribution, Department of Consumer Affairs, and Government of India.

The Act provides that the Commission shall consist of not less than two but not exceeding four members appointed by the Central Government, out of them one being nominated by the Central Government to be the Chairman of the Commission. Currently the Commission comprises of two members among whom Shri. Ramesh Abhishek, IAS is the Chairman, and Dr. M. Mathisekaran, IES is a Member of the Commission.

The functions of the Forward Markets Commission are as follows:

(a) To advise the Central Government in respect of the recognition or the withdrawal of recognition from any association or in respect of any other matter arising out of the administration of the Forward Contracts (Regulation) Act 1952.

(b) To keep forward markets under observation and to take such action in relation to them, as it may consider necessary, in exercise of the powers assigned to it by or under the Act.

(c) To collect and whenever the Commission thinks it necessary, to publish information regarding the trading conditions in respect of goods to which any of the provisions of the Act is made applicable, including information regarding supply, demand and prices, and to submit to the Central Government, periodical reports on the working of forward markets relating to such goods.

(d) To make recommendations generally with a view to improving the organization and working of forward markets.

(e) To undertake the inspection of the accounts and other documents of any recognized association or registered association or any member of such association whenever it considers it necessary.

3

Administration

Commission has its headquarters at Mumbai and a Regional Office at Kolkata. Forward Markets Commission has nine Division to carry out various tasks.

The group wise composition of sanctioned and working strength of the Commission is given at Annexure X.

The number of officers and staff belonging to SC, ST, ex- serviceman, OBC, and Physically handicapped category in the Commission is given at Annexure X1.

There are 4 visually handicapped persons and one orthopedically handicapped person in the Commission.

4

Budget

The Commission conducts its activities through plan and non-plan funds The Budget Estimates of the Commission for the last five years and actual expenditure incurred are given below:-

PLAN– BUDGET ESTIMATES FOR THE LAST FIVE YEARS.

Year

Budget grant (Revised)

(` Lakhs)

Actual Expenditure

( ` Lakhs)

PLAN NON-PLAN PLAN NON-PLAN

2007-08 1000 387 241.89 284.82

2008-09 400 467 331.51 406.37

2009-10 805 537.30 719.31 512.71

2010-11 1053 601 922.45 474.68

2011-12 999 609 907.70 547.05

Implementation of Official Language policy of the Government:

In order to have effective implementation of various provisions of the Official Language Policy, Official Language Act 1963 and Official Language Rules 1976, the Commission took a number of initiatives. Quarterly meetings of Official Language Implementation Committee was held under the Chairmanship of the Chairman, FMC where progress made in different areas of Official Language Implementation was reviewed in the presence of senior officers of the Commission. Sincere efforts were made to achieve the target fixed in the Annual Programme during year under review.

Hundred percent compliance of section 3(3) of Official Language Act 1963 was ensured. Rules 5 and 7 of Official Language Rules 1976 were complied with and proper check points have been devised to monitor the progress of use of Hindi. During Hindi fortnight celebrations various competitions were organized for the staff and they were encouraged with cash prizes and certificates. Proper representation of the Commission was ensured in various forums viz Hindi Advisory Committee and Town Official Language Implementation Committee

5

CHAPTER II

INITIATIVES OF THE COMMISSION IN 2011-12

� To improve market integrity The Commission succeeded in stopping the misuse of client code modification (CCM) facility and executing trades without uploading Unique Client Codes (UCC) by levying deterrent penalties. This resulted in decline in number of such trades during October 2011 – March 2012 from 1, 00,620 to 1373 (CCM) and from 1, 81,461 to 5012 (UCC).

Commission issued revised guidelines in January 2012 for clubbing of open position of parties acting in concert by making the criteria much more flexible. This has resulted in checking market abuse in a big way and some Exchanges have already used it effectively thereby improving the integrity of the market significantly.

� To protect investor interests Investor Protection Fund was operationalised and all the Exchanges transferred a total of `64.67 Cr. to this Fund. Separate Trusts were being set up to operate the Fund. This has been a very significant contribution towards the protection of investors in this market which would increase their confidence and hence their participation in the market increasing its breadth and depth.

Members of the National Exchanges were directed to settle the accounts of their clients every quarter subject to the condition that for the clients having open position on such quarterly settlements date, the member may retain requisite funds to meet the maximum likely margin obligation for the next 3 trading days.

To bring in more transparency in the trading on the Exchange platform, all the National Exchanges were directed to put in place by 1st May 2012, a system for sending sms and email alerts to all the clients by close of business every day regarding trades executed in their account. This was intended to remove the information asymmetry vis-à-vis members. This would also help to reduce the complaints of unauthorized trade.

� To improve compliance The Commission prescribed compulsory audit of all members of national exchanges at least once in three years, prescribed an uniform audit manual, and laid down a code of conduct for auditors to address conflict of interest issues.

� Investor Awareness through “Jago Grahak Jago” With the focus on empowering consumers, the government has been implementing an innovative and intensive multimedia campaign, "Jago Grahak Jago (Wake up Consumer)" to create consumer awareness in the country. Under this scheme advertisements were published in 9 regional languages in 125 newspapers across the length and breadth of the country for educating the clients/investors of commodity futures markets regarding the precautions to be taken while trading in these markets and to make them aware of their rights in relation to members of the Exchanges

6

MILESTONES IN COMMODITY FUTURES TRADING

1875 Bombay Cotton Trade Association

Between 1st and 2nd World war Rapid growth of futures markets

During 2nd World War Defence of India Act- Prohibited Futures trading in major Commodities owing to short supply.

1950s to mid 1960s Thriving Commodity futures markets

Mid 1960s to 1970s Banned Commodity Futures trading in most of the Commodities except two minor Commodities

- Pepper and Turmeric.

1980s Revival of Futures trading in Potato, Castor Seed and Gur (Jaggery).

1992 Futures trading in Hessian permitted.

1999 Futures trading in various edible oilseeds complexes permitted.

2000 The National Agricultural Policy-recognized the positive role of forward

and futures markets in price discovery and price risk management.

2001 Futures trading in Sugar permitted.

2003 Lifted prohibition on futures trading in all Commodities

Recognition to 3 National Commodity Electronic Exchanges MCX, NCDEX and

NMCE.

2008 Commission issued guidelines on setting up of New National Multi Commodity Exchanges.

2009 Recognition to ICEX as 4th National Exchange

2010 Recognition to ACE as 5th National Exchange.

Notified “Iron Ore” under section 15 of the FCRA, 1952.

DEVELOPMENTS IN THE COMMODITY MARKETS IN 2011

I. Commodities and the Exchanges regulated under FCRA, 1952.

II. Major Group of Commodities

Base metals Base metals Base metals Base metals `28.97, 16%`28.97, 16%`28.97, 16%`28.97, 16%

Energy products Energy products Energy products Energy products `28.51, 16%`28.51, 16%`28.51, 16%`28.51, 16%

Value in ` in Lakh Crore and percentage share of Value in ` in Lakh Crore and percentage share of Value in ` in Lakh Crore and percentage share of Value in ` in Lakh Crore and percentage share of the major group of commodities traded during the major group of commodities traded during the major group of commodities traded during the major group of commodities traded during

Bullion

7

CHAPTER III DEVELOPMENTS IN THE COMMODITY MARKETS IN 2011

and the Exchanges regulated under FCRA, 1952.

Commodities traded during the year:

`101.82, 56%`101.82, 56%`101.82, 56%`101.82, 56%

Base metals Base metals Base metals Base metals `28.97, 16%`28.97, 16%`28.97, 16%`28.97, 16%

Energy products Energy products Energy products Energy products `28.51, 16%`28.51, 16%`28.51, 16%`28.51, 16%

Agricultural Agricultural Agricultural Agricultural commoditiescommoditiescommoditiescommodities`21.96, 12%`21.96, 12%`21.96, 12%`21.96, 12%


2011201120112011----12 12 12 12

Bullion - Base metals - Energy products - Agricultural commodities

DEVELOPMENTS IN THE COMMODITY MARKETS IN 2011 -12

and the Exchanges regulated under FCRA, 1952.

Bullion Bullion Bullion Bullion `101.82, 56%`101.82, 56%`101.82, 56%`101.82, 56%


Agricultural commodities-

8

The table below indicates the Commodity wise/group wise volume and value of trade in the Commodity market during the year.

Volume of Trading and Value of Trade during the year 2011-12 in Major Commodities

Volume of Trading – In lakh tonne/ Value - In Crore

Sr. No Name of the Commodity

2011-12

Volume Value

A Bullion

i Gold 0.17 4355098.64

ii Silver 10.11 5826848.58

iii Platinum 0.0000004 10.00

Total for A 10.27 10181957.22

B Metals other than Bullion

i Aluminum 131.73 145898.50

ii Copper 386.46 1565984.17

iii Lead 336.10 364264.87

iv Nickel 42.76 427336.21

v Steel 37.23 11510.97

vi Tin 0.0002 2.70

vii Zinc 372.85 375692.69

viii Iron 80.72 6030.61

Total for B 1387.85 2896720.73

C Agricultural Commodities

i Chana/Gram 947.98 306411.78

ii Wheat 22.43 2661.42

9

Volume of Trading and Value of Trade during the year 2011-12 in Major Commodities

Volume of Trading – In lakh tonne/ Value - In Crore

Sr. No Name of the Commodity

2011-12

Volume Value

iii Maize 19.01 2294.48

iv Soy Oil 802.85 538383.46

v Mentha Oil 7.11 101410.51

vi Guar seed 733.10 338216.19

vii Guar Gum 69.02 100515.47

viii Potato 229.11 14156.71

ix Chilli 14.07 11611.26

x Jeera(Cumin seed) 37.38 55982.69

xi Cardamom 1.91 16373.87

xii Pepper 24.64 79518.79

xiii Rubber 7.86 16697.51

xiv Other Agri. Commodities 2025.61 611915.37

Total for C 4942.09 2196149.50

D Energy 7685.52 2851268.52

E Plastic 0.01 6.45

F Other 1.35

Grand Total (A+B+C+D+E+F) 14025.74 18126103.78

Note: Natural Gas, Heating Oil & Gasoline Volumes are not included in the Total Volume.

III. Share of major Commodity Exchanges to the total vduring the year 2011-12.

Out of 21 recognized exchanges, Multi Commodity Exchange (MCX), Mumbai, National Commodity and Derivatives Exchange (NCDEX), Mumbai, National Multi Exchange, (NMCE), Ahmedabad, Indian CommDerivatives and Commodity Exchange Indore, contributed 99.88% of the total value of the

The total value of the

Commodities traded during the 2011

NCDEX, Mumbai,

`1810210.1, 9.9

NMCE, Ahmedabad, `268350.95,

1.48%

Value inValue inValue inValue in

MCX, Mumbai

ICEX, Mumbai

10

ommodity Exchanges to the total value of the

Out of 21 recognized exchanges, Multi Commodity Exchange (MCX), Mumbai, National Commodity and Derivatives Exchange (NCDEX), Mumbai, National Multi Exchange, (NMCE), Ahmedabad, Indian Commodity Exchange, Ltd., (ICEX).

ivatives and Commodity Exchange (ACE) Mumbai, National Board of Trade (NBOT), .88% of the total value of the Commodities traded during the year.

The total value of the Commodities traded at the Exchanges and the total value of the traded during the 2011-12 is graphically presented below:

MCX, Mumbai, `15597095.47, 86

.05%

NCDEX, Mumbai,

`1810210.1, 9.99%

ICEX, Mumbai, `258105.67, 1.42

%

ACE, Ahmedabad

`138654.61, 0.76%

Others, `53687.0

` and the percentage of the Commodity Exchanges to the total and the percentage of the Commodity Exchanges to the total and the percentage of the Commodity Exchanges to the total and the percentage of the Commodity Exchanges to the total

value traded during 2011value traded during 2011value traded during 2011value traded during 2011----12 (April12 (April12 (April12 (April----March 2012)March 2012)March 2012)March 2012)

MCX, Mumbai NCDEX, Mumbai NMCE, Ahmedabad

ICEX, Mumbai ACE, Ahmedabad Others

alue of the Commodities traded

Out of 21 recognized exchanges, Multi Commodity Exchange (MCX), Mumbai, National Commodity and Derivatives Exchange (NCDEX), Mumbai, National Multi Commodities

(ICEX). Mumbai, ACE , National Board of Trade (NBOT),

traded during the year.

ges and the total value of the

MCX, Mumbai, `15597095.47, 86

.05%

Others, `53687.0, 0.30%

and the percentage of the Commodity Exchanges to the total and the percentage of the Commodity Exchanges to the total and the percentage of the Commodity Exchanges to the total and the percentage of the Commodity Exchanges to the total

NMCE, Ahmedabad

11

CHAPTER IV REVIEW OF COMMODITY MARKETS IN 2011-12

The details of major Commodities traded in the top 5 Commodity Exchanges which accounted for 99% of the total value of trade in 2011-12 are given below:-

I. MCX, MUMBAI

2011-2012 MCX

S.No Commodity Vol-Lakh Tonnes Value- Crs

SHARE OF VALUE TO

TOTAL

1 SILVER 9.951 5738871.122 36.79

2 GOLD 0.160 4224785.993 27.09

3 CRUDEOIL 7300.227 2463336.416 15.79

4 COPPER 355.211 1437082.176 9.21

5 NICKEL 38.525 385334.138 2.47

6 NATURAL GAS 16235343750 260916.044 1.67

7 LEAD 239.033 259508.657 1.66

8 OTHER 880.657 827260.922 5.30

TOTAL 8823.765 15597095.468 100.00

Note: Natural Gas, Gasoline & Heating Oil Volumes is not included in the Total Volume of the Exchange.

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT MCX ,MUMBAI DURING APRIL 2011 TO MARCH 2012

SILVER36.79%

GOLD27.09%

CRUDEOIL15.79%

COPPER9.21%

NICKEL2.47%

NATURAL GAS1.67%

LEAD1.66% OTHER COMMODITIES

5.30%

SILVER GOLD CRUDEOIL COPPER NICKEL NATURAL GAS LEAD OTHER COMMODITIES

12

1. Silver

The ready price of Silver, which was quoted at `55900.00 per kg on 31.03.2011, rose to `55950.00 on 31.03.2012, showing a rise of 0.09%. In the futures section, the price which was quoted at 55970.00 per kg (May 2011 contract) on 31.03.2011, rose to `56790.00 per kg (May 2012 contract) on 31.03.2012, showing a rise of 1.47 %.

The total quantity traded in all contracts of silver was 9.95120 Lakh tonnes valued at `5738871.122 Crore.

2. Gold

The ready price of Gold, which was quoted at `20760.00 per 10 gm on 31.03.2011, rose to 28075.00 on 31.03.2012, showing a rise of 35.24%. In the futures section, the price of Gold, which was quoted at 20693.00 per 10 gm (April 2011 contract) on 31.03.2011, rose to `28030.00 (April 2012 contract) per 10 gm on 31.03.2012 showing a rise of 35.46%.

Spot & Futures prices of Silver at MCX

47500

50000

52500

55000

57500

60000

62500

65000

67500

70000

72500

75000

31-M

ar-1

1

30-A

pr-1

1

31-M

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1

30-J

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1

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`. p

er K

g

SPOT 5-May-11 5-Jul-11 5-Sep-11 5-Dec-11 5-Mar-12 5-May-12 5-Jul-12 5-Sep-12 5-Dec-12

13

The total quantity traded in respect of all Gold contracts was 0.16040 Lakh tonnes valued at 4224785.993 Crore.

3. Crude Oil

The ready price of Crude Oil, which was quoted at `4668.00 per Barrel on 31.03.2011, rose to 5270.00 on 31.03.2012, showing a rise of 12.90%. In the futures section, the price which was quoted at 4744.00 per Barrel (April 2011 contract) on 31.03.2011 rose to `5274.00 (April 2012 contract) per Barrel on 31.03.2012 showing a rise of 11.17%.

The total quantity traded in Crude Oil was 7300.22729 lakh tonnes valued at `2463336.416 Crore.

Spot & Futures prices of Gold at MCX

20500

21000

215002200022500

23000

23500

2400024500

25000

25500

2600026500

27000

27500

28000

2850029000

29500

30000

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

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1

31-O

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1

30-N

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1

31-D

ec-1

1

31-J

an-1

2

29-F

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2

31-M

ar-1

2

per

10

Gm

SPOT 5-Apr-11 4-Jun-11 5-Aug-11 5-Oct-11 5-Dec-11

4-Feb-12 5-Apr-12 5-Jun-12 4-Aug-12 5-Oct-12

Spot & Futures prices of Crude Oil at MCX

3750

4000

4250

4500

4750

5000

5250

5500

5750

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

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1

31-O

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1

30-N

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1

31-D

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1

31-J

an-1

2

29-F

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2

31-M

ar-1

2

per

Bar

rel

SPOT Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11

Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12

14

4. Copper

The ready price of Copper, which was quoted at `421.85 per kg on 31.03.2011 rose to `431.40 on 31.03.2012, showing a rise of 2.26%. In the futures section, the price which was quoted at 425.30 per kg (April 2011 contract) on 31.03.2011 rose to `431.65 per kg (April 2012 contract) on 31.03.2012 showing a rise of 1.49%.

The total quantity traded in Copper contracts was 355.21093 lakh tonnes valued at `1437082.176 Crores.

5. Nickel

The ready price of Nickel, which was quoted at `1164.40 per kg on 31.03.2011 declined to `891.50 on 31.03.2012, showing a fall of 23.44%. In the futures section, the price which was quoted at 1164.40 per kg (March 2011 contract) on 31.03.2011, declined to `917.40 per kg (April 2012 contract) on 31.03.2012 showing a fall of 21.21%.

Spot & Futures prices of Copper at MCX

335

355

375

395

415

435

455

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

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1

30-S

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1

31-O

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1

31-D

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1

31-J

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2

29-F

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2

31-M

ar-1

2

per

Kg

SPOT 29-Apr-11 30-Jun-11 30-Aug-11 30-Nov-11 29-Feb-12 30-Apr-12 29-Jun-12 31-Aug-12

15

The total quantity traded in Nickel contracts was 38.52536 lakh tonnes valued at `385334.138 Crore.

6. Natural Gas

The ready price of Natural Gas, which was quoted at `195.00 per mmBtu on 31.03.2011 declined to 108.80 on 31.03.2012, showing a fall of 44.21%. In the futures section, the price which was quoted at 197.40 per mmBtu (April 2011 contract) on 31.03.2011, declined to `110.20 per mmBtu (April 2012 contract) on 31.03.2012 showing a fall of 44.17%.

The total quantity traded in Natural Gas contracts was 16235343750 mmBtu valued at ` 260916.044 Crore.

Spot & Futures prices of Nickel at MCX

850

900

950

1000

1050

1100

1150

1200

1250

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

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29-F

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31-M

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2

per

Kg

SPOT Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11

Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12

Spot & Futures prices of NATURAL GAS at MCX

100

125

150

175

200

225

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

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29-F

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31-M

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2

` p

er m

mB

tu

SPOT Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11

Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12

16

7. Lead

The ready price of Lead, which was quoted at `121.45 per kg on 31.03.2011 declined to `103.35 on 31.03.2012, showing a fall of 14.90%. In the futures section, the price which was quoted at 121.45 per kg (March 2011 contract) on 31.03.2011 declined to `104.90 per kg (April 2012 contract) on 31.03.2012 showing a fall of 13.63%.

The total quantity traded in Lead contracts was 239.03270 lakh tonnes valued at `259508.657 Crore.

8. Zinc

The ready price of Zinc, which was quoted at ` 103.50 per kg on 31.03.2011 declined to

` 102.45 on 31.03.2012, showing a fall of 1.01%. In the futures section, the price which was quoted at 103.50 per kg (March 2011 contract) on 31.03.2011 declined to ` 102.85 per kg (April 2012 contract) on 31.03.2012 showing a fall of 0.63%.

The total quantity traded in Zinc contract was 256.27605 lakh tonnes valued at `258171.284 Crore.

Spot & Futures prices of LEAD at MCX

95

100

105

110

115

120

125

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

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per

Kg



Spot & Futures prices of Z inc at MCX

90

95

100

105

110

115

31-Mar-11

30-Apr-11

31-May-11

30-Jun-11

31-Jul-11

31-Aug-11

30-Sep-11

31-Oct-11

30-Nov-11

31-Dec-11

31-Jan-12

29-Feb-12

31-Mar-12

per Kg



17

II. NCDEX, MUMBAI

2011-2012 NCDEX

S.No Commodity Vol-Lakh Tonnes

Value- Crs SHARE OF VALUE TO

TOTAL

1 SOYA_OIL 619.75060 415762.053 22.97

2 GUAR_SEED 704.81384 323119.643 17.85

3 CHANA 849.80950 274604.955 15.17

4 RAPE_MUSTARD_SEED 504.19590 165405.051 9.14

5 SOYABEAN 492.75780 122637.796 6.77

6 GUAR_GUM 67.57494 98356.672 5.43

7 CRUDE_OIL 265.66371 86225.698 4.76

8 OTHER COMMODITIES 670.58267 324098.226 17.90

TOTAL 4175.14896 1810210.096 100.00

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT NCDEX,MUMBAI DURING APRIL 2011 TO MARCH 2012

OTHER COMMODITIES17.90%

CRUDE_OIL4.76%

GUAR_GUM5.43%

SOYABEAN6.77%

RAPE_MUSTARD_SEED9.14%

CHANA15.17%

GUAR_SEED17.85%

SOYA_OIL22.97%

SOYA_OIL GUAR_SEED CHANA RAPE_MUSTARD_SEED SOYABEAN GUAR_GUM CRUDE_OIL OTHER COMMODITIES

18

Note : Natural Gas, Gasoline & Heating Oil Volumes is not included in the Total Volume of the Exchange

1. Soy Oil

The ready price of Soy Oil which was quoted at `591.20 per 10 Kg on 31.03.2011, rose to 741.65 on 31.03.2012, showing a rise of 25.45 %. In the futures section, the price, which was quoted at 599.65 per 10 kg (April 2011 contract) on 31.03.2011, rose to `751.40 per 10 Kg (April 2012 contract) on 31.03.2012, showing a rise of 25.31%.

The total quantity traded in Soy Oil was 619.75060 lakh tonnes valued at `415762.053 Crore.

2. Guar Seed

The ready price of Guar Seed, which was quoted at `2833.05 per 100 Kg on 31.03.2011, rose to 26699.35 on 27.03.2012, showing a rise of 842.42 %. In the futures section, the price which was quoted at 2781.00 per 100 kg (April 2011 contract) on 31.03.2011, rose to `25080.00 per 100 Kg on (April 2012 contract) 27.03.2012 showing a rise of 801.83%.

SPOT & FUTURES PRICES OF SOY OIL TRADED AT NCDEX

575

600

625

650

675

700

725

750

775

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

` P

ER

10

KG

SPOT Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11

Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12

19

The total quantity traded in all contracts of Guar Seed was 704.81384 Lakh tonnes valued at 323119.643 Crore.

3. Chana

The ready price of Chana, which was quoted at `2288.05 per 100 Kg on 31.03.2011, rose to `3345.00 on 31.03.2012, showing a rise of 46.19 %. In the futures section, the price which was quoted at 2386.00 per 100 kg (April 2011 contract) on 31.03.2011 rose to `3534.00 per 100 Kg (April 2012 contract) on 31.03.2012 showing a rise of 48.11%.

The total quantity traded in all contracts of Chana was 849.80950 Lakh tonnes valued at `274604.955 Crore.

SPOT & FUTURES PRICES OF GUAR SEED TRADED AT NCDEX

2700

5200

7700

10200

12700

15200

17700

20200

22700

25200

27700

31-M

ar-1

1

11-A

pr-1

1

22-A

pr-1

1

3-M

ay-1

1

14-M

ay-1

1

25-M

ay-1

1

5-Ju

n-11

16-J

un-1

1

27-J

un-1

1

8-Ju

l-11

19-J

ul-1

1

30-J

ul-1

1

10-A

ug-1

1

21-A

ug-1

1

1-Sep

-11

12-S

ep-1

1

23-S

ep-1

1

4-O

ct-1

1

15-O

ct-1

1

26-O

ct-1

1

6-N

ov-1

1

17-N

ov-1

1

28-N

ov-1

1

9-D

ec-1

1

20-D

ec-1

1

31-D

ec-1

1

11-J

an-1

2

22-J

an-1

2

2-Feb

-12

13-F

eb-1

2

24-F

eb-1

2

6-M

ar-1

2

17-M

ar-1

2

28-M

ar-1

2

` P

ER

100

KG


Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12

SPOT & FUTURES PRICES OF CHANA TRADED AT NCDEX

2000

2200

2400

2600

2800

3000

3200

3400

3600

3800

4000

4200

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

` P

ER

100

KG



20

4. R/M Seed

The ready price of R/M Seed which was quoted at `2568.50 per 100 Kg on 31.03.2011, rose to 3755.80 on 31.03.2012 showing a rise of 46.23%. In the futures section, the price which was quoted at 2686.00 per 100 kg (April 2011 contract) on 31.03.2011 rose to `3857.00 per 100 Kg (April 2012 contract) on 31.03.2012 showing a rise of 43.60%.

The total quantity traded in R/M Seed contracts was 504.19590 lakh tonnes valued at `165405.051 Crore.

5. Soya Bean

The ready price of Soya Bean, which was quoted at `2308.00 per 100 Kg on 31.03.2011 rose to 2993.00 on 31.03.2012, showing a rise of 29.68%. In the futures section, the price which was quoted at 2338.50 per 100 kg (April 2011 contract) on 31.03.2011 rose to `3085.50 per 100 Kg (April 2012 contract) on 31.03.2012 showing a rise of 31.94%.

SPOT & FUTURES PRICES OF RM SEED TRADED AT NCDEX

2500

2750

3000

3250

3500

3750

4000

4250

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

` P

ER

100

KG


Nov-11 Dec-11 Jan-12 Apr-12 May-12 Jun-12 Jul-12

21

The total quantity traded in Soya Bean contracts was 492.75780 lakh tonnes valued at `122637.796 Crore.

6. Guar Gum

The ready price of Guar Gum, which was quoted at `8421.90 per 100 Kg on 31.03.2011, rose to 88740.00 on 27.03.2012, showing a rise of 953.68 %. In the futures section, the price which was quoted at 8216.00 per 100 kg (April 2011 contract) on 31.03.2011 rose to `80970.00 per 100 Kg (April 2012 contract) on 27.03.2012 showing a rise of 885.52%.

The total quantity traded in Guar Gum contracts was 67.57494 lakh tonnes valued at `98356.672 Crore.

SPOT & FUTURES PRICES OF SOY BEAN TRADED AT NCDEX

1950

2100

2250

2400

2550

2700

2850

3000

3150

3300

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

` P

ER

100

KG



SPOT & FUTURES PRICES OF GUAR GUM TRADED AT NCDEX

80001300018000230002800033000380004300048000530005800063000680007300078000830008800093000

31-M

ar-1

1

11-A

pr-1

1

22-A

pr-1

1

3-M

ay-1

1

14-M

ay-1

1

25-M

ay-1

1

5-Ju

n-11

16-J

un-1

1

27-J

un-1

1

8-Ju

l-11

19-J

ul-1

1

30-J

ul-1

1

10-A

ug-1

1

21-A

ug-1

1

1-S

ep-1

1

12-S

ep-1

1

23-S

ep-1

1

4-O

ct-1

1

15-O

ct-1

1

26-O

ct-1

1

6-N

ov-1

1

17-N

ov-1

1

28-N

ov-1

1

9-D

ec-1

1

20-D

ec-1

1

31-D

ec-1

1

11-J

an-1

2

22-J

an-1

2

2-F

eb-1

2

13-F

eb-1

2

24-F

eb-1

2

6-M

ar-1

2

17-M

ar-1

2

28-M

ar-1

2

` P

ER

100

KG



22

7. Crude Oil

The ready price of Crude Oil, which was quoted at `4739.94 per Barrel on 31.03.2011, rose to 5247.72 on 31.03.2012, showing a rise of 10.71 %. In the futures section, the price which was quoted at `4744.00 per Barrel (April 2011 contract) on 31.03.2011 rose to `5273.00 per Barrel (April 2012 contract) on 31.03.2012, showing a rise of 11.15%.

The total quantity traded in all contracts of Crude Oil was 265.66371 Lakh tonnes valued at 86225.698 Crore.

III. NMCE, AHMEDABAD

TOTAL VOLUME AND VALUE OF TRADE AT NMCE, AHMEDABAD

APRIL 2011 to MARCH 2012

SR. NO COMMODITIES TOTAL VOLUME ( IN LAKH TONNES)

TOTAL VALUE ( IN `

CRORE)

% SHARE TO THE TOTAL

VALUE

1 NICKEL 2.35 23344.45 8.70

2 ALUMINIUM 20.79 23094.26 8.61

3 ZINC 21.63 22051.21 8.22

4 COPPER 5.29 21828.00 8.13

5 SOY OIL 28.57 19739.18 7.36

6 OTHERS 268.99 158293.85 58.99

TOTAL 347.62 268350.948 100

SPOT & FUTURES PRICES OF CRUDE OIL TRADED AT NCDEX

3750

4000

4250

4500

4750

5000

5250

5500

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

` P

ER

Bar

rel



23

1. Nickel

The ready price of Nickel which was quoted at `1170.20 per Kg on 31.3.2011 declined to `889.40 on 31.3.2012, registering a fall of 23.99 % over the year.

In the futures section, the price, which was quoted at `1170.20 per Kg on 31.3.2011 (March 2011 contract) declined to `941 on 31.3.2012 (June 2012 contract) registering a fall of 19.59 % over the year.

The graph indicating ready and futures prices is given below.

The total quantity traded at NMCE during the period was 2.35 Lakh tonnes valued at `23344.45 Crore.

2. Aluminium

The ready price of Aluminium, which was quoted at `115.90 per Kg on 31.3.2011 declined to 107.30 on 31.3.2012, registering a fall of 7.42 % over the year.

In the futures section, the price which was quoted at `115.90 per 1 Kg on 31.3.2011 (March 2011 contract) declined to `111.20 on 31.3.2012 (June 2012 contract) registering a fall of 4.05 % over the year.

Spot and future prices of Nickel at NMCE, Ahmedabad.

850.00

900.00

950.00

1000.00

1050.00

1100.00

1150.00

1200.00

1250.00

31-M

ar-1

1

14-A

pr-1

1

28-A

pr-1

1

12-M

ay-1

1

26-M

ay-1

1

9-Ju

n-11

23-J

un-1

1

7-Ju

l-11

21-J

ul-1

1

4-A

ug-1

1

18-A

ug-1

1

1-S

ep-1

1

15-S

ep-1

1

29-S

ep-1

1

13-O

ct-1

1

27-O

ct-1

1

10-N

ov-1

1

24-N

ov-1

1

8-D

ec-1

1

22-D

ec-1

1

5-Ja

n-12

19-J

an-1

2

2-F

eb-1

2

16-F

eb-1

2

1-M

ar-1

2

15-M

ar-1

2

29-M

ar-1

2

Date

`

`

` ` p

er 1

KG

Spot Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11


24

The graph indicating ready and futures prices is given below


3.Zinc

The ready price of Zinc, which was quoted at `103.80 per Kg on 31.3.2011 declined to `102 on 31.3.2012, registering a fall of 1.73 % over the year.

In the futures section, the price of Zinc, which was quoted at `103.80 per Kg on 31.3.2011 (March 2011 contract) rose to `103.85 on 31.3.2012 (May 2012 contract) with a rise of 0.05 % over the year.


Spot and future prices of Aluminium at NMCE,Ahmedabad

100.00

105.00

110.00

115.00

120.00

125.00

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

Date

` p

er 1

Kg

Spot Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12Apr-12 May-12 Jun-12

Spot and future prices of Zinc at NMCE,Ahmedabad

90.00

95.00

100.00

105.00

110.00

115.00

31-M

ar-1

1

14-A

pr-1

1

28-A

pr-1

1

12-M

ay-1

1

26-M

ay-1

1

9-Ju

n-11

23-J

un-1

1

7-Ju

l-11

21-J

ul-1

1

4-Aug

-11

18-A

ug-1

1

1-Sep

-11

15-S

ep-1

1

29-S

ep-1

1

13-O

ct-1

1

27-O

ct-1

1

10-N

ov-1

1

24-N

ov-1

1

8-D

ec-1

1

22-D

ec-1

1

5-Ja

n-12

19-J

an-1

2

2-Feb

-12

16-F

eb-1

2

1-M

ar-1

2

15-M

ar-1

2

29-M

ar-1

2

Date

` p

er 1

Kg

Spot Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11

Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12

25


4.Copper

The ready price of Copper, which was quoted at `419.70 per Kg on 31.3.2011, rose to `431.52 on 31.3.2012, registering a rise of 2.82% over the year.

In the futures section, the futures prices of Copper, which was quoted at `424.90 per Kg on 31.3.2011 (April 2011 contract) rose to `440.90 on 31.3.2012 (August 2012 contract) registering a rise of 3.76 % over the year.

The graph indicating ready and futures prices is given below;

The total quantity traded at NMCE during the period was 5.29 Lakh tonnes valued at `21828 Crores.

5. Soy Oil

The ready price of Soy oil at NMCE, Ahmedabad, which was quoted at `590.50 per 10Kg on 31.3.2011, rose to `742.50 on 31.3.2012 registering a rise of 25.74 % over the year.

In the futures section, the price of Soy oil, which was quoted at `590.50 per Kg on 31.3.2011 (April 2011 contract) rose to `749.00 on 31.3.2012 (July 2012 contract) registering a rise of 26.84 % over the year.

Spot and future prices of Copper at NMCE , Ahmedabad.

340.00

360.00

380.00

400.00

420.00

440.00

460.00

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

Date

` ` ` ` p

er 1

Kg

Spot Apr-11 Jun-11 Aug-11 Nov-11 Feb-12 Apr-12

Jun-12 Aug-12

26



IV. ICEX, MUMBAI

2011-2012 ICEX

S.No Commodity Vol-Lakh Tonne Value- Crs % share of

value to total

1 GOLD 0.00349 90740.917 35.16

2 SILVER 0.13134 74714.559 28.95

Spot and future prices of Soy oil at NMCE,Ahmedabad.

550.00

600.00

650.00

700.00

750.00

800.0031

-Mar

-11

14-A

pr-1

1

28-A

pr-1

1

12-M

ay-1

1

26-M

ay-1

1

9-Ju

n-11

23-J

un-1

1

7-Ju

l-11

21-J

ul-1

1

4-Aug

-11

18-A

ug-1

1

1-Sep

-11

15-S

ep-1

1

29-S

ep-1

1

13-O

ct-1

1

27-O

ct-1

1

10-N

ov-1

1

24-N

ov-1

1

8-D

ec-1

1

22-D

ec-1

1

5-Ja

n-12

19-J

an-1

2

2-Feb

-12

16-F

eb-1

2

1-M

ar-1

2

15-M

ar-1

2

29-M

ar-1

2

Date

`

` ` ` p

er 1

0 K

g

Spot Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11


PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ICEX, MUMBAI DURING APRIL 2011 TO MARCH 2012

OTHER COMMODITIES3.93%

MUSTARD SEED2.57%

COPPERCATHODE14.30%

CRUDEOIL15.09%

SILVER28.95%

GOLD35.16%

GOLD SILVER CRUDEOIL COPPERCATHODE MUSTARD SEED OTHER COMMODITIES

27

2011-2012 ICEX

S.No Commodity Vol-Lakh Tonne Value- Crs % share of

value to total

3 CRUDEOIL 115.80982 38960.007 15.09

4 COPPERCATHODE 9.15150 36902.468 14.30

5 MUSTARD SEED 22.59350 6642.876 2.57

6 OTHER COMMODITIES

87.15545 10144.845 3.93

TOTAL 234.84510 258105.672 100.00

Note : Natural Gas Volumes is not included in the Total Volume of the Exchange

1. Gold

The ready price of Gold, which was quoted at `20742.56 per10 gm on 31.03.2011, rose to `27783.21 on 31.03.2012, showing a rise of 33.94 %. In the futures section the price which was quoted at 20730.00 per 10 gm (April 2011 contract) on 31.03.2011, rose to `28028.00 (April 2012 contract) per 10 gm on 31.03.2012 showing a rise of 35.21 %.


The total quantity traded in all contracts of Gold was 0.00349 Lakh tonnes valued at `90740.917 Crore.

Spot & Futures prices of Gold at ICEX

20000

21000

22000

23000

24000

25000

26000

27000

28000

29000

30000

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

` p

er 1

0 G

m

SPOT 1-Apr-11 1-Jun-11 1-Aug-11 3-Oct-11

1-Dec-11 1-Feb-12 2-Apr-12 1-Jun-12 1-Aug-12

28

2. Silver

The ready price of Silver, which was quoted at `55836.50 per kg on 31.03.2011, declined to 55784.05 on 31.03.2012, showing a fall of 0.09%. In the futures section, the price which was quoted at 55941.00 per Kg (May 2011 contract) on 31.03.2011 rose to `56785.00 per kg (May 2012 contract) on 31.03.2012 showing a rise of 1.51%.


The total quantity traded in all contracts of silver was 0.13134 Lakh tonnes valued at `74714.559 Crores.

3. Crude Oil

The ready price of Crude Oil, which was quoted at `4702.98 per Barrel on 31.03.2011 rose to 5265.54 on 31.03.2012, showing a rise of 11.96 %. In the futures section, the price which was quoted at `4746.00 per Barrel (April 2011 contract) on 31.03.2011, rose to `5272.00 (April 2012 contract) per Barrel on 31.03.2012 showing a rise of 11.08%

Spot & Futures prices of Silver at ICEX

47500

52500

57500

62500

67500

72500

77500

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

` p

er K

g

SPOT 2-May-11 1-Jul-11 2-Sep-11 1-Dec-11 1-Mar-12 2-May-12 2-Jul-12 3-Sep-12

29


The total quantity traded in Crude Oil was 115.80982 lakh tonnes valued at `38960.007 Crore.

4. Copper

The ready price of Copper, which was quoted at `421.21 per kg on 31.03.2011, rose to `431.39 on 31.03.2012, showing a rise of 2.42 %. In the futures section, the price which was quoted at 425.10 per kg (April 2011 contract), on 31.03.2011, rose to `431.75 per kg (April 2012 contract) on 31.03.2012 showing a rise of 1.56%.


Spot & Futures prices of Crude Oil at ICEX

3750

4000

4250

4500

4750

5000

5250

5500

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

per

Bar

rel

SPOT 18-Apr-11 19-May-11 20-Jun-11 19-Jul-11 19-Aug-11 19-Sep-11 19-Oct-11

17-Nov-11 19-Dec-11 19-Jan-12 17-Feb-12 19-Mar-12 19-Apr-12 21-May-12 19-Jun-12

Spot & Futures prices of Copper at ICEX

340

350

360

370

380

390

400

410

420

430

440

450

460

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

` p

er K

g

SPOT 29-Apr-11 30-Jun-11 30-Aug-11 30-Nov-11 29-Feb-12 30-Apr-12 29-Jun-12 31-Aug-12

30

The total quantity traded in Copper contracts was 9.15150 lakh tonnes valued at `36902.468 Crores.

5. R/M Seed

The ready price of R/M Seed, which was quoted at `2571.02 per 100 Kg on 31.03.2011 rose to 3751.15 on 31.03.2012, showing a rise of 45.90 %. In the futures section, the price which was quoted at `2690.00 per 100 kg (April 2011 contract) on 31.03.2011 rose to `3869.00 per 100 Kg (April 2012 contract) on 31.03.2012 showing a rise of 43.83 %.


The total quantity traded in R/M Seed contracts was 22.59350 lakh tonnes valued at `6642.876 Crore.

V. ACE Derivatives and Commodity Exchange, Mumbai

Spot & Futures prices of R/M SEED at ICEX

2500

2750

3000

3250

3500

3750

4000

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

per

100

KG

SPOT 20-Apr-11 20-May-11 20-Jun-11 20-Jul-11 19-Aug-11 20-Sep-11

20-Oct-11 18-Nov-11 20-Dec-11 20-Jan-12 20-Apr-12 18-May-12 20-Jun-12

PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT ACE, MUMBAI DURING APRIL 2011 TO MARCH 2012

REFSOYOIL50.74%

SOYBEAN17.77%

MUSTARD12.75%

CHANA11.34%

GUAR SEED4.96% OTHER COMMODITIES

2.44%

REFSOYOIL SOYBEAN MUSTARD CHANA GUAR SEED OTHER COMMODITIES

31

2011-2012 ACE Derivatives and Commodity Exchange, Mumbai

S.No Commodity Vol-Lakh / Tonne

Value- `Crs % SHARE OF VALUE TO

TOTAL 1 REFSOYOIL 105.48050 70358.048 50.74 2 SOYBEAN 99.99990 24632.606 17.77 3 MUSTARD 59.23760 17675.425 12.75 4 CHANA 49.87640 15727.664 11.34 5 GUAR SEED 14.94400 6876.030 4.96

6 OTHER

COMMODITIES 5.60425 3384.835 2.44

TOTAL LT/` . Cr. 335.14265 138654.608 100.00

1. Ref. Soya Oil

The ready price of Ref Soy Oil, which was quoted at `591.45 per 10 kg on 31.03.2011 rose to 742.85 on 31.03.2012, showing a rise of 25.60%. In the futures section, the price which was quoted at 599.80 per 10 kg (April 2011 contract) on 31.03.2011, rose to `751.40 (April 2012 contract) per 10 kg on 31.03.2012 showing a rise of 25.28%.


The total quantity traded in all contracts of Ref Soy Oil was 105.48050 Lakh tonnes valued at 70358.048 Crores.

Spot & Futures prices of SOY OIL at ACE

575

600

625

650

675

700

725

750

775

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

` p

er 1

0 kG



32

2. Soya Bean

The ready price of Soy Bean, which was quoted at `2297.50 per 100 kg on 31.03.2011 rose to 2991.50 on 31.03.2012, showing a rise of 30.21%. In the futures section, the price which was quoted at 2337.50 per 100kg (April 2011 contract) on 31.03.2011 rose to `3083.00 (April 2012 contract) per 100 kg on 31.03.2012 showing a rise of 31.89%.


The total quantity traded in Soya Bean contracts was 99.99990 lakh tonnes valued at ` 24632.606 Crore.

3. R/M Seed

The ready price of R/M Seed, which was quoted at `2568.00 per 100 kg on 31.03.2011, rose to 3768.25 on 31.03.2012 showing a rise of 46.74 %. In the futures section the price which was quoted at 2687.00 per 100kg (April 2011 contract) on 31.03.2011, rose to `3860.00 (April 2012 contract) per 100 kg on 31.03.2012, showing a rise of 43.65%.

Spot & Futures prices of SOY BEAN AT ACE

2000

2250

2500

2750

3000

3250

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

per

100

Kg



33


The total quantity traded in R/M Seed contracts was 59.23760 lakh tonnes valued at `17675.425 Crores.

4. Chana

The ready price of Chana, which was quoted at `2291.50 per 100 kg on 31.03.2011, rose to `3339.00 on 31.03.2012, showing a rise of 45.71 %. In the futures section, the Chana price which was quoted at `2383.00 per 100kg (April 2011 contract) on 31.03.2011, rose to `3534.00 (April 2012 contract) per 100 kg on 31.03.2012, showing a rise of 48.30%.

Spot & Futures prices of R/M SEED AT ACE

2400

2600

2800

3000

3200

3400

3600

3800

4000

4200

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

per

100

KG


Nov-11 Dec-11 Jan-12 Apr-12 May-12 Jun-12 Jul-12

34


The total quantity traded in Chana contracts was 49.87640 lakh tonnes valued at `15727.664 Crores.

5. Guar seed

The ready price of Guar Seed, which was quoted at `3753.00 per 100 kg on 06.07.2011, rose to 27252.00 on 27.03.2012, showing a rise of 626.14 %. In the futures section, the price which was quoted at 3823.00 per 100kg (September 2011 contract) on 06.07.2011, rose to `25080.00 (April 2012 contract) per 100 kg on 27.03.2012 showing a rise of 556.03 %.


The total quantity traded in Guar Seed contracts was 14.94400 lakh tonnes valued at `6876.030 Crores.

Spot & Futures prices of CHANA AT ACE

2200

2400

2600

2800

3000

3200

3400

3600

3800

4000

4200

31-M

ar-1

1

30-A

pr-1

1

31-M

ay-1

1

30-J

un-1

1

31-J

ul-1

1

31-A

ug-1

1

30-S

ep-1

1

31-O

ct-1

1

30-N

ov-1

1

31-D

ec-1

1

31-J

an-1

2

29-F

eb-1

2

31-M

ar-1

2

Per

100 K

g



Spot & Futures prices of GUAR SEED AT ACE

3000

5500

8000

10500

13000

15500

18000

20500

23000

25500

28000

6-Ju

l-11

11-J

ul-1

1

16-J

ul-1

1

21-J

ul-1

1

26-J

ul-1

1

31-J

ul-1

1

5-Aug

-11

10-A

ug-1

1

15-A

ug-1

1

20-A

ug-1

1

25-A

ug-1

1

30-A

ug-1

1

4-Sep

-11

9-Sep

-11

14-S

ep-1

1

19-S

ep-1

1

24-S

ep-1

1

29-S

ep-1

1

4-O

ct-1

1

9-O

ct-1

1

14-O

ct-1

1

19-O

ct-1

1

24-O

ct-1

1

29-O

ct-1

1

3-Nov

-11

8-Nov

-11

13-N

ov-1

118

-Nov

-11

23-N

ov-1

1

28-N

ov-1

1

3-Dec

-11

8-Dec

-11

13-D

ec-1

1

18-D

ec-1

1

23-D

ec-1

1

28-D

ec-1

1

2-Ja

n-12

7-Ja

n-12

12-J

an-1

2

17-J

an-1

2

22-J

an-1

2

27-J

an-1

2

1-Feb

-12

6-Feb

-12

11-F

eb-1

2

16-F

eb-1

2

21-F

eb-1

2

26-F

eb-1

2

2-M

ar-1

2

7-M

ar-1

2

12-M

ar-1

2

17-M

ar-1

2

22-M

ar-1

2

27-M

ar-1

2

Per

100

Kg

SPOT 20-Sep-11 20-Oct-11 18-Nov-11 20-Dec-11 20-Jan-12

17-Feb-12 20-Mar-12 20-Apr-12 18-May-12 20-Jun-12 20-Jul-12

35

CHAPTER V

REGULATORY INITIATIVES OF THE COMMISSION

5.1 Grant of Recognition / Renewal of Recognition to the association / recognized exchanges, grant of registration / renewal of registration to the recognized exchanges.

a) Renewal of Recognition to the Recognized Exchanges:

On recommendations of the Forward Markets Commission, the Government of India renewed the recognition of the following Associations / Exchanges:

Sr. No.

Name of the Exchange Period of renewal of Recognition and the Commodities permitted

Date of issue of Notification

1. National Board of Trade, Indore

1st June, 2011 to 31st May, 2013 (Rape/Mustard Seed).

21st April, 2011

2. Bikaner Commodity Exchange Ltd., Bikaner

1st July,2011 to 30th June, 2012 (Guar Gum, Gram Seed and Mustard Seed )

2nd August,2011

3. First Commodity Exchange of India Ltd., Kochi

1st February, 2012 to 31st May, 2012 (Coconut oil and Copra)

27th January,2012

4. Chamber of Commerce, Hapur

1st April, 2012 to 31st March, 2014. ( Gur)

2nd March, 2012


1st April, 2012 to 31st March, 2013. ( Guar seed)

2nd March, 2012

b) Details of Grant/Renewal of Registration to the Recognized Exchanges.

The Commission, in exercise of the powers conferred under Section 14(B) of the Forward Contracts (Regulation) Act, 1952, extended the period of registration of the following Associations / Exchanges, analogous to the period of recognition of the exchange:

Sr. No.

Name of the Exchange Period of renewal of Registration and the Commodities permitted

Date of Issue of Registration

1. The East India Jute & Hessian Exchange Ltd., Kolkata

1st April, 2011 to 31st March, 2012, (TSD) in jute goods (Hessian and sacking).

11th April, 2011

2. The Meerut Agro Commodities Co. Ltd

1st April, 2011 to 31st March, 2012 (Gur).

11th April, 2011

3. The East India Jute & Hessian Exchange Ltd., Kolkata

7th April, 2011 to 6th April, 2012 Raw Jute (including mesta)

2nd May, 2011

36

4. National Board of Trade, Indore

1st June, 2011 to 31st May, 2013 (Rape/Mustard Seed).

5th May, 2011


1st July,2011 to 30th June, 2012 (Guar Gum, Gram Seed and Mustard Seed l)

18th August,2011

6. First Commodity Exchange of India Ltd., Kochi

1st February, 2012 to 31st May, 2012. (Coconut oil and Copra)

6th February, 2012.

c) The Commission also recommended to the Ministry to renew the recognition of the following exchanges;

Sr. No.

Name of the Exchange Commodities Period of Recognition

1. The Central India Commercial Exchange Ltd., Gwalior

Rapeseed/Mustard seed

1st April 2012 to 31st March 2013.

2. Rajdhani Oil & Oilseeds Exchange Ltd., Delhi

Rapeseed/Mustard seed and Gur

1st April 2012 to 31st March 2014.

3. Haryana Commodities Ltd., Sirsa

Mustard seed Cotton seed oil cake

13th January 2012 to 12th January 2013 1st November 2011 to 31st October 2012.

d) Grant of permission for futures trading in Commodities:

During the year, from 1st April 2011 to 31st March 2012, trading permission was granted to Multi Commodity Exchange of India (MCX), National Commodity Derivatives Exchange of India, Mumbai(NCDEX), National Multi Commodity Exchange of India Ahmedabad, (NMCE), ACE Commodity Exchange Ltd., Mumbai,(ACE), Indian Commodity Exchange Ltd., Mumbai (ICEX) as well as commodity specific Exchanges (Regional Exchanges). The Commodities vis-a-vis contracts permitted and the dates on which permission was issued are detailed in the Annexure-III and IV.

(e) Approval to Amendment to Bye-laws / Rules / Articles of recognized exchanges:

(i) In compliance with the directives issued by the Commission on 22nd April 2010, regarding constitution of the Board of Directors, Nomination of Independent Directors and appointment of CEO at the Nationwide Multi Commodity Exchanges, the Commission approved the Amendments to the Articles of Association of the MCX, Mumbai, NCDEX, Mumbai and NMCE, Ahmedabad pertaining to the constitution of the Board of Directors. The following table indicates the approvals conveyed by the Commission in this connection:

37

Sr. No.

Name of the Exchange Amendment to Articles of Association (Clause No)

Date of grant of approval

1 Multi Commodity Exchange of India Ltd. (MCX), Mumbai

Clause 30 regarding constitution of Board of Directors of the Exchanges

12th April, 2011

2 National Commodity & Derivatives Exchange Ltd. (NCDEX), Mumbai

Clause 126-A, 128, & 140 regarding constitution of Board of Directors of the Exchanges

18th August, 2011

3 National Multi-Commodity Exchange Ltd., (NMCE), Ahmedabad

Clause 113 regarding constitution of Board of Directors of the Exchanges and clause 133 pertaining to appointment of Vice Chairman of the Exchange.

16th September, 2011

4 ACE Commodity and Derivatives Exchange Limited, (ACE) Mumbai

Clause 79- increasing the number of directors from 12 to 24

26th August 2011

(ii) Approval of Bye-laws and Rules of NCDEX, Mumbai, MCX, Mumbai and Rajkot Commodity Exchange, Rajkot.

Sr. No.

Name of the Exchange Amendment to Articles of Association (Clause No)

Date of grant of approval

1 National Commodity & Derivatives Exchange Ltd. (NCDEX), Mumbai

Increasing the limitation period for submitting all claims, differences or disputes referred to in clause (1) of Bye-law 11.2 of the Bye-laws of NCDEX from six months to 3 years

26.12.2011

2 Multi Commodity Exchange of India Ltd. (MCX), Mumbai

Bye-law 15.11 increased the limitation period for submitting all claims, differences or disputes referred to in clause (1) of Bye-law 15.11 from one year to three years.

18.01.2012

3 Rajkot Commodity Exchange Ltd, Rajkot *

Byelaw No-282 (ii) regarding Revision of trading time. On trading days 10.00 a.m. to 5.00 p.m. on Mondays to Fridays and between 10.00 a.m. to 2.00 p.m. on Saturdays

08.02.2012

*Regional Commodity Exchange

38

5.2 Revision in Regulatory Measures:

The Commission kept a close watch on the trading activities in the commodity futures market and took various regulatory measures such as revision in the special margins, limit on open position, etc.

5.2.1 Revision in the open position limits

The open position limits in respect of Mentha Oil contracts traded on the National Exchanges were revised as follows w.e.f. 18.5.2011.

Commodity Aggregate OI (MT) Near month OI (MT)

Member* Client Member* Client

Mentha oil 1800 360 600 120

The Commission, after examining the excess volatility observed since November 2011 in the prices of Guarseed and Guar gum contracts and also keeping in view the production data of Guarseed in 2011, decided on 11th January 2012 to revise the open position limits in the said contracts. The revised open interest limits for aggregate and near month futures contract of Guar seed and Guar gum are as under:

Commodity Open Interest Limit (MT)

Aggregate limits for all contracts traded on all

Exchanges

Near month limits for contracts traded on all

Exchanges

Member* Client Member* Client

Guarseed 12000 2400 4000 800

Guargum 3000 1000 600 200

The revised limits on open positions prescribed above for aggregate as well as near month have been made applicable across all contracts and all exchanges w.e.f. 21st January 2012.

5.2.2 No fresh positions in Guar seed and Guar gum contracts expiring in January 2012 The Commission had observed a consistent rise in spot and future prices of Guar seed

and Guar gum since November 2011, and had taken several regulatory measures including imposition of special margin, reduction in open position limit etc. to curb the excessive volatility in the prices. Since the prices continued to rise, the Commission on 16th January 2012 decided not to allow fresh positions in the near month January 2012 contract w.e.f. 17th January, 2012. The Exchanges were directed accordingly.

39

In order to curb the excessive volatility in prices of Guargum and Guarseed, the Commission decided not to allow fresh positions in all the running contracts with effect from March 22, 2012. Thereafter, the Commission on 27.3.2012 directed the Exchanges that all futures contracts in Guar gum and Guar seed currently traded on the Exchanges should be closed out w.e.f. 27th March 2012 in the following manner.

(i) The Sellers intending to give delivery will be allowed to do so and the delivery intentions so received will be allocated to the buyers as per normal process. (ii) The delivery settlement calendar will be revised by the Exchanges and communicated to

the members. (iii) The remaining outstanding position at the close of trading day on 27th March 2012 will be closed out at the daily settlement prices (closing prices) of 27th March 2012.

The Exchanges were also informed that no contracts of next season in Guarseed and Guar

gum should be launched without the prior approval of the Commission

5.2.3 Guidelines issued by the Commission on Clubbing of Open Positions to protect the market integrity

The Commission on 20th July, 2005 had issued Guidelines for clubbing of open positions of parties acting in concert in the futures market. Subsequently, on 26th July, 2007, guidelines were issued in respect of different Co-operative Societies and Companies having common Directors with no financial interest. However, it was observed that there have been instances of parties acting in concert in order to circumvent open position limits. Since, it is not feasible to define all parameters / criteria for clubbing of open interest, the National Commodity Exchanges, on 10th January 2012, were directed to take suitable measures for clubbing of open interest on the basis of the criteria laid down in the aforesaid guidelines and also include such other criteria as PAN, patterns such as “acting in concert” through common ownership and control structures and any other relevant criteria to club open interest that may be observed during the course of regular monitoring and surveillance.

Revised guidelines were issued on 31st January 2012 for clubbing of open positions of the parties acting in concert and clarified to the National Exchanges that the open position limits have been prescribed to ensure among other things, that market integrity is protected and the Exchanges were advised to consider clubbing of open positions on the basis of the criteria prescribed in Commission’s guidelines dated 20th July 2005, 26th July 2007 and 10th January 2012 to ensure that the open position limits are not violated.

This measure has resulted in checking the market abuse in a big way and some

Exchanges have already used it effectively thereby improving the integrity of the market significantly. This can be regarded as one of the major long-term contribution in improving the integrity of this market.

40

5.3 Directives issued by the Commission

To protect the market integrity, the Commission also issued the following directives:

S.No. Directives issued Date of issue

1. Margins to be collected in highly liquid form.

Exchanges were advised to instruct their members to collect margins from their clients in highly liquid form, and which are owned by the client. This can be used to fulfill clients’ settlement/margin requirements to the Exchange.

02.06.2011

2. Penalty for Client Code Modification

Revised guidelines were issued for client code modification. Penalty on the member of the Exchanges was revised to 1% of value of trades in respect of which client codes have been modified during a day where value of such trade as percentage of value of total trade during day is less than or equal to 5% and to 2% where such percentage exceeds 5% , subject to minimum penalty of `25000/-. The directive was made effective from 1.10.2011. The minimum penalty was subsequently modified to 5000/-.

28.09.2011

3.

Penalty for executing trade without uploading Unique Client Code (UCC) details of the clients

Penalty was prescribed on the member of the Exchange at the rate of 1% of the value of trade executed without uploading UCC details of the clients. Further the member will be liable for suspension if the client details are not uploaded within a month of the trade. This directive was made effective from 17.10.2011.

04.10.2011

4. Quarterly settlement of client’s account by members

Members of the National Exchanges were directed to settle the accounts of their clients every quarter subject to the condition that for the clients having open position on such quarterly settlements date, the member may retain requisite funds to meet the maximum likely margin obligation for the next 3 trading days.

Member shall send a statement of account to the client containing an extract from the client ledger funds for the relevant quarter.

02.02.2012

41

S.No. Directives issued Date of issue

The statement shall also explain the retention of funds.

5. SMS and E-mail alerts to clients by all National Commodity Exchanges

To bring in more transparency in the trading on the Exchange platform, all the National Exchanges were directed to put in place by 1st May 2012 the system for sending SMS and email alerts to all

the clients by close of business every day regarding trades executed in their account. This would remove the information asymmetry vis-à-vis members. This would also help to reduce the complaints of unauthorized trade.

02.02 2012

6 Monitoring of Trades executed in illiquid contracts: The National Exchanges were directed to monitor strictly the illiquid contracts for wash trades, circular trades and trades of non-genuine nature and take prompt necessary action against such erring members and impose penalties as per the Commission’s directives of 5th March, 2010, wherein uniform penalty structure has been prescribed for various violations. The Exchanges have also been asked to forward a monthly report in this regard including the volume and turnover in such contracts with details of the action taken by the Exchanges on all suspicious trades.

09.02.2012

7. Crediting penalties to Investor Protection Fund (IPF)

It was clarified to the Exchanges that penalties collected by the Exchanges cannot be a source of income to the Exchanges. The penalties collected by the Exchanges w.e.f. 1st April 2006 were directed to be transferred to Investor Protection Fund by 31.03. 2012.

16.02.2012

42

5.4 Inspection of books of accounts of Exchanges and their members

The Commission has been inspecting the books of accounts of the Members of National Commodity Exchanges, on a regular basis since 2006-07. During the F.Y. 2011-12, 307 new audits of members of the National Commodity Exchanges were assigned. Besides, audit of 4 National Exchanges, 13 Regional Exchanges and 1 special audit were also assigned to the Auditors.

A Guidance Manual for Audit of Members of Commodity Future Exchanges has been prepared and issued. This Guidance Manual broadly covers various aspects related to trading in Commodity Futures Markets and provides broad guidelines for conducting such inspections. In order to ensure that no member is subject to audit by more than one Exchange in a year, suitable guidelines have been issued to the exchanges. All the Exchanges have been directed to ensure that they cover all their active members once in 3 years for inspection i.e. at least 1/3rd of the members are inspected every year. In order to avoid conflict of interest & ensure transparency, terms and condition for firms of Chartered Accountants empanelled with the Commission have also been issued.

A meeting of the Commission with empanelled auditors of FMC was conducted on 11.1.2012 at Indian Merchant Chambers Building, Mumbai. The meeting was attended by representatives of 60 audit firms and the issues related to guidance manual for Audit, delay in submission of audit reports, various observations made by the auditors in the audit reports, revision of audit fees etc. were deliberated.

43

CHAPTER VI

ACTIONS TAKEN AGAINST ILLEGAL FORWARD TRADING

(Rule 13 of the Forward Contracts (Regulation) Rules, 1954 states as under)

“The Commission shall communicate information in respect of the commission of any offence under the Act to the concerned police authorities and assist such authorities in scrutinizing documents referred to by them and in rendering such expert advice as may be required by them”.

In pursuance of the provisions of Rule 13 as cited above, the Commission keeps close surveillance on illegal activities in forward markets and communicates the intelligence received thereon, to the concerned police authorities for their verification and enforcement action. Under the Forward Contracts (Regulations) Act, 1952, powers to conduct search, seizure and prosecution in respect of the various offences committed under the Act, vest with the police authorities. The officers of the Enforcement Division of the Commission assist the police authorities, when requested, in organizing and conducting the raids. Furthermore, the Division also assists the police authorities in scrutinizing the documents seized by them in the course of their raids against persons conducting illegal forward trading. Comprehensive scrutiny report is prepared in the Division, on the basis of the evidence contained in the documents seized and is then sent to the police authorities for further necessary action. Apart from carrying out these tasks, the officers of the Enforcement Division also tender evidence in the different courts of law as “Expert” witness, as and when summoned.

Though the prohibition on futures trading under Section 17 of the Forward Contracts (Regulation) Act, 1952 has been revoked completely, the need of enforcement action would continue, as long as various other forms of illegal forward trading, like “Option” in goods, (which is totally prohibited under the Act), and “Dabba” trading are reportedly prevalent in various parts of the country.

The availability of regulated trading platform for futures trading in number of Commodities has helped in reducing the need or incentive for illegal forward trading to a large extent.

44

During the year, the Commission initiated action against the following erring entities:

S. No. Name of the member/Exchanges Action Taken

1 M/s. Hindustan Technosol Pvt. Ltd. , Jaipur, M/s Ganganagar Commodities Ltd., Ganganagar, M/s Ganpati Multi Commodity Business India Pvt. Ltd., Ganganagar, M/s Vinod Commodities Ltd., Jodhpur and M/s Shresth Commodity and Financial Services Pvt. Ltd. , Jodhpur.

Under subsection (4) of Section 8 of the Forward Contracts (Regulation) Act, 1952 read with Government of India Notification S.O. No.1162 dated 04.05.1960, conducted inquiry and inspection of books of accounts of the members

and suspended M/s. Hindustan Technosol Pvt. Ltd., Jaipur, Shreshtha Commodity and Financial Services Pvt. Ltd. Jodhpur and M/s Ganpati Multi Commodity Business India Pvt. Ltd., Ganganagar for 6 months and M/s Vinod Commodities Ltd., Jodhpur for one year. Further Exchange was directed to take disciplinary action against M/s Ganpati Multi Commodity Business India Pvt. Ltd., Ganganagar.

2 Enquiry of Two warehouses

i. Shubham Logistics Ltd., Jodhpur,

ii. Jics Logistics Ltd., Jodhpur

Under subsection (4) of the Section 8 of the Forward Contracts (Regulation) Act, 1952 read with Government of India Notification S.O. No.1162 dated 04.05.1960, conducted inquiry.

3 Four members of the NMCE, Ahmedabad.

i. Prabhu Commodities,

Conducted inquiry and inspection of books of accounts of four members and one client under Section

45


Ahmedabad ii. Sharewise Commodity

Brokers P. Ltd., Delhi. iii. A. A. Plus Share Brokers

Pvt. Ltd., Ahmedabad iv. Kartika Investments, U.P.

Client. Shri. Hemant Sarawagi.

8 of the Forward Contracts (Regulation) Act, 1952 and subsection (4) of the Section 8 of the said Act read with Government of India Notification S.O. No.1162 dated 04.05.1960 against the complaint of tax evasion by members and clients of NMCE, Ahmedabad and increase in the volume of exchange artificially.

4 M/s Rank Commodities Pvt. Ltd

Suspended alongwith two Directors for a period of 2 years who were found guilty

of undertaking illegal activities that are prohibited under the provisions of the FC(R) Act, 1952 .

5 National Multi Commodity Exchange and the alleged involvement of ex-MD and CEO of the Exchange and one of the anchor promoters, M/s. Neptune Overseas Ltd. (NOL).

Conducted inquiry under subsection (2) and 4 of Section 8 of the Forward Contracts (Regulation) Act, 1952 read with Government of India Notification S.O. No.1162 dated 04.05.1960 into the complaint of irregularities by the anchor promoter, M/s. Neptune Overseas Ltd. (NOL) and MD and CEO of the M/s. Neptune Overseas Ltd. and the Vice Chairman and ex-MD/CEO of the Exchange. A show cause notice was issued and thereafter orders were passed giving specific direction to the exchange on 23rd July 2011.

46


6 M/s Rupiah Investments, Chirag Ali Lane, Hyderabad

Forwarded complaint to Hyderabad Police under Rule 13 of Forward Contract (Regulation) Rules, 1954. Hyderabad Police registered a case against M/s. Rupiah Investments on 27.07.2011 vide FIR No. 240/11 under section 20 (c) & (d) of the Forward Contract (Regulation) Act, 1952. The documents and digital data seized by Hyderabad Police were collected for scrutiny and expert opinion in the matter has been sent to Hyderabad Police.

7 Complaints of illegal/Dabba Trading.

15 complaints of

illegal/dabba trading received by the Commission were forwarded to various state police authorities under Rule 13 of the FCR Rules, 1954.

8 Expert opinion to Police Authorities Forwarded the Scrutiny Reports/ expert opinion in five cases to the respective police authorities (Gujarat Police 3 cases and Mumbai Police :2 cases).

47

CHAPTER VII IMPORTANT COURT CASES AND LEGAL MATTERS AS ON 31ST MARCH 2012

7 In its persistent efforts to strengthen the regulatory oversight of commodity derivative markets and its orderly development, the Commission has been facing legal challenges through Court Cases. Following are the important cases dealt with by the Commission in the year 2011-12:

7.1 M/s. Bhagwandas Rameshwar Dayal & Others filed a Writ Petition No.(C) 56509 of 2009 before the Hon’ble Allahabad High Court for restoration of his membership in Chamber of Commerce, Hapur. Union of India and FMC were impleaded as respondents in the WP. The Hon’ble Allahabad High Court, on 04-04-2011, disposed off the WP as withdrawn.

7.2 M/s. Mira Bhyander Jagruti Sanstha, filed a Public Interest Litigation (PIL) No. 50 of 2010 before the Hon’ble Bombay High Court against non-levy of Sales Tax on Commodity Futures Trade. Union of India and FMC were impleaded as respondents in the PIL. The Hon’ble Bombay High Court dismissed the PIL at admission stage on 05-04-2011.

7.3 Shri Thalath Mahmood & 52 other shareholders of the First Commodities Exchange of India Limited (FCEI), Kochi filed a Company Petition No. CP/14/397 & 398/CB/2011 before the Company Law Board, Chennai requesting for calling an Extra Ordinary General Body Meeting of the FCEI, to confirm the draft Minutes of the AGM held on 11-12-2010 and to re-constitute the Board of Directors. FMC was impleaded as respondent no. thirteen to the said Petition. The Company Law Board, Chennai, on 22-06-2011, disposed off the Company Petition as withdrawn with liberty to approach the Board for appropriate relief in the event of petitioners not getting any relief from the respondent number thirteen, i.e. FMC.

7.4 Shri M R Pillai filed an Original Application No. 16 of 2011, before the Central Administrative Tribunal (CAT), Mumbai Bench, for correction in calculation of revision of pension after implementation of the 6th Central Pay Commission. The Department of Pension and Pensioner’s Welfare and FMC were impleaded as respondents. FMC filed the counter affidavit and replies to the rejoinder of the applicant.

7.5 M/s. Maharashtra Sugar Merchants & Brokers Association & others filed the WP (C) 2071 of 2011, before the Hon’ble Bombay High Court, praying for quashing the contract specifications of Sugar futures issued by the NCDEX as the position limits prescribed in it are contradictory to the statutory stock limit of 200 MTs prescribed under

48

Essential Commodity Act. Department of Food and Public Distribution and FMC were impleaded as respondents to the WP. FMC filed its counter reply. The next date of hearing is yet to be notified.

7.6 M/s. Power Exchange of India Limited (PXIL), filed the SLP(C) 14990- 14991 of 2011, before the Hon’ble Supreme Court of India, challenging the judgement & order dated 07.02.2011 passed by the Hon’ble Bombay High Court in W.P. No. 1604 of 2009 filed by the Forward Markets Commission (FMC) and W.P. No. 330 of 2010 filed by the Multi Commodity Exchange of India Ltd. (MCX). Union of India and FMC were made respondents to the SLP. FMC filed counter affidavit opposing the interim stay sought by the PXIL in its application for interim relief. The next date of hearing is yet to be notified.

7.7 The Central Electricity Regulatory Commission (CERC), filed the SLP(C) 15253-15256 of 2011, before the Hon’ble Supreme Court of India, challenging the judgement / order dated 07.02.2011 passed by the Hon’ble Bombay High Court in W.P. No. 1604 of 2009 filed by the Forward Markets Commission (FMC) and W.P. No. 330 of 2010 filed by the Multi Commodity Exchange of India Ltd. (MCX). Union of India and FMC were made respondents to the SLP. The FMC filed counter affidavit opposing the interim stay sought by the CERC in its SLP. The next date of hearing is yet to be notified.

7.8 The Forward Markets Commission (FMC), filed the SLP(C) 17300-17303 of 2011, before the Hon’ble Supreme Court of India, challenging the judgement / order dated 07.02.2011 passed by the Hon’ble Bombay High Court in W.P. No. 1604 of 2009 filed by the Forward Markets Commission (FMC) and W.P. No. 330 of 2010 filed by the Multi Commodity Exchange of India Ltd. (MCX). The Hon’ble Supreme Court heard the petitioner on 25-07-2011 and granted time to the respondents for filing replies. The next date of hearing is yet to be notified.

7.9 M/s. First Commodities Exchange of India Limited (FCEI), Kochi, Shri A A Hannefa and K K Nizam, filed the WP(C) 19880 of 2011, before the Hon’ble Kerala High Court at Kochi, claiming that the FMC has no authority to interfere in the administrative and functional affairs of the Exchange. The FMC was made as respondent to the WP. The Hon’ble Kerala High Court passed a Speaking Order on 25.8.2011 holding inter alia that there is nothing in the Act which suggests that the Central Government or the Commission cannot direct induction of members to the Board of Director of the 1st Petitioner Company. The Court therefore declined to grant the interim prayer sought for by the Petitioner.

7.10 Shri A A Hannefa and K K Nizam, former Directors of FCEI, filed the Writ Appeal (C) No. 1289 of 2011, before the Division Bench of Hon’ble Kerala High Court at Kochi, challenging the order on 25.8.2011 passed by the single bench of Hon’ble

49

Kerala High Court. FMC was made as respondent to the WA. FMC filed its counter reply. The next date of hearing is yet to be notified.

7.11 The Hon’ble Gujarat High Court, after hearing LPA no. 1039 of 2011 filed by Neptune Overseas Limited(NOL) against Union of India, FMC and others, passed oral judgement dated 9th February 2012 setting aside the order dated 23rd July 2011 passed by the Commission on the grounds that notice was not issued to NOL and NMCE. The High Court directed the Commission to issue show cause notice to all necessary parties and thereafter pass an order preferably within a period of four months from the date of the order. The Hon’ble Gujarat High Court also directed the Commission to appoint an independent person as MD & CEO of NMCE other than Shri. Kailash Gupta and Shri. Anil Kumar Mishra within a period of one week from the date of the order i.e. 09.02.2012.

7.12 The Forward Markets Commission (FMC), being aggrieved, filed SLPs (C) No. 10225-10227 of 2012, before the Hon’ble Supreme Court of India, challenging the order dated 9.2.2012 passed by the Hon’ble Gujarat High Court in the matter of LPA No. 1039 of 2011. M/s. National Multi Commodity Exchange of India Limited (NMCE) and Shri Anil Kumar Mishra had also filed SLP (C) No. 6246 of 2012 and SLP (C) No.7479 of 2012, respectively, in the said matter. All these SLPs were tagged together and heard on 22-03-2012. The Hon’ble Supreme Court, after hearing the matter on 22-03-2012 passed an interim order & stayed the operation of the Gujarat High Court order dated 09-02-2012. As a result the order dated 23-07-2011 passed by the Commission got restored, till further orders.

7.13 M/s. Hindustan Technosol Pvt. Ltd., filed the S.B. Civil Writ Petition No. 1681 of 2012, before the Hon’ble High Court of Rajasthan at Jaipur Bench, praying for setting aside the order dated 31.01.2012 passed by the Commission suspending their membership of National Exchanges for a period of six months. FMC was made a respondent in the CWP.

7.14 M/s. Shresth Commodities and Financial Services Ltd filed the S.B. Civil Writ Petition No. 1559 of 2012, before the Hon’ble Rajasthan High Court at Jodhpur, praying for setting aside the order dated 20-01-2012 passed by the Commission suspending their membership of National Exchanges for a period of six months. FMC was made a respondent in the CWP.

7.15 Shri Subhash Jain, Director of Shresth Commodities and Financial Services Ltd., filed the S.B. Civil Writ Petition No. 1560 of 2012, before the Hon’ble Rajasthan High

50

Court at Jodhpur, praying for setting aside the order dated 20-01-2012 passed by the Commission suspending their membership of National Exchanges for a period of six months. FMC was made a respondent in the CWP.

716 M/s. Vinod Commodities Ltd., filed the S.B. Civil Writ Petition No. 1732 of 2012, before the Hon’ble Rajasthan High Court at Jodhpur, praying for setting aside the order dated 20-01-2012 passed by the Commission suspending their membership of National Exchanges for a period of one year. FMC was made a respondent in the CWP.

51

CHATPER VIII DEVELOPMENTAL INITIATIVES

Jago Grahak Jago -

8.1 An enlightened consumer is an empowered consumer. A consumer with greater awareness not only tries to protect himself/herself from exploitation but also induces efficiency, transparency, accountability in the entire manufacturing and services sector. Realizing the importance of consumer awareness, Government has accorded top priority to Consumer Education, Consumer Protection and Consumer Awareness. Department of Consumer Affairs has been conducting comprehensive multi-media campaign for consumer awareness and education. Under this scheme, the Commission published 6 advertisements covering issues related to Dabba Trading, misleading promises of guaranteed returns, rights of investors etc. These advertisements were published in 9 languages in 125 newspapers.

8.2 Commodity Futures Markets play a useful role for all sections of the economy. However there is an erroneous perception among many sections of the public that these markets are responsible for price rise. The Commission is taking many initiatives to clear these misconceptions and build a positive image of the Commodity Futures Markets.

8.3 To ensure that Commodity Futures Markets reach their potential and economic benefits are realized for all the stakeholders, the Commission is undertaking many development initiatives.

Awareness Programmes-

8.4 Awareness Programmes are aimed at creating general awareness about Commodity Futures Markets and their economic functions and benefits for various stakeholders. These programmes are conducted in association with National Exchanges and reputed partner institutes like NABARD Consultancy Services (NABCONS), National Institute of Agriculture Management, Jaipur. Details of partner institutes for conducting Awareness Programmes are given in Annexure V.

8.5 In 2011-12, the Commission conducted 818 Awareness Programmes, out of which 488 programmes were exclusively conducted for the benefit of farmers. 85 programmes were conducted in North-eastern region out of which 64 programmes were exclusively conducted for farmers. State wise details of Awareness Programmes are given in Annexure-VI.

Patna Joint Awareness Programme 25th Feb 2012 & Police Awareness Programme

8.6 Capacity Building Programmes

Capacity Building programmes are intensive proThey are residential programmes aimed at building capacities of important stakeholders in the eco-system of commodity futures markets and to sensitize the policy makers about the utility of futures markets. These programmespolicy makers at the State and Cagriculture universities, post graduate students of agriculture marketing, members of Agriculture Produce Marketing Committees (APMCs), members of cooperatives etc. The Commission has large number of reputed institutes Capacity Building Programmes for and on behalf of the Commission.for Capacity Building Programmes are given in

In 2011-12, Commission conducted 109 Capacity Building Programmes for various categories of stakeholders. Commission partnered with 15 Institutes and 12 Universities for conducting Capacity Buildingand institute-wise details of the programmes org

Capacity Building program

Stakeholder wise number of

Awareness programmes

Others

330Farmers

488

52

Capacity Building Programmes-

Capacity Building programmes are intensive programmes of 2 or 3 days duration. They are residential programmes aimed at building capacities of important stakeholders in the

system of commodity futures markets and to sensitize the policy makers about the utility of futures markets. These programmes are conducted for various categories of stakeholders like

akers at the State and Central Government level, bankers; faculty members of agriculture universities, post graduate students of agriculture marketing, members of Agriculture

ommittees (APMCs), members of co-operatives and federation of cooperatives etc. The Commission has large number of reputed institutes as partners

rogrammes for and on behalf of the Commission. Details rogrammes are given in Annexure V.

Commission conducted 109 Capacity Building Programmes for various categories of stakeholders. Commission partnered with 15 Institutes and 12 Universities for

ilding Programmes and covered 27 states in the country. The statewise details of the programmes organized are placed in Annexure

Capacity Building programme – Farmers / Bhopal

National Commodity

Exchanges, 327

Niam Jaipur, 106

NABCONS, 5

Institute wise number of Awareness programmes

MCX, GSK National Commodity Exchanges Niam Jaipur

grammes of 2 or 3 days duration. They are residential programmes aimed at building capacities of important stakeholders in the

system of commodity futures markets and to sensitize the policy makers about the utility of ategories of stakeholders like

level, bankers; faculty members of agriculture universities, post graduate students of agriculture marketing, members of Agriculture

operatives and federation of co-as partners which conduct

Details of partner institutes

Commission conducted 109 Capacity Building Programmes for various categories of stakeholders. Commission partnered with 15 Institutes and 12 Universities for

rogrammes and covered 27 states in the country. The state-wise Annexure VII.

MCX, GSK, 329

NABCONS, 56

Institute wise number of Awareness

Niam Jaipur NABCONS

Networking

Institutions, 1

Bankers, 17

Student &

Faculty, 18

Police

Officers, 4

FMC

Staff, 9 APMC, 16

Stakeholder wise number of Capacity

Building

RICM, 30

BIRD and

affliated

institutes, 5

RBI, 1

Symbiosis, 1

IICM, 2

Universities, 17

Institute wise details of Capacity

Building Programmes

53

Networking

Institutions, 1

Co-

operatives, 32

Govt.Officers, 1

2

Bankers, 17

APMC, 16


Building Programmes

Networking Institutions

Co-operatives

Govt.Officers

Bankers

Student & Faculty

Police Officers

FMC Staff

APMC

NABCONS, 10

NIAM, 26

TOPIC, 4

Institute wise details of Capacity

Building Programmes NABCONS

NIAM

TOPIC

RICM

BIRD and affliated

institutesRBI


Networking Institutions

Student & Faculty

BIRD and affliated

\

South Zone Members Meet Bengaluru 3

8.7 Stakeholders Meetings

In 2011-12, Commission held of the country.

54

Zone Members Meet Bengaluru 3rd June 2011.

Stakeholders Meetings-

held following 10 meetings with different stakeholders in various parts

10 meetings with different stakeholders in various parts

55

Thiruvananthapuram Seminar on Futures Trading in Rubber held on 9th

Nov 2011

56

8.8 Price Dissemination Project

Forward Markets Commission has been implementing the Price Dissemination Project from 2008-09 in coordination with the National Commodity Exchanges and AGMARKNET. The project envisages dissemination of futures and spot prices of agricultural Commodities in locations where the farmer footfall is high. Price Ticker Boards were installed initially at Agriculture Produce Marketing Committees (APMCs) and later on it was decided to extend the project to KVKs, Post Offices, Rural branches of Banks, Warehouses, Offices of Cooperatives, Panchayat Offices and other areas frequented by the farmers. The dissemination of price information is expected to help farmers in their pre-sowing and post harvest decision making process and for realization of better prices for their produce. During the year 2011-12, 670 Price Ticker Boards were installed out of which 498 Boards were GPRS enabled Ticker Boards thus enabling the Commission to install Ticker Boards even at locations where internet connectivity is not available but farmers’ footfall is high. (Details are at Annexure VIII )

Awareness Program - Jetalpur / Price Dissemination Project

Awareness Programme- Jetalpur/Price Dissemination Project.

8.9 Participation in International Seminars and Conferences-

The officers of the Commission participated in various international conferences and were also deputed for training/symposium organized by international organizations/training institutes, thus enabling Commission to keep abreast of the latest development and best practices in the international markets and respond accordingly on policy front. Details of the participation are given in Annexure IX.

57

8.10 Participation in Exhibitions/Expos-

The Commission in association with the National Exchanges had participated in various Exhibitions/Expos. The details of the same are as follows:-

(i) Haritholsavam 2011 organized at Cochin, Kerala from 3 – 7 September, 2011.

(ii) 99th Indian Science Congress held at KIIT University, Bhubaneswar from 3-7 January, 2012

(iii) AGROVISION 2012 organized at Nagpur from 27 – 30 January, 2012

8.11 Summer Internship with the Commission- During the year 2011-12, 5 students from 3 institutes had undergone summer internship with the Commission. The details of the same are given below-

S. No.

Name of the Institute/University

No. of students

Name of the students

Period of internship

Project title

1 Indian Institute of Management, Indore

3 Mr. Nishikant Pushkar

Mr. Nishant Nag,

Mr. Ankur Khadria

11.4.2011 to 3.6.2011

Price Dissemination Project

2 Department of Business and Financial Studies, University of Kashmir

1 Mr. Shakeeb Aijaz Ashai

1.6.2011

(one month)

How to make Commodity Futures as an appropriate tool for Risk Management

3 Department of Business Economics, University of Delhi South Campus

1 Mr. Vishwa Raj Singh Rathore

13.6.2011 to 22.7.2011

Impact of Futures Prices on Inflation

64

Annexure I LIST OF COMMODITIES NOTIFIED UNDER SECTION 15 OF THE F.C. (R.) ACT 1952.

Sl. No. Commodity Sr. No.

Commodity

(I) FOOD GRAINS AND PULSES

II Oilseeds and Oils

1 Arhar Chuni 29 Cotton seed 2 Bajra 30 Cottonseed Oil 3 Barley 31 Cottonseed Oilcake 4 Gram 32 CPO Refined 5 Gram Dal 33 Crude Palm Oil 6 Guar 34 Crude Palm Olive 7 Jowar 35 Groundnut 8 Kulthi 36 Groundnut Oil 9 Lakh (Khesari) 37 Groundnut Oilcake 10 Maize 38 Linseed 11 Masur 39 Linseed oil 12 Moth 40 Linseed Oilcake 13 Mung 41 Rapeseed Oil/Mustard

Oil 14 Mung Chuni 42 Rapeseed Oilcake/

Mustardseed Oilcake 15 Mung Dal 43 Rapeseed/Mustardseed 16 Peas 44 RBD Palmolein 17 Ragi 45 Rice Bran 18 Rice or Paddy 46 Rice Bran Oil 19 Small Millets (Kodan Kulti,

Kodra, Korra, Vargu, Sawan, Rala, Kakun, Samai, Vari & Banti)

47 Rice Bran Oilcake

20 Tur Dal (Arhar Dal) 48 Safflower 21 Tur(Arhar) 49 Safflower Oil 22 Urad (Mash) 50 Safflower Oilcake 23 Urad dal 51 Sesame (Til or Jiljilli) 24 Wheat 52 Sesame Oil (II) OILSEEDS AND OILS 53 Sesame Oilcake

25 Celeryseed 54 Soy meal 26 Copra Oil/Coconut Oil 55 Soy Oil , 27 Copra Oilcake / Coconut

Oilcake 56 Soybean

28 Copra/ Coconut 57 Sunflower Oil

65

58 Sunflower Oil cake (VI) OTHERS 59 Sunflower Seed 88 Camphor

III Spices 89 Castor seed 60 Aniseed 90 Chara or Berseem

(including chara seed or berseem seed)

61 Betelnuts 91 Crude Oil 62 Cardamom 92 Gram Husk (Gram

Chilka) 63 Chillies 93 Gur 64 Cinnamon 94 Khandsari Sugar 65 Cloves 95 Polymer 66 Coriander seed 96 Potato 67 Ginger 97 Rubber 68 Methi 98 Seedlac 69 Nutmegs 99 Shellac 70 Pepper 100 Sugar 71 Turmeric 101 Furnace Oil IV METALS 102 Ethanol 72 Copper 103 Cooking Coal 73 Zinc 104 Electricity 74 Lead 105 Natural Gas 75 Tin 106 Onion 76 Gold 107 Carbon Credit 77 Silver 108 Thermal coal 78 Silver Coins 109 Methanol (V) FIBRES AND

MANUFACTURES 110 Melted Menthol Flakes

79 Art Silk Yarn 111 Mentha Oil 80 Cotton Cloth 112 Menthol Crystals 81 Cotton pods 113 Iron Ore 82 Cotton Yarn 83 Indian Cotton (Full pressed,

half pressed or loose)

84 Jute goods (Hessian and Sackings and cloth and /or bags, twines and/or yarns mfd by any of the mills and/or any other manufacturers of whatever nature made from jute)

85 Kapas 86 Raw Jute Including Mesta

87 Staple Fibre Yarn

66

Annexure II List of the Exchanges

S. No. Name of the Exchanges A. National Multi Commodity Exchanges

1 National Multi Commodity Exchange of India Ltd., Ahmedabad (NMCE)

2 Multi Commodity Exchange of India Ltd., Mumbai (MCX)

3 National Commodity & Derivatives Exchange Ltd., Mumbai (NCDEX)

4 Indian Commodity Exchange Ltd., Mumbai (ICEX)

5 ACE Derivatives and Commodity Exchange, Mumbai

B. Commodity Specific Regional Exchanges 6 Bikaner Commodity Exchange Ltd, Bikaner 7 Bombay Commodity Exchange Ltd, Mumbai 8 Central India Commercial Exchange Ltd, Gwalior 9 Cotton Association of India, Mumbai 10 The Chamber of Commerce, Hapur 11 East India Jute & Hessian Exchange Ltd., Kolkata 12 First Commodity Exchange of India Ltd, Kochi 13 Haryana Commodities Ltd., Sirsa 14 India Pepper & Spice Trade Association, Kochi 15 The Meerut Agro Commodities Exchange Company Ltd, Meerut 16 National Board of Trade, Indore 17 Rajkot Commodity Exchange Ltd., Rajkot

18 Spices & Oilseeds Exchange Ltd, Sangli 19 Surendranagar Cotton Oil & Oilseeds Association Ltd,

Surendranagar 20 The Rajdhani Oil & Oilseeds Exchange Ltd, Delhi 21 Vijai Beopar Chamber Ltd., Muzaffarnagar

67

Annexure-III National Exchange wise details of Commodities and contracts permitted during 2011- 12

1. Multi-Commodity Exchange of India Ltd., Mumbai.

S. No.

Commodity Name Delivery logic S. No

Commodity Name Delivery logic

1 Almond Compulsory 19 Refined Soy Oil Both Option

2 Barley Compulsory 20 Rubber Compulsory

3 Cardamom Compulsory 21 Soy Bean Seller’s Option

4 Chana Compulsory 22 Sugar M-30 Compulsory

5 Coriander Compulsory 23 Turmeric Compulsory

6 Cotton Compulsory 24 Wheat Compulsory

7 Cotton seed wash oil Seller’s Option Non- Agricultural Commodities

8 Crude Palm Oil Both Option 25 Gold (1kg) Compulsory

9 Guar seed Compulsory 26 Gold Mini (100 Gms) Compulsory

10 Kapas Seller’s Option 27 Gold Guinea (8 gms) Compulsory

11 Kapasia Khalli Compulsory 28 Gold Petal (Mumbai / New Delhi) Compulsory

12 Maize Compulsory 29 Silver (30 kg) Compulsory

13 Melted menthol flakes

Compulsory 30 Silver Mini (5kg) Both Option

14 Mentha oil Compulsory 31 Silver Micro(1 kg) Both Option

15 Potato (Agra) Compulsory 32 Copper Both Option

16 Potato( Tarkeshwar) Compulsory 33 Copper Mini Both Option

17 RBD Palmolein Both Option 34 Nickel Both Option

18 Red Chilly Compulsory 35 Nickel Mini Both Option

68

S. No.

Commodity Name Delivery logic S. No


36 Aluminum Both Option 45 Iron Ore Both Option

37 Aluminum Mini Both Option 46 Imported Thermal Coal

Both Option

38 Lead Both Option 47 Brent Crude oil Both Option

39 Lead Mini Both Option 48 ATF Both Option

40 Platinum Both Option 49 Heating oil Both Option

41 Zinc Both Option 50 Gasoline Both Option

42 Zinc Mini Both Option 51 Natural Gas Both Option

43 Tin Both Option 52 Crude Oil Both Option

44 Mild Steel Ingot/Billets

Compulsory

2. National Commodity & Derivatives Exchange Ltd.Mumbai.

Sl. No.


Sl. No.


Agri Commodities 8 Guar Gum Compulsory

1 Barley Compulsory 9 Guar Seed Compulsory

2 Castor Seed Compulsory 10 Gur Seller’s Option

3 Chana Compulsory 11 Jeera Compulsory

4 Chilly Compulsory 12 Maize (Feed/Industrial Grade)

Compulsory

5 Coriander Compulsory 13 Pepper Compulsory

6 Cottonseed Oilcake Compulsory 14 Potato Compulsory

69

Sl. No.


Sl. No.


7 Crude palm oil Compulsory 15 Rapeseed – Mustard Seed

Compulsory

16 RBD Palmolein Intention matching

28 Gold International Intention Matching

17 Refined Soy Oil Both Option 29 Silver (30kg.) Compulsory

18 Rubber Compulsory 30 Silver 5 KG Compulsory

19 Shankar Kapas Intention matching

31 Silver International Intention Matching

20 Soy bean Seller’s Option

32 Copper Cathode Seller’s Option

21 Sugar M Compulsory 33 Nickel Cathode Intention Matching

22 Sugar S Compulsory 34 Steel Long Compulsory

23 Turmeric Compulsory 35 Brent Crude oil Intention Matching

24 V-797 Kapas Compulsory 36 Light Sweet Crude Oil

Intention Matching

25 Wheat Compulsory 37 Polyvinyl Chloride Compulsory

Non-Agri Commodities

26 Gold (1 kg) Compulsory

27 Gold 100 Gms Compulsory

70

3. National Multi Commodity Exchange of India Ltd., Ahmedabad

Sl. No.


Sl. No.


Agri- Commodities 16 Sacking Compulsory

1 Cardamom Compulsory 17 Soya bean oil Compulsory

2 Castor seed Compulsory 18 Sugar (M) Compulsory

3 Chana Compulsory 19 Sugar (S) Compulsory

4 Coffee REP bulk Compulsory 20 Turmeric Compulsory

5 Copper Compulsory Non- Agri Commodities

6 Copra Compulsory

7 Guar gum Compulsory 21 Kilo Gold Compulsory

8 Guar seed 10 mt Compulsory 22 Gold (100 gms) Compulsory

9 Isabgul seed Compulsory 23 Gold Guinea Compulsory

10 Mentha Oil Compulsory 24 Silver Compulsory

11 Menthol Crystal Compulsory 25 Lead Both Option

12 Pepper Compulsory 26 Nickel Both Option

13 Rapeseed/Mustard seed

Compulsory 27 Zinc Both Option

14 Raw Jute Compulsory 28 Aluminum Both Option

15 Rubber Compulsory 29 Copper Both Option

71

4. Indian Commodity Exchange

Sl. No.


Sl. No.


Agri Commodities 7 Silver Compulsory

1 Refined Soy Oil Both 8 Silver 5 kg. Both option

2 Mustard seed Compulsory 9 Copper Cathode Both option

3 Iron Ore(62% fine) Both 10 Lead Both option

4 Soya bean Seller’s option

11 Natural Gas Both option

Non-Agri Commodities 12 Crude oil Both option

5 Gold Compulsory

6 Gold (100 gms ) Compulsory

5. ACE Commodity and Derivative Exchange, Mumbai.

Sl. No.


Sl. No.


Agri-Commodities

1 Castor seed Compulsory 6 Refined Soy Oil Both option

2 Chana Compulsory 7 Soya bean Seller’s option

3 Guar gum Compulsory 8 Sugar M Compulsory

4 Guar seed Compulsory 9 Yellow Soya bean Meal

Intention matching

5 Mustard seed Compulsory

72

Annexure IV

Trading Permissions and delivery logic at the Commodity Specific Regional Exchanges.

S. No. Name of the Exchanges

Name of the Commodities

Delivery of option


Guar seed Seller’s option

2. The Bombay Commodity ExchangeLtd., Mumbai

Castor seed Seller’s option

3. The Central India Commercial Exchange Ltd., Gwalior

Mustard seed Seller’s option

4. The Chamber of Commerce, Hapur

Gur Option of both the buyer and seller

Mustard seed Option of both the buyer and seller

5. The East India Jute and Hessian Exchange, Ltd., Kolkata

Raw Jute compulsory

6. First Commodity Exchange, Ltd., Kochi

Copra

Coconut oil

Compulsory

Compulsory

7. India Pepper and Spice Trade Association, Kochi

Pepper Compulsory

8. National Board of Soybean Seller’s option

73

S. No. Name of the Exchanges

Name of the Commodities

Delivery of option

Trade, Indore Soya oil Option of both the buyer and seller

Soya meal Seller’s option

Rapeseed/Mustard seed

Seller’s option

9. Rajkot Commodity Exchange, Ltd., Rajkot

Castor seed Seller’s option

10. The Spices and Oilseeds Exchange, Ltd., Sangli

Turmeric Compulsory

11. The Surendranagar Cotton and Oilseeds Association Ltd., Surendranagar

Kapas Seller’s option

12. The Rajdhani Oilseeds and Oils Exchange Ltd., Delhi


Mustard seed Option of both the buyer and seller

13. Vijai Beopar Chamber Ltd., Muzaffarnagar


14. Haryana Commodity Exchange, Ltd, Sirsa

Mustard seed Seller’s option

Cotton seed oil cake Compulsory

74

Annexure-V Partner institutes for Awareness programmes

S. No.

Name of the Exchange/Institute

1 Multi Commodity Exchange of India (MCX), Mumbai

2 National Commodity and Derivatives Exchange of India (NCDEX), Mumbai

3 National Multi Commodity Exchange of India Limited,(NMCE), Ahmedabad

4 Indian Commodity Exchange Limited, (ICEX), Mumbai

5 ACE Derivatives and Commodity Exchange Limited, Mumbai

6 NABARD Consultancy Services, Mumbai

7 National Institute of Agricultural Marketing(NIAM), Jaipur

Partner institutes for Capacity Building Programmes

S. No.

Name of the Institute Name of the Agricultural Universities

1 National Institute of Agricultural Marketing(NIAM), Jaipur

University of Kashmir

2 Training of Personnel in Co-operative(TOPIC) , Gurgaon

Central Agricultural University, Manipur

3 Institute of Cooperative Management, (ICM), Jaipur

Central Agricultural University, Meghalaya

4 Vaikunth Mehta National Institute of Co-Operative Management,(VAMNICOM), Pune

Assam Agricultural University, Jorhat

5 Regional Institute of Cooperative Management,(RICM),Gandhinagar

Jabalpur Agricultural University, Jabalpur

6 Institute of Cooperative Management,(ICM), Bhopal

S.K. Rajasthan Agricultural University, Bikaner

7 National Bank Staff College, Lucknow University of Agricultural Sciences, Bangalore

8 India Institute of Capital Market (IICM) Anand Agricultural University, Anand

75

S. No.

Name of the Institute Name of the Agricultural Universities

Navi Mumbai

9 ACMART, Kolkata Birsa Agricultural University, Ranchi

10 Regional Training Centre, Bolpur Shre-e Kashmir Agricultural University. University Jammu

11 BIRD, Lucknow University of Agricultural Sciences, Dharwad

12 NABARD Consultancy Services, Mumbai Tamil Nadu Agricultural University, Coimbatore

13 RBI, Staff Training College, Chennai

14 Symbiosis Centre for Management and Human Resource Development, Pune

15 Indira Gandhi Institute of Cooperative Management, (IGICM), Lucknow

76

Annexure-VI State wise distribution of Awareness Programmes

77

Annexure-VII

State wise distribution of Capacity Building Programmes

78

Annexure-VII I

State wise installation of Price Ticker Boards

79

Annexure -IX

Overseas training and participation in conferences

S. No. Programme Details Dates Officers nominated

1 The Commodity Week Asia Conference at Singapore

5-6 April, 2011 1. Shri D.S. Kolamkar, Member

2 Training programme organized by the Euro money on ‘Commodity Markets, Derivatives and Finance’ at Singapore

12-15 April, 2011

1. Shri Brij Mohan, Director (IT), DCA

2. Ms. Usha Pol, Director, FMC

3 36th Annual International Conference of IOSCO at Cape Town, South Africa

17-21 April, 2011

1. Shri B.C. Khatua, Chairman, FMC

2. Smt. Usha Suresh, Director, FMC

4 Training programme organized by the Euro money on ‘Commodity Markets, Derivatives and Finance’ at Central London, UK

9-13 May, 2011 1. Shri Ramesh Abhishek, Member, FMC

5 Cabinet meeting of US India Financial and Economic Partnership at Washington DC

28th June, 2011 1. Shri B.C. Khatua, Chairman, FMC

6 “27th Annual Regulators’ Meeting”, and “32nd International SFOA Burgenstock Meeting 2011”

7 – 9 September 2011

1. Shri Ramesh Abhishek, Chairman, FMC

7 The course on Financial Services and Market Regulation held by the London School of Economics and Political Science

26 – 30 September, 2011

1. Shri P.N. Tiwari,

Director, FMC

8 The CFTC symposium on ‘International Market Authorities on Regulation of Derivative Products, Markets and Financial Intermediaries’ at Chicago

16 – 21 October, 2011

1. Shri .V.C. Chaturvedi, Director, FMC

9 Training programme organized by the Euro money on ‘Commodity Markets, Derivatives and Finance’ at Central London, UK

28th November to 2nd

December, 2011

1. Dr. M. Mathisekaran,EA

80

S. No. Programme Details Dates Officers nominated

2. Shri Vishal Nair, DD

10 International Regulators Meeting and the 37th Annual International Futures Industry Conference held at Boca Raton, Florida, USA

13-16 March, 2012

1. Shri Ramesh Abhishek, Chairman,FMC

81

Annexure -X STATEMENT SHOWING THE STAFF POSITION

(AS ON 31st March 2012)

Forward Markets Commission, Mumbai

S. No.

Name of Post Group (Gazetted/Non-Gazetted) and Pay Band + Grade Pay

Number of Post(s) Sanctioned In position Vacant

(date since when)

1. 2. 3. 4. 5.

GROUP ‘A’

1. Chairman Rs.37400-67000 - 10000

01 0 01

2. Member Rs.37400-67000 - 10000

02 02 0

3. Economic Adviser,(IES)FMC Rs. 37400-67000 - 10000

02 02 0

4. Director,IES Rs. 37400-67000 + 8700 Director (Ex-cadre) Rs. 37400-67000 + 8700. Director (Ex-cadre) Rs.15600-39100 + 7600.

01 10

01 06

00 04

5. A. Deputy Director (Gr.III IES)Rs.15600-39100 + 6600

03 02 01

6. B. Deputy Director(Ex-cadre) 15600-39100 + 6600

13 05 08

7. (A) Assistant Director(Gr.IV IES)Rs.15600-39100 + 5400 (B) Assistant Director (Ex cadre)Rs15600-39100+ 5400

05 14

01 11

04 03

Total Group ‘A’ 51 30 21

82

S. No.



(date since when)

GROUP ‘B’ 8. Hindi Officer

Rs. 15600-39100 + 5400 01 01 00

9. Assistant Secretary Rs. 9300-34800 + 4600

01 00 01

10. Senior P.S. Rs. 9300-34800 + 4800

01 01 00

11. Private Secretary Rs. 9300-34800 + 4600

02 02 00

12. Economic Officer Rs. 9300-34800 + 4600

13 08 05

Total ‘B’ Gazzetted 18 12 6 13. GROUP ‘B” Non-gazetted

Superintendent Rs. 9300-34800 + 4200

01

00

01

Total ‘B’ Non-gazetted 01 00 01 GROUP ‘C’ 14. Deputy Superintendent

Rs. 9300-34800 + 4200 01 01 00

15. Stenographer Grade I Rs. 9300-34800 + 4200

02 00 02

16. Translator (Mudia) Rs. 9300-34800 + 4200

01 00 01

17. Translator (Gujarati) Rs. 9300-34800 + 4200

01 01 00

18. Jr.Hindi Translator Rs. 9300-34800 + 4200

02 01 01

19. Junior Research Assistant Rs. 9300-34800 + 4200

12 06 06

20. Stenographer Gr.II Rs. 9300-34800 + 4200

02 02 00

21. Assistant Rs. 9300-34800 + 4200

02 02 00

22. Stenographer Gr.III Rs.4000-100-6000

05 00 05

23. Upper Division Clerk Rs.5200-20200 + 2400

07 04 03

24. Lower Division Clerk Rs. .5200-20200 + 1900

06 06 00

83

S. No.



(date since when)

25. HindiTypist5200-20200+1900

01 01 00

26. Staff Car Driver Rs. .5200-20200 + 1800

01 00 01

27. Computor Rs. .5200-20200 + 1900

04 02

02

Total of Group ‘C’ 47 26 21 GROUP ‘D’

28. Gestetner Operator Rs. .5200-20200 + 1800

01

01 00

29. Daftary Rs. .5200-20200 + 1800

03 03 00

30. Sr. Peon Rs. .5200-20200 + 1800

01 01 00

31. Peon Rs. .5200-20200 + 1800

07 02 05

32. Hamal Rs. .5200-20200 + 1800

01 - 01

33. Safaiwala Rs. .5200-20200 + 1800

02 02 0

Total Group ‘D’ 15 09 06 TOTAL:(A+B+C+D) 132 77 55

84

Annexure -XI STATEMENT SHOWING THE REPRESENTATION OF SC/ST/OBC/PH/VH/EXM

(AS ON 31st March 2012)

Group of post

Sanctioned post

Total number of employees in position

Number of employees of Col.3 belonging to

EXM

Women Employees in position PH

SC ST OBC VH

HH

OH

1 2. 3 4 5 6 7 8 9 10 11

Group A (Gazetted)

51 30 4 - 2 1 - -

-

12

Group B (Gazetted)

18 12 - - 3 - - - - 4

Group B Non-

(Gazetted)

1 - - - - - - - - -

Group C 47 26 6* - 2 1*

- 1 - 7

Group D 15 9 2 ** 2 1 2**

- - - 3

TOTAL

132 77

12 2 8 4 - 1 -- 26

VH –Visually Handicapped HH – Hearing Handicapped OH – Orthopedically Handicapped EXM – Ex-serviceman *One group C employee is SC as well as VH **One Group D employee is SC as well as VH.

New GOVERNMENT OF INDIA FORWARD MARKETS COMMISSION … · 2015. 9. 11. · Investor Awareness...

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