| Ahmedabad
20th September 2004
National Multi-Commodity Exchange of India Ltd., (NMCE), India's first online commodity futures exchange in association with the Chartered Accountants' Association, Ahmedabad had organized a knowledge sharing seminar on commodity futures trading on 20th September 2004, Monday for the members of Chartered Accountants Association Of India with a gathering of more than 150 people.
Mr. D.K. Mukhopadhyay, Economic Advisor, Ministry of Consumer Affairs, GoI inaugurated the proceedings at the Shantinath Hall of Institute of Chartered Accountants, Usmanpura, Ahmedabad. Mr.C.K.G Nair, Director, Ministry of Consumer Affairs, Mr. Anupam Mishra, IES, Deputy Director, Forward Market Commission, Mr. V. C. Shah, Chartered Accountant and Partner, G. K. Choksi & Co., Dr. Siddarth Sinha, Professor, IIMA and Mr. Kailash Gupta, Managing Director, NMCE, shared their views Considering the imminent growth prospects of the Commodity Futures market vis-à-vis its potential for integration with stock markets, several traditional commodity traders as well as stockbrokers have already started trading in a good number of commodities. Corporate broking entities, Manufacturers, Farmers and Investors are showing keen interest in the opportunities that are offered by the commodities market.
Mr.Mukhopadhyay said, " The futures trading has a great future and the GOI has now been proactive to take this industry further and open doors to a tremendous future for all the participants". He also emphasized about the convergence of Commodities and securities market. Talking about the commodity derivatives market Mr.C.K.G.Nair said "History of the Commodity Futures is much older than the securities. Security derivatives market is only four years old whereas commodity derivatives market has a history of 129 years. Due to ban on Commodities future market, it has resumed its nation wide activities only two years back when NMCE started in 2002.He also made a note that in India there are 21 exhanges in the securities market but now it has concentrated to only NSE and BSE whereas there are 24 exchanges operating in the Commodities market.
The Seminar focused on the role to be played by the Chartered Accountants in the burgeoning commodity futures market, and the topics covered included: The benefits of Commodity Futures Trading on a National Level by explaining the benefits of futures trading; Identifying Commodity Markets as an additional investment option; Taxation aspects in Commodity Trading, and Opportunities and assistance provided by NMCE.
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