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Commodity Exchanges in India
A ‘commodity exchange’ is a corporate body or an association that organizes trading in commodities by granting licenses under the regulating authority. There are about 25 recognized future exchanges in India. Out of these, there are four national level multi-commodity exchanges.
The Government of India now allows forward transactions in commodities through Online Commodity Exchanges to help in better risk coverage and management as well as the delivery of commodities. This is an added feature to the traditional mode of the business called ‘Adhat’ and ‘Vayda Vyapar’. In India, there are basically six types of commodity exchanges, Multi Commodity Exchange (MCX), National Commodity and Derivatives Exchange (NCDEX), Indian Commodity Exchange (ICEX), National Multi Commodity Exchange (NMCE), ACE Derivatives Exchange (ACE), and Universal Commodity. The Multi Commodity Exchange of India Limited (MCX), is India’s first commodity trading organization. It is one of the oldest listed organizations. There is a regulatory body that keeps an eye on all of these exchanges. The Forward market commission was set up in 1953. As of September 2015, FMC was merged with the Securities and Exchange Board of India, SEBI. After this merger, SEBI has ordered to exit many commodity exchanges.
