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Evolution

The Indian experience in commodity futures market dates back to thousands of


years. References to such markets in India appear in Kautialya’s ‘Arthasastra’.
The words, “Teji”, “Mandi”, “Gali”, and “Phatak” have been commonly heard in
Indian markets for centuries.

The first organized futures market was however established in 1875 under the
aegis of the Bombay Cotton Trade Association to trade in cotton contracts.
Derivatives trading were then spread to oilseeds, jute and food grains. The
derivatives trading in India however did not have uninterrupted legal approval. By
the Second World War, i.e., between the 1920’s &1940’s, futures trading in
organized form had commenced in a number of commodities such as – cotton,
groundnut, groundnut oil, raw jute, jute goods, castor seed, wheat, rice, sugar,
precious metals like gold and silver. During the Second World War futures
trading was prohibited under Defense of India Rules.

After independence, the subject of futures trading was placed in the Union list,
and Forward Contracts (Regulation) Act, 1952 was enacted. Futures trading in
commodities particularly, cotton, oilseeds and bullion, was at its peak during this
period. However following the scarcity in various commodities, futures trading in
most commodities were prohibited in mid-sixties. There was a time when trading
was permitted only two minor commodities, viz., pepper and turmeric.

Deregulation and liberalization following the forex crisis in early 1990s, also
triggered policy changes leading to re-introduction of futures trading in
commodities in India. The growing realization of imminent globalization under the
WTO regime and non-sustainability of the Government support to commodity
sector led the Government to explore the alternative of market-based
mechanism, viz., futures markets, to protect the commodity sector from price-
volatility. In April, 1999 the Government took a landmark decision to remove all
the commodities from the restrictive list. Food-grains, pulses and bullion were not
exceptions.

The long spell of prohibition had stunted growth and modernization of the
surviving traditional commodity exchanges. Therefore, along with liberalization of
commodity futures, the Government initiated steps to cajole and incentives the
existing Exchanges to modernize their systems and structures. Faced with the
grudging reluctance to modernize and slow pace of introduction of fair and
transparent structures by the existing Exchanges, Government allowed setting up
of new modern, demutualised Nation-wide Multi-commodity Exchanges with
investment support by public and private institutions. National Multi Commodity
Exchange of India Ltd. (NMCE) was the first such exchange to be granted
permanent recognition by the Government
Vision & Mission

Our Vision

National Multi-Commodity Exchange of India Limited is committed to provide


world class services of on-line screen based Futures Trading of permitted
commodities and efficient Clearing and guaranteed settlement, while complying
with Statutory / Regulatory requirements. We shall strive to ensure continual
improvement of customer services and remain quality leader amongst all
commodity exchanges.

Our Mission

• Improving efficiency of marketing through on-line trading in


Dematerialization form.
• Minimization of settlement risks.
• improving efficiency of operations by providing best infrastructure and
latest technology.
• Rationalizing the transaction fees to optimum level.
• Implementing best quality standards of warehousing, grading and testing
in tune with trade practices.
• Improving facilities for structured finance.
• improving quality of services rendered by suppliers.
• Promoting awareness about on-line features trading services of NMCE
across the length and breadth of the country.

Leaders

Mr. Kailash R. Gupta - Managing Director

Mr. Kailash Ramkishen Gupta is the founder and Managing Director of NMCE,
National Multi Commodity Exchange of India Ltd, the country’s first online multi
commodity trading exchange. Mr. Gupta brings more than 30 years of industry
experience and has the unique distinction of pioneering many revolutionary
concepts.

Firstly, Mr. Gupta pioneered the concept of online commodities trading in India
and founded NMCE in 2002. He was instrumental in not only convincing Govt. of
India in bringing reforms and policy changes to allow establishment of national
commodity exchanges but also introducing international best practices and
transparent online trading platform. He has been the driving force of NMCE.

Secondly, Mr. Gupta pioneered the concept of finance against warehouse


receipts backed by forward sales contracts. Such warehouse receipt financing
required sound and reliable delivery mechanism and efficient risk management
systems. Such innovations have been the cornerstone of Mr. Gupta’s visionary
thought leadership.

Mr. Gupta is actively involved in pushing ahead economic reforms in agricultural


commodities trading. He is a member of various Trade Associations and
Chamber of Commerce. He is member of various delegations sent by the
Government of India for World Bank projects to institute International Best
Practices in Commodity Futures Trading.

Previously, Mr. Gupta was engaged in International Trading as the Chairman -


MD of Neptune Overseas Ltd., a Government of India-recognized Export House.
Mr. Gupta also served as the President of Ahmedabad Commodity Exchange Ltd
in 1997. He holds a Bachelor of Science degree in Biology and Chemistry from
Punjab University, India.

Promoters
Strategic Investors

Reliance Money Limited – RML, an Anil Dhirubhai Ambani group company has
recently taken an equity stake in the exchange. It is a comprehensive financial
services and solution provider providing customers with access to Equity, Equity
and Commodity Derivatives, Portfolio Management Services, Mutual Funds,
IPOs, Life and General Insurance and Gold Coins. Customers can also avail
Loans, Credit Card, Money Transfer and Money Changing services. The largest
broking house in India with over 2.5 million customers and a wide network of over
10,000 outlets and 20,000 touch points in 5,000+ locations.

The Board of Directors

Shri B.B. Pattanaik – Chairman


Shri B. B. Pattanaik, is Chairman of the Board of Directors of the Company and is
the Managing Director of Central Warehousing Corporation, New Delhi.

Shri Kailash R. Gupta - Managing Director


Mr. Gupta is a Director in Neptune Overseas Limited, a GoI recognized Export
House. Mr. Gupta is an eminent figure in Commodity Trading arena in India. He
is a former President of Ahmedabad Commodity Exchange and brought various
Democratic Reforms and pushed Economic Progress during his tenure as a
President. Mr. Gupta has participated in various workshops, seminars and
training programs in the field of Commodity Trading and was also a member of
Study Tours to various countries sponsored by GoI and World Bank to study Best
International Practices in Commodity Futures. Mr. Gupta has withdrawn and also
undertaken to withdraw from trading directly or indirectly in commodities so long
as Neptune Overseas Limited (NOL) is a shareholder of NMCE.

Dr. Sidharth Sinha - Director


Mr.Sinha is Professor of Indian Institute of Management, Vastrapur, Ahmedabad

Shri G.N. Nair - Director


Mr. G.N. Nair, who is a Chartered Accountant & LLB from Kerala University, is
having around 30 years of Industry experience. He is presently Director
(Finance) of Central Warehousing Corporation (CWC). He was also CEO for
sometime of Hindustan Latex Family Planning Promotion Trust (a non-
Government Organization) doing social services all over India. He had worked in
several organizations. Some of the important organizations are Hindustan Latex
Ltd., Keltron, Trivandrum Rubber Works and Kerala State Detergents &
Chemicals. He has had the experience of managing Public Procurement and
Human Resource Management in Companies. He had training in e-procurement
and Procurement Management in Public Sector from International Training
Centre of International Labour Organisation, Turin, Italy. He is a faculty member
of Institute of Chartered Accountants of India, Institute of Management in Govt. of
Kerala and M/s. Suliaman Associates, Kochi. He is past Chairman of Trivendurm
Chapter of ICAI, past Secretary of Rotary Club of Trivandrum Central, Member of
Trivendurm Management Association, Member of Trivendurm Chapter of NIPM
and Member of Central Chinmaya Mission, Trivendurm, Delhi & Noida. He has
visited France, Bangaladesh and Dubai also.

Shri L P Agarwal - Director


Shri L P Agarwal is Chief General Manager (Treasury) in Punjab National Bank.

Shri D.K. Mukhopadhyay - Director


Mr. D. K. Mukhopadhyay is M.A. (Economics), M.Soc. So. (Development
Administration from University of Birmingham, UK, LL.B from University of
Calcutta. He has joined Indian Economics Service, Government of India in 1971
and worked in different Ministries and Central Government Departments in
various categories till September 2005 (35 years)

Smt. K. S. Uma, IES, Director (Government Nominee)


Smt. K.S. Uma was selected in the Indian Economic Services (IES) in the year
1980. She is a post graduate in Economics. She is associated with Forward
Markets Commission. Presently she is Economic Advisor in Forward Markets
Commission. She has attended many training programs which includes
"International experience in Regulation of Futures Markets" by Chicago Futures
Trading Commission, Chicago, U.S.A.

Shri Parikshit Kumar Agarwal - Director


Mr. Parikshit Kumar Agarwal is associated with Business since long. He was
associated with Gunny Trade Association (GTA) as Deputy President and East
India Jute & Hessian Exchange Limited (EIJHE) as Director.

Shri Anil Singhania - Director


Shri Anil Singhania is associated with Business since 1979 with an experience of
26 years in National & International Trading in Chemicals, Metals, Oils & Ferro
Alloys. He is Managing Director of M/s. Singhania International Limited.