Coimbatore: The country’s first online delivery-based spot trading of horticultural crops under the Safal National Exchange of India Ltd (SNX) may commence by next month as the Exchange is geared on completing the process of membership enrolment this month.
Ravi Shanker, Chief Executive Officer of SNX, who was here for a concept presentation on Safal’s electronic trading platform held in the city, said the Exchange’s membership enrolment would be over by November 17, and the training of members would commence soon after.
The formal trading of the SNX is expected by the first half of December.
SNX, focussing on spot trading of fruit and vegetable crops, has lined up at least five fruit and three vegetable crops to be traded across its electronic platform which is also being billed as ‘one India one market’ to enable the farming community discover rates for their produce, hitherto largely dependent on highly fragmented vegetable mandis.
“We’ll start-off with four or five commodities,” he added.
Key features
Among the key features of SNX’s online trading are the supply chain and farmer-linkages, involvement of enlisted cold-storage operators and empanelled quality transporters, extension of quality assurance protocol for the products traded under its ambit.
The Exchange would enter into location-specific contract and the commodities trade would be subjected to farm-centre-specific or delivery centre-specific quality inspections to be carried through trained personnel.
SNX is expected to have its initial membership at around 250 and the profile of membership would include growers of horticulture, traders, self-help groups, growers cooperatives, consumer societies, traders, commission agents, food producing industries, exporters, commodity exchange members, fertiliser/seed/pesticide dealers and State apex coop marketing federations among others.
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