Commodities Market place in India
Commodities Industry is an upcoming and fiercely expanding market place just after the Stock Market. Within this, Multi-Commodities like Bullion (Gold, Silver), Cement, Chemical compounds, Cotton, Dry Fruits, Meals Grains, Gur & Sugar, Iron & Steel, Jute & Jute Goods, Kirana, Metals, etc. are traded on a day to day basis. Interests of individual investors are catching on fast in this type of Exchange.
There are 3 National Exchanges for enabling the purchase and sale of commodities, futures and options. These are:
1. Multi-Commodity Exchange of India Ltd. (MCX) 2. National Commodities and Derivatives Exchange Ltd. (NCDEX) 3. National Multi-Commodity Exchange of India Ltd.
Under these 3 National Exchanges, there are a dozen active Bourses for trading, more than 2,000 brokers operating in 6,000 terminals and 10,000 active traders. All these are tracking the commodities prices round the clock. In the very First year of its commencement, Commodities Trading in India clocked an annual turnover of Rs.1400 Billion and is estimated to cross Rs.10,000 Billion during this fiscal alone.
The MCX has setup centres in Ahmedabad, Mumbai and Delhi for physical delivery of futures contracts in commodities. It plans to spread this network to Kolkata and Chennai. The NCDEX has recently launched in association with International Petroleum Exchange, London (IPE), the IPE Brent Crude Futures Contract, which is a landmark step towards integrating Indian Energy Markets with global Energy Markets. The MCX has tied up with Chicago Climate Exchange to trade in Carbon and Sulphur Financial Instruments for the global emissions marketplace. In near future, MCX will tie-up with, European Climate Exchange.
The Commodities and Futures Market place has a separate regulator called the Forwards Markets Commission (FMC). The FMC has been setup on the lines of the Securities and Exchange Board of India (SEBI) and has statutorily received the autonomous governing body status.
As the Commodities Marketplace is in infancy stage and on the aggressive growth path, it requires innovations, ideas. The human resource required to operate the market and exchange is tremendous. The Exchange needs professionals from all walks of life. They are : Graduates (BComs, BScs), Post Graduates (Economics, Labour, Agriculture), Chartered Accountants, Company Secretaries, Cost & Works Accountants, MBAs (Finance, Operations, Systems, Human Resource, Marketing, International Business), Law Graduates, MCAs, MCMs and so on. Having the National Stock Exchange's Certification in Financial Markets (NCFM) is definitely an added advantage. The pay packages range from Rs 4 lacs to Rs 6 lacs p.a.
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