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Exchange to trade in many commodities

Mumbai, Oct. 30: Union minister for consumer affairs, food and distribution Sharad Yadav today said the government will soon allow national multi-commodity exchanges to be set up in the country.

“We have short-listed four companies and asked them to provide some additional information before taking a decision,” Yadav told reporters at a Ficci conference on commodity futures and derivatives trading.

He said that 21 commodity futures exchanges were already functioning, out of which seven or eight were dealing in more than one commodity.

“We have to strengthen the commodity exchanges on the lines of stock exchanges,” the minister said.

Regarding national commodity exchanges, S. Bandhopadhyay, secretary in the food ministry, said: “We hope to give an in-principle nod by February 2003. We have an open mind on the number of exchanges. We don’t want any monopoly.”

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