Kochi: The Centre will set up two expert panels to look into the problems of futures market in pepper and cardamom and put in place an effective mechanism to ensure the quality of products traded, Prof. K V Thomas, Union Minister of State for Consumer Affairs, Food and Public Distribution, said this while presiding over a stakeholders’ meet for rubber, pepper and cardamom participants in the futures market, organized by Mumbai-based Forward Markets Commission (FMC).
The expert panels will look into the problem of production of pepper and cardamom, and also recommend solutions to address concerns of various stakeholders in the trading of Kerala’s two major spices. For increasing awareness of futures market, Prof. Thomas informed that the price dissemination project is being implemented through installation of price ticker board. So far, around 1800 ticker boards have been installed in the country.
The meet was held by FMC as part of its ongoing programme of consulting the farmers, cooperatives, traders, exporters and all other market participants of various commodities traded in futures market.
Inaugurating the meet, Chief Minister Shri Oommen Chandy said commodities like rubber, pepper and cardamom are very important for Kerala, which provide livelihoods to a large number of people. “The producers of these commodities must get the best possible price for their produce in the market,” he added.
“The producers, exporters and traders of Kerala have since long taken advantage of futures trading to discover the future price and manage price risk. However, if it is not run properly, it can cause damage through sending wrong signals. Therefore, it is crucial that futures trading takes place in a manner that is transparent, fair and beneficial for all the stakeholders,” he pointed out.
Speaking on the occasion, FMC Chairman, Ramesh Abhishek said the stakeholders in Kerala had been supportive of the commission by mentioning issues in time.
MCX Managing Director, Shreekant Javalgekar; National Multi-Commodity Exchange CEO & MD, Anil Mishra; EMC Director, Premnath Tiwari and National Commodity & Derivatives Exchange Limited (NCDEX) MD, R Ramaseshan took part in the discussions which saw huge participation from the farmers, traders and leaders of trade bodies.
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