Multi Commodity Exchange of India (MCX) in association with National Spot Exchange Ltd is all set to venture into online trading by September 2007.
The Exchange is awaiting approval of Futures Contracts Regulation Act (FCRA) Parliament, on account of which it would expand further into business of electricity, freight and so on.
The MCX is on the process of commencing a spot market in order to amalgamate all the spot markets in the country, with a budget of Rs10 lakh crore.
According to sources, customers from any part of the country will be able to know the prices of any commodity of their requirement, while for agricultural commodities prices of four such products from four different places in Gujarat will be displayed.
The buyer will be given online receipts of their purchases with the option of keeping the commodity in the company's warehouse till the payment is finally done.
This kind of online trading and integration of spot markets will help customer as well as companies get a first hand price for future business.
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