National Commodity and Derivatives Exchange (NCDEX), India’s premier bourse, hosted the “NCDEX Commodity Awards” yesterday, honouring commodity value chain stakeholders such as institutional players, hedgers, market intermediaries, agriculture InfoTech, financial institutions, media houses, farmer producer organizations (FPOs), and self-help groups for their outstanding contributions to the commodity ecosystem and invaluable support to the commodity market.
The scope of these awards has been enhanced to include all sets of participants in the commodity ecosystem. Dr. Ashok Dalwai, CEO of NRAA (National Rainfed Area Authority) who led the committee on doubling farmers’ income was the Guest of Honour and Narinder Wadhwa, National President of the Commodity Participants’ Association of India (CPAI) was the Chief Guest.
Dr. Dalwai in his speech highlighted the importance of Agri derivative tools in ensuring the price risk management for various value chain participants. “Value chain participants use futures and options to hedge their price risk and ensure business viability. With put options, farmers or FPOs can lock their selling price right at the time of sowing. This is a very good way of price risk management,” said Dr. Dalwai.
Dr. Dalwai stressed on the need of a strong regulated futures market as “that helps in developing a solid agri marketing infrastructure, especially in the warehousing arena.”
A total of 58 entities and individuals were given awards in different categories. Four FPOs, one each from Gujarat, Maharashtra, Madhya Pradesh and Rajasthan were felicitated for incorporating best farming and Agri marketing practices along with two Resource Institutions (RIs) for significant contribution in helping FPOs.
Tata Mutual Fund and Alpha Alternatives were the winners in the institutional participants’ segment, whereas Kotak Bank, Punjab National Bank and ICICI Bank were those who won the race in the banking sector.
In addition to the above-mentioned categories, 3 warehousing service providers, one clearing member of the Exchange, 5 national and regional media institutions, and a number of value chain participants (VCPs), as well as NCDEX members, were also felicitated during the function.
“I never expected that our small initiative three years ago, to honour our stakeholders with Commodity Awards, would become so popular that it needed scaling up of the scope and categories of awards, including a change in the title of the event. I am extremely happy in acknowledging the invaluable contribution put in by all awardees in the progress of the commodity ecosystem,” said Arun Raste MD & CEO of NCDEX. He added that NCDEX continues to remain committed to the development of the commodity derivatives market to create a robust risk management platform in the country.
“CPAI is always committed to enhance the value of the market and is continuously working towards making it a transparent, safe and vibrant market. Our aim is always to engage with the regulator, exchange, experts, members of the exchange and other value chain participants for the growth of the market. CPAI has planned a series of programs in coming months for creating awareness about hedging, and skill development for our members, FPOs and other participants,” said Narinder Wadhwa, National President of the Commodity Participants’ Association of India.
First published on: 30 May 2022, 10:43 IST