National Spot Exchange (NSEL) is a Commodities exchange in India, and is a joint venture of Financial Technologies (India) Ltd. (FTIL) and National Agricultural Cooperative Marketing Federation of India (NAFED).
National Spot Exchange's stated mission is to develop a common Indian market by setting up a nation-wide electronic spot market and providing state of art trading, delivery, and settlement facilities in various commodities.
This exchange is now in the middle of a controversy due to a major commodityscam and all the trades have been stopped.
Services offered by NSEL are-
1. Selling - NSEL provides an electronic trading andauction platform to sell commodities (Agri, bullion and Metals).
2.Procurement - Bulk buyers can procure the agri-commodities directly from farmers through electronic platform provided by the NSEL.
3.Warehousing - NSEL provides warehousing facilities for various commodities and also facilitate to sell it through the electronic platform to the bulk buyers and millers situated across the country.
4.Investment - NSEL provides investment instruments. E-series products launched by NSEL can be bought by the investors for accumulation in the demat account, just like the shares in the equity market. Currently, E-Gold, E-Silver and E-Copper are available to investors.
5.Arbitrage - A trader can do arbitrage using different prices available for the same commodity.
Spot exchanges in Indian:-
As of now there are 4 spot exhanges-
-NSEL
-NCDEX Spot Exchange Ltd
-Reliance Spot Exchange Ltd
-Indian Bullion Spot Exchange Ltd
Source- wikipedia, thehindu.com
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