Indian bourses hope to soon trade banned commodities

Indian bourses hope to soon trade banned commodities

Mumbai: Indian commodity exchanges are preparing to resume trade in soyoil, chickpea, rubber and potato futures after a ban lapsed, officials said on Monday.

The futures market regulator said the government had given no indication it intended to extend the ban.

“We have not yet got anything from the government," B.C. Khatua, chairman of the Forward Markets Commission (FMC) said.

Bourse officials say trading could start quickly.

“The suspension lapsed on 30 November. We have to now get the new contracts approved by the FMC," said Anil Mishra, chief executive officer of the National Multi-Commodity Exchange.

“We have already approached them with the new contracts for their approval. Once we have the approval, we can immediately start trading," he added.

The federal government banned futures trading in the four commodities in May after communist allies said it was contributing to rising food prices.