Mumbai, May 17, 2016: Aimed at promoting the cause of financial literacy in the cities of West Bengal, Odisha, Jharkhand, Meghalaya, and Assam, Multi Commodity Exchange of India Ltd. (MCX) organized a series of awareness seminars during the last fortnight, on the benefits of commodity futures market in India. Educational Institutes, Colleges, and Industrial & Business Associations—The Institute of Cost Accountants of India (EIRC), Kolkata Chapter; New Alipore College, Kolkata; Utkal University, Bhubaneswar; MSME Development Institutes, Dhanbad; North-East Hill University, Shillong; Guwahati University; and ICAI, Guwahati Chapter—of repute joined hands with MCX in fostering this initiative.
The seminars commenced with series of presentations made by MCX senior officials on various aspects of the commodity markets, to generate an in depth understanding of its functioning among the participants. They were briefed about the commodity markets in India, their evolution, product basket, contract specifications, and risk and settlement procedures among others.
Underlining the importance of spreading education and creating awareness on the fast expanding commodity futures market India, Mr. Vibhor Tandon, Assistant Vice President-Business Development, MCX said, “We are cognizant of the fact that though growing at a fast rate, India’s commodity market is at a nascent stage given the competencies of market participants, and awareness among general public on its functioning and benefits. Thus, as a responsible exchange, we are committed to improve literacy and create awareness on commodity markets among our direct and indirect stakeholders through these awareness seminars, thereby taking the benefits of commodity markets to the masses, enabling their inclusion in the economy and creating new avenues for the growth of commodity futures market. Our initiatives have not only taken us to institutions and trade bodies across geographies and states in east India, but also to far-flung areas in the north-east.”
The Presidents and Deans of respective associations and colleges present at the seminars, in a joint statement said, “As the commodity futures market is in the process of development in India, commodity exchanges have been playing an important and crucial role in enhancing the knowledge about the commodity futures markets amongst the different stakeholders of the economy, which includes the SMEs, MSMEs, producers, exporters, farmers, professionals, and students, amongst others. They offer a variety of benefits to a large number of stakeholders through efficient price discovery, price risk management through hedging, and effective planning of production and consumption. Especially commodity exchanges such as MCX have been reaching out to a large number of people across the country to make them informed and empowered. We are indeed happy to have partnered with MCX in organizing these educational seminars in North-East, and Eastern India.”