Media Release
BSE launches e-Agricultural spot market platform
Mumbai, December 11, 2020: BSE, India’s premier and most diversified exchange and the world’s fastest Stock Exchange has launched an electronic spot platform for agricultural commodities - “BSE E-Agricultural Markets Ltd. (BEAM)” - through its subsidiary BSE Investments Ltd. This platform will function as a national level, institutionalized, electronic, transparent commodity spot trading platform in line with the Prime Minister's vision to create a “single market”. The platform facilitates spot agricultural commodities transactions across value chain consisting of producers, intermediaries, ancillary services and consumers. The platform will commence beta operations effective from December 11, 2020.
BEAM has leveraged on state-of-the-art technology to offer customized solutions to farmers, traders, and stakeholders to facilitate risk-free and hassle- free purchase and sale of various agri commodities. This platform will ensure reduced cost of intermediation, improved procurement efficiency, enhanced producers’ realization and more competitive consumer prices. The platform will also help eliminate bottlenecks associated with procurement and trading.
Shri Ashishkumar Chauhan, MD & CEO of BSE, said, "BSE plans to leverage its nation-wide distribution network and state-of-the-art technology to provide a world class framework for agriculture commodities to the benefit of the farmers and the Indian economy. Access to regulated and transparent marketplace, direct access to multiple buyers, receipt of cash directly into the account of beneficiary and reduction in intermediate costs are some of the major benefits of our platform."
Shri Rajesh Sinha, CEO of BEAM, said " The country needs a dedicated e-market platform for agricultural spot markets, that have no conflict of interest to further the cause of producers. BEAM is the only company in the country fulfilling this requirement. The company is poised to play a pivotal role in creating a highly efficient spot market for Agricultural Produce in the country. We would work closely with the value chain participants to achieve the purpose.”
With the help of BEAM, farmers in one state would be able to reach out to markets in other states and auction their produce. This will not only help farmers and farmer collectives discover best prices for their produce based on the quality, but also offers to build capacity to help intermediaries, processors and exporters procure from states.
For more information visit https://www.bsebeam.com
About BSE
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. BSE launched commodity derivatives trading in Gold, Silver, Copper , Oman Crude Oil Guar Gum , Guar Seeds & Turmeric.
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.
Media Contact:
Yatin Padia / Rahul Vyas / Shruti Nitesh
022 2272 8516 / 2272 8472 / 8108000974
Yatin.padia@bseindia.com / Rahul.vyas@indiainx.com / shruti.nitesh@adfactorspr.com