Media Release
BEAM inks pact with Steel Users Federation of India
Association to help develop electronic spot markets in steel
Mumbai, 25th March 2021: BSE E-Agricultural Markets Ltd. (BEAM) has signed a Memorandum of Understanding (MoU) with the Steel Users Federation of India (SUFI). This strategic association between BEAM and SUFI will help develop electronic spot markets in steel and enhance efficiencies of steel spot markets in the country.
The MSME sector in steel is an important contributor to India's self-reliance in manufacturing and construction sectors. The market would run SUFI steel contracts leveraging BEAM e-market platform.
Commenting on this association, Shri. Ashishkumar Chauhan, MD and CEO, BSE said, “This strategic collaboration would help increase the overall competitiveness of steel sector and is likely to fill the gap of an organized steel e-spot markets in the country. Besides, it would give an edge to more than a lakh steel MSMEs in the country. SUFI is able to bring various stakeholders of the steel industry on a common platform and is marching towards achieving its objective - higher per capita consumption of steel and promoting growth and excellence in the industry.”
Commenting on the development Shri. Nikunj Turakhia, Preseident Steel Users Federation of India (SUFI) said, "SUFI is working relentlessly for the betterment of its members. Electronic trading of steel in the spot market is the need of the hour.”
Shri. Rajesh Sinha, CEO, BEAM said, "Steel e-spot market is likely to help MSME sector become globally competitive leveraging the strengths of BSE in establishing marketplaces. The company would work closely with the MSME sector in steel to further strengthen them."
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 demutualized entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. 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. On October 1, 2018, 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.
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