BeAM to create Farmers' Market in Maharashtra with Premier Farmer Entities
Mumbai, June 8, 2021: BSE E Agricultural Markets (BeAM) today signed a Memorandum of Understanding (MoU) with Haridra Lakshmi to enhance the income of smallholder farmers (SHF) in the state of Maharashtra. The MoU aims to bring the benefit of globally competitive market technologies to enhance the efficiency of physical markets represented by these institutions in areas such as knowledge sharing, education & training and related events. Both companies would work closely with the warehouses in the region to adopt electronic negotiable warehouse receipts (eNWRs) in the regions. Thus, the MoU will enable both parties to instil collaboration with meaningful outcomes for the smallholder farmers (SHFs).
Adopting an ecosystem approach, both the companies would work closely with institutions that have direct and deep connect with the farmers in the state. These include Godavari Urban Multistate Credit Co.- Op. Society Ltd, Surya Farmer Producer Company and Tukai Agro Farmer Producer Company. These institutions and companies collectively have a significant presence in various states including Maharashtra, Telangana, Andhra Pradesh, Karnataka and Gujarat. Their members are also engaged in retail sale and trade of various commodities including Turmeric, Cotton, Maize and Soybean etc.
Commenting on the development, Shri Hemant Sriram Patil, honorary Member of Parliament said “This MoU would enable the Farmer Producer Companies and Farmers to get the benefit of cutting-edge market technologies of BSE. Turmeric Farmers would benefit immensely from it. We are also working on enhancing the processing capacity of Turmeric in the region.”
Shri Rajesh Sinha, CEO of BeAM said "The outreach of farmers’ owned and managed institutions to reach BSE and BeAM is a pleasant development. The MoU shows that it is possible to bring the benefit of cutting-edge market technologies to smallholder farmers (SHF). Physical spot market participants would immensely benefit from such an initiative thus helping farmers get most competitive prices for their produce.”
BeAM would work closely with the small holders’ farmers associated with these institutions and enable them to trade electronically, thus helping them move to more organised forms of trading. The farmers would be enabled for “objective quality-based trading, credit linkages, electronic warehouse receipts and forward markets”, thus enhancing their competitiveness in the market leading to most competitive price realization.
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. 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.
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