National Commodity & Derivatives Exchange (NCDEX), one of the leading commodity exchanges in India has introduced an additional quality safeguards for goods deposited at its warehouses in order to further boost market confidence. This new initiative will give a further impetus to NCDEX's warehousing reforms. The procedure is being flagged off with fresh deposits for RM Seed, Turmeric and Jeera and later extended to other commodities.
All fresh deposits in its accredited warehouses will now undergo compulsory quality testing by an empanelled assayer over and above the testing done by the warehouse service provider to make sure they meet contract specifications. This second test will be done at no extra cost to the depositor.
NCDEX, an online multi commodity exchange based in India, offers the widest range of benchmark products across agriculture, metals and precious metals. It brings buyers and sellers together through its electronic trading platform.