Save the indian pulses industry from Ncdex cartel

Signatures:
  214 (Goal: 500)

Petitioning: PMO, agricultural ministry , Ncdex , sebi

Petitioner: Abhijit salecha started on December 26, 2017

Online Petition to save the pulses industry from Ncdex operators / manipulators

The continuous drop in prices of desi Chana has been blamed on over import in india , lack of demand at retail/ Miller level and lack of liquidity in the market

But one most prominent reason for this crash of prices and lack of demand has been the constant selling and market manipulation of certain cartel operating on Ncdex to hammer Desi Chana prices lower than Spot prices and even lower than the recommended msp price of government

Indian government is trying to protect the farmer by imposing duty on imports and by hiking msp. But Ncdex speculators are working against the goal of the government

The cartel on Ncdex is making A mockery of the government of India’s efforts by destroying the sentiment of indian pulses industry by hammering down the price of Chana futures , Chana sets the mood for the entire pulses industry so the entire industry is today at the verge of bankruptcy

indian importers are making huge losses after paying such duties as even after imposition of 30 percent duty on Desi Chana , the future prices for near month delivery on Ncdex are trading at deep discount To Spot market and below msp for far month delivery

This cartelisation should be stopped to protect bankruptcy of the indian pulses importers and millers and the entire pulses eco system

Please Sign this online petition and spread the word so that our voice is heard

We the undersigned demand following action

A) investigation of trading patterns of large traders on Ncdex Desi Chana futures for the last 6 months

B) investigations of co relation among the major traders acting in the same pattern and investigation on their ownership pattern

C) large corporates , Broker’s , financial institutions should be allowed to trade in Desi Chana on Ncdex only for hedging purpose and they must either take delivery or deliver goods to the Ncdex warehouse at contract expiry , roll over without delivery to be banned for this category

D) There should be reasonable cap per broker per trading Account to avoid market manipulation

E) if prices of Desi Chana trade lower by more than 5 percent to preceding days Spot price an automatic freeze Should be imposed so that the futures markets reflect the real market price and not send wrong signals to the millions of farmers , traders and millers who depend on the price for their decision making

F) Chana futures on Ncdex Should be used as a Hedging tool for farmers,millers, importers and traders . Retail participation should be encouraged and large volume trades by certain individuals and corporates should be discouraged by stronger Kyc norms and volume caps on positions.