NCDEX says it acts on market complaints on dhaniya

MUMBAI: After receiving complaints from market participants about inferior variety of coriander being deposited at its approved warehouses in Rajasthan and Gujarat, NCDEX said it has deployed officials at various delivery locations to monitor the quality of deposits.

It has also sensitized warehouse service providers (WSPs) to participants’ concerns and stressed on the need to ensure quality. Also, an independent assayer has been appointed to conduct quality audit of stocks in approved warehouses.

However, these assurances have not assuaged the concerns of all market participants.

One of them, Manoj Gupta, a trader in Rajasthan who complained to the exchange about inferior dhaniya being deposited, asked how from “6000 tonnes (including 1000 tonnes under process)” on August 16 did the exchange show that “10,867 tonnes (including 1513 tonnes under process)” were deposited on August 21.” He claimed that from Jan 1 this year to August 16 only 4000 tonnes were deposited as exchange specified quality goods were hard to come by. This figure was not confirmed with the exchange.

Gupta also claims he has purchased 400 tonnes of dhaniya on the exchange and had already got 107 tonnes credited to his demat account.

Gupta said he would “check the quality of goods the exchange had allotted him as he was uncertain of the quality being delivered.”

The exchange has said as a result of its steps, 50% of the goods brought for deposits were rejected.