Traders urge Spice Board to intervene in pepper futures
Notwithstanding the Centre's assurance to step up measures to curb manipulation in futures trading in pepper, a traders body in Kerala sought the State Spices Board's intervention on the issue to save farmers.
By PTI |
KOZHIKODE: Notwithstanding the Centre's assurance to step up measures to curb manipulation in futures trading in pepper, a traders body in Kerala on Tuesday sought the State Spices Board's intervention on the issue to save farmers.
'We are representing to the Board as we feel let down by the Forward Markets Commission (FMC) which failed to even call on us during its recent visit here,' Malabar Produce Merchants Association President J M Ahamed Koya told reporters here.
Last week, FMC officials had met growers, processors and stakeholders at Nilambur near here to create awareness about their regulatory role aimed at providing best trading practices.
"Even after they were apprised of the serious problems faced by farmers and traders in the wake of growing manipulation in on-line trading, FMC officials did not bother to meet us', he said, adding it was therefore decided to take up the issue with the state board.
Noting that it was due to the intervention of the Coconut Development Board that the four per cent Value-added Tax on coconut produce was lifted, Koya said the Association wants VAT on pepper to be removed as well.
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The Centre introduced futures trading in 2002 with `good intentions' but unfortunately manipulators had taken centre-stage leaving farmers and traders in the lurch, he alleged.Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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