BSE And Vidarbha Chamber Of Commerce & Industry To Deepen Commodity Market In India
BSE, India’s premier exchange has signed a Memorandum of Understanding (MoU) with Vidarbha Chamber of Commerce & Industry, based in Akola, Maharashtra, for deepening the commodity markets in India.
These Vidarbha Chamber of Commerce & Industry represents over 1,700 members respectively, engaged across all sectors of trade, profession, service and industry. It is recognised as one of the most proactive associations across the state of Maharashtra. The MoU aims to facilitate cooperation between BSE and physical markets in areas such as knowledge sharing, education and training, events as well as to explore all areas of mutual interest.
Sameer Patil, Chief Business Officer (CBO) of BSE said, “The government is making efforts to promote formal financial instruments and create a complete ecosystem of formal economy. Taking financial literacy to the remotest part of the country will help industry participants understand the various facets of the formal economy. This MoU is an affirmation and recognition of our efforts to bring physical market participants to the exchange platform and continuing our sustained campaign.”
BSE aims organise seminars and awareness programmes on price risk management for manufacturers, farmers, traders and jewellers, and help them move to more organised forms of trading. Awareness about effective hedging tools such as derivatives contracts, including futures and 'options in goods' to face a volatile market would also be provided. BSE is India's first universal exchange and offers trading in a wide gamut of asset classes including equity, debt, currency, interest rates and commodities.
Nikesh Gupta, president of Vidarbha Chamber of Commerce and Industry, said “We are very thankful of BSE for patronising Vidarbh Chamber of Commerce & Industry, and the session held by BSE at our AGM was very informative and successful. We have signed MoU with BSE and we are definitely looking forward for more ventures together in the future.”
Nitin Khandelwal, past president of Vidarbha Chamber of Commerce and Industry, said “We hold regular awareness sessions with BSE, and glad that our association has now culminated in a MoU, giving us the flexibility to work together for the development of industries based in the Vidarbha region.”
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, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. 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.
About Vidarbha Chamber Of Commerce and Industry
Vidarbha Chamber of Commerce & Industry was established as Berar Chamber of Commerce in the year 1933 during the British rule in India. The intention was to create awareness of the prevailing British laws among traders of Akola and have them organised to compete and survive in trade. The primary aim of the Chamber in its long history of nearly nine decades has always been in line with what the founding fathers desired for, that is to create a unifying platform among traders, industrialists, professionals and service providers from different spheres of business, trade, manufacturing. To provide a platform to collectively raise issues and concerns in business and take initiatives for early and effective redressal.
The vision of the company is to be the largest and apex association of businesses in the Western Vidarbha region. To have representation on all major committees of central and state governments. Keeping members updated with changes in laws related to business and macroeconomic environment. To encourage member to adopt latest IT tools and prepare them to face global competition.