A Study of Commodity Market V/S Multi Commodity Exchange of India Limited (MCX)

Transcription

1 A Study of Commodity Market V/S Multi Commodity Exchange of India Limited (MCX) Dr. Shree Bhagwat Asst. Prof., Department of Business Management, Dr. Harisingh Gour Vishwavidyalaya Sagar, Madhya Pradesh, India (A Central University) Angad Singh Maravi Research Scholar, Department of Commerce, Dr. Harisingh Gour Vishwavidyalaya Sagar, Madhya Pradesh, India (A Central University) Abstract The commodity market in India facilitates multi commodity exchange within and outside the country based on requirements. The Multi Commodity Exchange of India Limited (MCX), is located in Mumbai the financial capital of India. Multi Commodity Exchange of India Limited India s No. 1 commodity exchange has been given the efficient platform for price discovery and risk management across a wide range of segments in India s commodity futures market. It was the first ever IPO by an Indian exchange and made MCX India s only publicly listed exchange. Earlier MCX was regulated by the Forward Markets Commission (FMC), which got merged with the SEBI on September 28, MCX has been offering products and services with specifications that perfectly meet the needs of its diverse customer base in a cost effective manner. The innovations in MCX s products and services facilitate users to hedge price risks in international commodities within the country; thereby enabling they attain efficiency and competitiveness without having to use a foreign exchange platform. MCX COMDEX is India's first and only composite commodity futures price index. Other commodity indices developed by the Company include MCXAgri, MCXEnergy and MCXMetal. The Exchange has an extensive national reach, with 709 registered members, operating through more than 6,07,331 trading terminals (including CTCL), spanning over 1800 towns and cities across India as at the end of (as on December 31, 2015). MCX is India s leading commodity derivatives exchange with a market share of 84.3% in terms of the value of commodity futures contracts traded in , and the total value of trade was INR Crore as at the end of the year MCX has several strategic alliances with global exchanges such as LME and NYMEX. Keywords: Commodity Market, Commodity Exchanges, Multi Commodity Exchange Ltd., SEBI Introduction Trading in commodity derivatives/futures on exchange platforms is an instrument to achieve price discovery and better price-risk management besides helping the macro economy with better resource allocation. The Multi Commodity Exchange of India Limited (MCX) in Mumbai is also an independent and de-metalized exchange recognized by the Government of India. MCX commodity exchange which started operations in November 2003 has above 40 commodities on its platform and has a market share of around 80% in the Indian commodity market. The MCX commodity exchange operates under the regulatory framework of Securities and Exchange Board of India (SEBI). MCX commodity exchange facilitates online trading, 27 [email protected]

2 clearing and settlement operations for commodity futures market across the country. MCX offers trading in varied commodity futures contracts across segments including bullion, ferrous and non-ferrous metals, energy and agricultural commodities. The Exchange s flagship index, the MCXCOMDEX, is a real-time composite commodity futures price index which gives information on market movements in key commodities. Other indices developed by the exchange include MCXAgri, MCXEnergy, MCXMetal and Rainfall Indices. With an aim to seamlessly integrate with the global commodities ecosystem, MCX has forged strategic alliances with leading international exchanges such as CME Group, London Metal Exchange (LME), Dalian Commodity Exchange (DCE) and Taiwan Futures Exchange (TAIFEX). The Exchange has also tied-up with various trade bodies, corporate, educational institutions and R&D centers across the country. These alliances enable the Exchange in improving trade practices, increasing awareness, and facilitating overall improvement of the commodity market. The MCX Exchange has an extensive national reach, with 709 registered members, operating through more than 6, 07,331 trading terminals (including CTCL), spanning over 1800 cities and towns across India as at the end of MCX is India s leading commodity derivatives exchange with a market share of 84.3% in terms of the value of commodity futures contracts traded in MCX s ability to use and apply technology efficiently is a key factor in the development of its business. The exchange s technology framework is designed to provide high availability for all critical components, which guarantees continuous availability of trading facilities. The robust technology infrastructure of the exchange, along with its with rapid customization and deployment capabilities enables it to operate efficiently with fast order routing, immediate trade execution, trade reporting, real-time risk management, market surveillance and market data dissemination. MCX envision a unified Indian commodity market that is driven by market forces and continually provides a level playfield for all stakeholders ranging from the primary producer to the end-consumer; corrects historical aberrations in the system; leverages technology to achieve exceptional efficiencies and ultimately lead to a common world market. MCX shall accomplish the above vision by relentlessly endeavoring to enhance awareness and understanding of exchange-enabled trade in commodity derivatives. The Exchange will continue to minimize the adverse effects of price volatilities; providing commodity ecosystem participants with neutral, secure and transparent trade mechanisms; formulating quality parameters and trade regulations in conjunction with the regulatory authority. MCX is the largest and most diverse commodity exchange in India offering more than 55 commodities across various segments. The Multi Commodity Exchange of India Limited (MCX) is an independent commodity exchange of India. It is India s largest commodity derivatives trading platform, and the turnover of the exchange for the year was trillion rupees ( billion US dollars). It has reported a steep 57% increase in its daily average turnover (DAT) in November on huge price volatility in non-agricultural commodities, where the exchange has a dominant position. Objectives of the Study To study the Development of Multi Commodity Exchange of India Limited. To analyses the Performance of Multi Commodity Exchange of India Limited [email protected]

3 Review of Literature Joseph Anto, K.G Suresh and Sisodia Garima (2015) in his work Is the Causal Nexus between Agricultural Commodity Futures and Spot Prices Asymmetric? Evidence from India examined the Agricultural commodity futures exchange provides a centralized marketplace where the farmers and other market participants can discover the prices of agricultural commodities for futures delivery and where risk-averse people can shift commodity price risk to others, who are willing to bear it. In agricultural commodity markets, prices are determined by fundamental supply and demand forces which are undergoing structural change due to the increasing demand from the emerging economies, alternative uses of agricultural commodities for energy production, and supply side constraints. They found that in this study important implication for market participants and policy makers. Testing of asymmetric causality after decomposing the information into positive and negative components would help market participants to predict the price in the respective markets according to the nature of information components. Parasuraman N. R. and Rao Ullas (2014) in his study An Empirical Examination of the Efficiency of Commodity Markets in India investigate the postulate surrounding market efficiency surrounding commodity markets using an empirical model represented by the cost-of-carry. In order to support the veracity of the phenomena, we also apply the cost-of-carry model to the equity markets. Both single hypothesis and joint hypothesis tests reject the cost-of-carry model implying that in the absence of market efficiency, arbitrageurs should be in a position to exploit the price differentials existing across futures and spot prices in both commodity as well as equity markets in order to earn abnormal returns. While arbitrageurs dealing in equities would be required to strictly operate within the rules enshrined by the capital markets regulator (SEBI), the scope of scrutiny is by-far restricted to a greater degree in commodities. Even while the commodity markets like Multi Commodity Exchange Ltd. (MCX) are governed by Forward Markets Commission (FMC), in the absence of enactment of long pending Forward Contract Regulation Act (FCRA) Amendment Bill, the regulator lacks the requisite powers to exercise effective supervision over the operations surrounding commodity markets. Vala Yuvrajsinh (2013) in his study Is there any Link between Commodity Price and Monetary Policy? Evidence from India examine that the role of commodity indices in predicting Gross Domestic Product (GDP), Inflation, Interest Rate and Money Supply in India, on the basis of quarterly data from March 1997 to September Nine types of the commodity price indices (ARMCI, BPCI, COM, FCI, FPCI, IIPCI, MPCI, NFCI, COPI) are used under this study to examine whether any specific index is useful in predicting the variables under consideration. Econometric analysis indicates that commodity price indices are helpful to predict GDP and Inflation. The results of the study support Furlong (1989), Awokuse & Yang (2002), Ocran & Biekepe (2007)), Hasan and Salim (2011) while it is also contadict with Polley & Lombra (1999). The findings of the study can be helpful in important implication for monetary authority. Empirical evidence provides that non-monetary information variables can be useful in predicting some monetary variables. R.A. Prasad (2013) in his study An Empirical Study on the Dynamics of Commodity Derivative Market s Impact on Indian Investment investigated 29 [email protected]

4 the many people have become rich in the Commodity Markets, It is one of a few investment areas where individuals with limited capital can make extra-ordinary profits in a relatively short period of time and most of the people lose money, Commodity Market has a bad reputation as being too risky for the average individuals. The truth is that Commodity trading is only as you want to make it. Investors are consider the Commodity Derivatives Market as only a risk hedging instrument, and also it is only a optional for investment escape from capital market losses, by this reason Commodity Derivatives Market are not developed as compare to Capital Market. Investor point of view it is alternative for minimizing the losses instead buy the insurance scheme. Investors are not understood about Commodity Market, it is also one of the obstacles for development of Commodity Derivatives market in India. Babu M. and Srinivasan S. (2012) in his paper Testing the weak form Efficiency in Indian Commodities Market the study showed that the Weak Form Efficiency and to find the relationship between Spot and Futures Prices in Indian Commodity Markets. The daily data consisted of closing spot and futures prices which were collected from mcxindia.com. The commodities, namely, Gold, Silver, Copper, Zinc, Crude Oil, Natural Gas, Mentha Oil and Cardamom were used as samples. Descriptive Statistics, Augmented Dickey Fuller Test, Runs Test and Johansen Co Integration Test were the primary test for examining the Weak form Efficiency. The Unit Root Test revealed that all the sample commodities returns attained stationary in the level. Runs Test show that the futures price movements cannot be predicted using past prices for majority of commodities. Further, Johansen Trace Statistic and Max-Eigen Value indicate that there was no long term relationship between the spot and futures prices returns in the Multi Commodity Exchange India Ltd., (MCX). Verma Ashutosh and C. V. R. S. Vijaya Kumar (2010) in his study An Examination of the Maturity Effect in the Indian Commodities Futures Market examined the maturity effect for wheat and pepper being traded at NCDEX. They found that the maturity effect is present in nearly half of the contracts. The negative covariance between the net carry cost and spot price for pepper contracts is comparatively less as compared to what is generally observed in the agricultural commodities. The study findings indicate that the BCSS hypothesis is supported in these two commodities, more strongly for wheat than for pepper. There is further scope for research in this area in relation to other agricultural commodities and also metals. Further studies can also be undertaken to find the informational efficiency and the reaction of informational flow to identify the reasons for the presence or absence of maturity effect. Dummu Tata Rao (2009) in his study Commodity Futures Markets in India: Its Impact on Production and Prices conducted a study on commodity futures market. Commodity futures market has a limited presence in developing countries. Historically, governments in many of these countries have discouraged futures markets. If they were not banned, their operations have been constructed by regulation. In the recent past, however, countries have begun to liberalize commodity market. And in a reversal of earlier trends, the development of commodity future markets is being pursued actively with support from governments. They found that the soya oil imports exercise a significant impact on the basis and the impact varies with the extent of supplies that come from domestic production. Thus, by these commonly used criteria, the soya oil contract has attracted hedging interest from 30 [email protected]

5 commercial firms. The one count on which the NBOT falls short of developed country exchanges is that the NBOT contracts are open for trading for a shorter period of three months or less. The study focuses on operating system and need of commodity derivative as well as Condition of modern commodity exchanges and unresolved issues and future prospects. R. Salvadi Easwaran and P. Ramasundaram (2008) in his work Whether Commodity Futures Market in Agriculture is Efficient in Price Discovery? - An Econometric Analysis examined the agriculture dominated economy, like India, the farmers face not only yield risk but price risk as well. Commodity futures and derivatives have a crucial role to play in the price risk management process, especially in agriculture. The study has investigated the futures markets in agricultural commodities in India and has outlined the status of futures markets in agricultural commodities in the Indian context. More specifically, this study has attempted to assess the efficiency of futures market in India. They found that the econometric analysis of the relationship between price, return, volume, market depth and volatility on a sample of four agricultural commodities has shown that the market volume and depth are not significantly influenced by the return and volatility of futures as well as spot markets. The price volatility in the spot markets does not have any impact on the market conditions in futures markets. Research Methodology The present study is conducted commodity market in India with special reference to Multi Commodity Exchange (MCX). The study is based on secondary data, which has been collected from commodity market and their publications, books related topics, magazines, reputed journals, research paper, news paper, and internet sources like commodity market bulletins, annual reports of Forward Markets Commission (FMC), Securities and Exchange Board of India (SEBI), and other publications. The various reports and records issues and maintained by the Government of India are also used in the study. History of Multi Commodity Exchange of India Limited (MCX) The history of commodities trading in India is quite robust. The derivatives and the futures market for the commodity trading in India has opened up great avenues for retail investors also. Commodity Futures trading in India started with the setting up of nation-wide multi commodity exchanges, a new avenue has been thrown open for Indian investors. The exchanges have electronic trading and settlement systems making it easy to trade in commodity futures. The Multi Commodity Exchange of India Limited (MCX), India s first listed commodity exchange, is a state-of-the-art, commodity derivatives exchange that facilitates online trading, and clearing and settlement of commodity futures transactions, thereby providing a platform for risk management. The Exchange, which started online business operations in November 2003, operates under the regulatory framework of Securities and Exchange Board of India (SEBI). MCX has been certified with three ISO standards, ISO 9001:2008 Quality Management System, ISO 27001:2013 Information Security Management Standard and ISO 14001:2004 Environment Management Standard. MCX offers trading in varied commodity futures contracts across segments including bullion, ferrous and non-ferrous metals, energy and agricultural 31 [email protected]

6 commodities. The Exchange focuses on providing commodity value chain participants with neutral, secure and transparent trade mechanisms, and formulates quality parameters and trade regulations, in conformity with the regulatory framework. Key shareholders of MCX are Financial Technologies India Limited, SBI and its associations, NABARD, NSE, Fid Fund (Mauritius) Ltd., an affiliate of Fidelity International-Corporation Bank, Union Bank of India, Canara Bank, Bank of India, Bank of Baroda, HDFC Bank, SBI Life Insurance Co. Ltd., ICICI Ventures, IL&FS and Merrill Lynch. MCX is the largest and most diverse commodity exchange in India offering more than 55 commodities across various segments. MCX is the most efficient and cost-effective platform for price discovery and price-risk management in commodity market of India. The Exchange allows people to shift risks in the most economic manner possible. The MCX is an independent commodity market which has a lot of commodities. Key Milestones of Multi Commodity Exchange of India Limited (MCX) Incorporated in April 2002 under the name Multi Commodity Exchange of India private Limited. MCX Company received permanent recognition from the Ministry of Consumer Affairs, Food and Public Distribution, Government of India in Online futures trading operations commenced in November MoU entered into between FTIL and NAFED to create a national level agricultural spot exchange in In 2005, launch of composite commodity futures index (MCX-COMDEX). MCX entered into a license agreement with London Metal Exchange (LME) for the use of the LME s official prices as the basis for settlement of certain futures contracts in MCX Company entered into a MoU with the University of Mumbai for creating a chair in its department of economics In June 2006, forged an alliance with the India Post to extend benefits of the exchange to farmers through Gramin Suvidha Kendra, its social inclusion programme. In June 2006, became India s largest commodity exchange. MCX Company signed a license agreement with NYMEX in In 2006, MCX Company signed an agreement with Euro next LIFFE Euro next, NV., Alexandra GLG, Passport Capital, Merrill Lynch holdings, ICICI, Kotak Mahindra, New Vermon, ILFS and Citigroup acquired stakes in MCX. Launch of the Gujarati and Hindi version of website mcxindia.com by MCX in MCX Company obtained ISO/IEC 27001: 2005 certification in 2008 In 2008, granted membership of the International Organization of Securities Commissions (IOSCO) [email protected]

7 MCX was recognized as? India s First Green Exchange? By Priyadarshini Academy Kotak Mahindra Bank Ltd. acquired 15% equity stake in company. MCX Company released India s first Yearbook on Indian Commodity Ecosystem in collaboration with Price water house Coopers in MCX Company launched? Exchange of Futures for Physicals? (EFP) transactions in In 2010, MCX Company was recertified to ISO 9001:2008 Quality Management System standard by Bureau Veritas Certification (India). MCX Company signed a MoU with Shanghai Futures Exchange in In 2010, MCX company entered into an MoU with Taiwan Futures Exchange (TAIFEX) to develop commodity futures market in India MCX Company received the NASSCOM Foundation Social Innovation Honours in In 2011, MCX is the world s 5 th largest commodity futures exchange among all the commodity exchanges considered in the Futures Industry Association survey in terms of the number of futures contracts traded during the period January to June Highest daily turnover of INR 1, 19,941 Crore achieved on April 15, 2013 (since inception). In 2014, MCX entered into the Master Amendment to Principal Agreements (Agreement) with Financial Technologies (India) Limited (FTIL) to continue availing of technology support & managed services from FTIL on such terms & conditions as contained therein. World s 3 rd largest commodity futures exchange in terms of the numbers of contracts traded in CY2012. Became India s first listed commodity exchange on March 9, India s 1 st commodity exchange to report its sustainability performance since FY MCX has been honoured with Exchange of the Year for Investor Education and Awareness Award by the Commodity Participants Association of India - May MCX and CME Group sign Memorandum of Understanding - July 2015 (i) Joint viability study of International Finance Service Center in India to be conducted (ii) Existing licensing agreement on energy futures settlement prices renewed MCX Signs MoU to establish an international exchange with India s first International Financial Services Center (IFSC) at GIFT City - August Overcoming many hurdles, MCX climbs a rung to be world s 6 th largest commodity futures exchange in 2015, going by the number of commodities contracts traded [email protected]

8 MCX won the Best Commodity Exchange Award at the 14 th Commodity Futures Market Summit & Excellence Awards, organized by ASSOCHAM - February 3, Commodities Traded on Multi Commodity Exchange of India Limited (MCX) Table 1: List of Commodities for Trading on Multi Commodity Exchange Ltd., (MCX) Sr. No. List of Commodities Available for List of Commodities Contracts Trading on MCX Available for Trading on MCX A. Bullion 1 Gold Gold Gold Global Gold Guinea Gold Mini Gold Petal Gold Petal New Delhi 2 Silver Silver Silver 1000 Silver Mini Silver Micro B. Base Metals 3 Aluminium Aluminium Aluminium Mini 4 Copper Copper Copper Mini 5 Lead Lead Lead Mini 6 Nickel Nickel Nickel Mini 7 Zinc Zinc Zinc Mini C. Energy 8 Crude Oil Crude Oil Brent Crude Oil Crude Oil Mini 9 Natural Gas Natural Gas D. Agri-Commodities 10 Cardamom Cardamom 11 Cotton Cotton 12 Crude Palm Oil Crude Palm Oil 13 Kapas Kapas 14 Mentha Oil Mentha Oil Performance of Multi Commodity Exchange of India Limited (MCX) 34 [email protected]

9 Table 2: Commodities Traded Value (In Crore ) & Volume (In Lakh) on MCX (during the year to ) Years Volume (In Lakh) Value (In Crore) Source: The table 2 clearly shows the performance of Multi Commodity Exchange of India Limited (MCX) during the year to The total volume of trading in the MCX market increased from Rs lakh in to Rs lakh in ; while volume of trading decreased from Rs lakh in to Rs lakh in , and then volume of trading in MCX market increased Rs lakh in The total of trade in MCX market rose from Rs crore in to Rs in ; whreas value of trade continuously decreased from Rs crore in to Rs crore in , and then value of trade in MCX market increased Rs crore in Table 3: Performance of Commodities Groups wise Value of Trade (In Crore) on MCX Yea Precious Non- Ferrou Environme Energy Agricultu TOTAL rs Metals Precious Metals s Metals ntal Products Products ral Products Source: [email protected]

10 The table shows the performance of commodities groups wise value of trade in Multi Commoditry Exchange of India Limited (MCX) during the year to In the year , the total value of trade in the MCX market was Rs crore which was shared by Precious Metals Rs crore, Non-Precious Metals Rs crore, Environmental Products Rs crore, Energy Products Rs crore respectively, and Agricultural Products Rs , but Ferrous Metals was not traded in During the year , the total value of trade in MCX market was crore, this total consisted of Precious Metals Rs crore, Non-Precious Metals Rs crore, Energy Products Rs crore, and Agricultural Products Rs crore; while Ferrous Metals and Environmental Products were nt traded in In , the total value of trade in MCX market was Rs crore, in this overall share of Precious Metals Rs crore, Non-Precious Metals Rs crore, Ferrous Metals Rs crore, Energy Products Rs crore, and Agricultural Products Rs crore; but Environmental Products was not traded in the year As at the year , the total value of tarde in MCX market was Rs crore, in this included Precious Metals Rs crore, Non-Precious Metals Rs crore, Ferrous Metals Rs crore, Environmental Products Rs crore, Energy Products Rs crore, and Agricultural Products Rs crore. For the year , the total value of trade in the MCX market was Rs crore, this total included Precious Metals Rs crore, Non-Precious Metals Rs crore, Ferrous Metals Rs crore, Energy Products Rs crore, and Agricultural Products Rs crore; but Environmental Products was not traded in this year. In the year , total value of trade in MCX market was Rs crore, in this share of Precious Metals Rs crore, Non-Precious Metals Rs crore, Ferrous Metals Rs crore, Energy Products Rs crore, and Agricultural Products Rs crore; but Environmental Products was not traded in In , the total value of trade in the MCX market was Rs crore, in this includes Precious Metals Rs crore, Non-Precious Metals Rs crore, Energy Products Rs crore, and Agricultural Products Rs crore; but Ferrous Metals and Environmental Products were not traded in the year Table 4: Commodities Traded Value (In Crore) on Multi Commodity Exchange (MCX) Traded Commodit ies Years Gold Silver Platinum Aluminium [email protected]

11 Copper Lead Nickel Steel Long Steelflat Tin Zinc Ironore Steel CER CFI ATF Brent Crude Oil Crude Oil Electricity Gasoline Heating Oil Natural Gas Thermal Coal Almond Arecanut Barley Cardamom Castor Seed Chana Coriander Cotton Cotton (29mm) Cottonseed Oil Cake Crude Palm Oil 7 Flakement h Guargum Guarseed [email protected]

12 Jute Kapas Maize Menthaoil Mustrdseed Pepper Potato Refined Soy Oil Rubber Soyabean Sugar Turmeric Wheat Yellowpea s TOTAL Source: MCX is the major and largest contributor in the commodity markets of India. The table shows the annual growth of Multi Commodity Exchange of India Limited (MCX) market during the year to In , Gold, Crude Oil, Solver, and Copper increased over the year; while Steel, Brent Crude Oil, Barley, Flakementh, and Turmeric were not traded in this year. Steelflat, Castor seed, CER, Electricity, Arecanut, Cotton, Jute, Mustrdseed, Pepper, and Yellowpeas were traded only in Steel Long and Rubber were traded both in the year and ; but Cotton (29mm) was not traded both in the year and During the year , Gold, Silver, Crude Oil, and Copper and other commodities increased in the year; whereas Turmeric was traded only this year. Barley and Flakementh were not traded both in the year and ; whereas ATF traded in the and In the year , Silver, Gold, Crude Oil, and Copper commodities sharply growth in the MCX market; while Ironore was traded only both in the year and As at the year , Silver, Gold, Crude Oil, and Copper commodities increased in the MCX market; while CFI was traded only in the year In the year , Gold, Silver, Crude Oil, and Copper increased in the MCX market. In , Gold, Crude Oil, Silver, and Copper and other commodities increased in the MCX market. During the year , Crude Oil, Gold, Silver, and Copper commodities sharply increased in the MCX market; whereas Refined Soy Oil and Sugar were not traded both in the year and Conclusion The India Commodity market has undergone lots of changes due to the changing global economic scenario; thus throwing up many opportunities in the process. Multi Commodity 38 [email protected]

13 Exchange of India Limited (MCX) is an India-based holding company. The MCX Company operates an electronic commodity futures exchange. The MCX is a demutualized exchange and is engaged in online trading, clearing and settlement operations of commodity futures transactions. MCX offers futures trading across segments, including bullion, ferrous and nonferrous metals, energy and agricultural commodities (mentha oil, cardamom, crude palm oil, cotton and others). The MCX flagship index, the MCX COMDEX, is a real-time composite commodity futures price index, which gives information on market movements in key commodities. Other commodity indices developed by the Company include MCXAgri, MCXEnergy and MCXMetal. From September 28, 2015, MCX is being regulated by the Securities and Exchange Board of India (SEBI). MCX is the largest commodity exchange in India offering more than 55 commodities contracts across various segments. The Multi Commodity Exchange of India Limited (MCX) is the world s largest exchange in Silver, the second largest in Gold, Copper and Natural Gas and the third largest in Crude Oil futures. MCX is the most efficient and cost-effective platform for price discovery and price-risk management in India s commodity market. MCX is India s leading commodity derivatives exchange with a market share of 84.3% in terms of the value of commodity futures contracts traded in , and the total value of trade was INR Crore as at the end of the year References Joseph Anto, K.G Suresh and Sisodia Garima (2015) Is the Causal Nexus between Agricultural Commodity Futures and Spot Prices Asymmetric? Evidence from India Theoretical Economics Letters, 2015, 5, Published Online April 2015 in Scientific Research Publishing, available at; pp., Dr. Shree Bhagwat, Angad Maravi, Ritesh Omre, and Deepak Chand (2015) A Study of Historical Background of Indian Commodity Market, EPRA International Journal of Economic and Business Review, Volume-3, Issue-3, March Dr. Shree Bhagwat and Angad Singh Maravi (2015) The Role of Forward Markets Commission in Indian Commodity Markets, International Journal of Research GRANTHAALAYAH, ISSN , (O) ISSN (P), Volume 3, Issue 11, November, Parasuraman N. R. and Rao Ullas (2014) An Empirical Examination of the Efficiency of Commodity Markets in India Proceedings of the Third International Conference on Global Business, Economics, Finance and Social Sciences (GB14Mumbai Conference) Mumbai, India December 2014 ISBN: , Paper ID: M499, pp Dr. Shree Bhagwat and Angad Singh Maravi (2015) Commodity Exchanges in Commodity Markets of India: An Analytical Study of National Commodity Exchanges, International Journal of Management and Social Sciences Research (IJMSSR), ISSN: , Volume 4, No. 12, December 2015, pp [email protected]

14 ValaYuvrajsinh (2013) Is there any Link between Commodity Price and Monetary Policy? Evidence from India Researchers World -Journal of Arts, Science & Commerce, E- ISSN (P) ISSN , Volume IV, Issue-1, January 2013, available at; pp Dr. Shree Bhagwat, Ankur Goutam (2013) Development of Social Networking Sites and Their Role in Business with Special Reference to Facebook IOSR Journal of Business and Management (IOSR-JBM) ISSN: X, Vol. 6, Issue 5 (Jan. - Feb. 2013), PP Dr. Shree Bhagwat, Ritesh Omre, Deepak Chand, (2013) Development of Social Networking Sites And Their Role In Online Share Trading & Business With Special Reference To Facebook International Journal of Business Management & Research (IJBMR) ISSN: Volume 3, Issue 1, March 2013, PP R.A. Prasad (2013) An Empirical Study on the Dynamics of Commodity Derivative Market s Impact on Indian Investment International Journal of Research in Commerce, Economics & Management, ISSN , Volume No. 3 (2013), Issue No. 07 (July), available at; pp Dr. Shree Bhagwat, Ritesh Omre, Deepak Chand (2012) Development of Financial Derivatives Market in India and its Position in Global Financial Crisis International Journal of Scientific & Engineering Research, ISSN: , Volume 3, Issue 12, December Dr. Shree Bhagwat, Ritesh Omre, Deepak Chand (2012) An Analysis of Indian Financial Derivatives Market and its Position in Global Financial Derivatives Market Journal of Business Management & Social Sciences Research (JBM&SSR) ISSN No: Volume 1, No.2, November 2012, PP Babu M. and Srinivasan S. (2012) Testing the weak form Efficiency in Indian Commodities Market SMART Journal of Business Management Studies, ISSN , Volume 8 No.1 January - June 2012, pp R. T. Nirmal Kumar and Balaji.K (2011) An Empirical Investigation on the Investors Perception towards Commodities Futures Trading in India with Special Reference to Puducherry, India, ZENITH International Journal of Business Economics & Management Research, Volume 1, Issue 2, November 2011, ISSN: , Online available at pp R. Salvadi Easwaran and P. Ramasundaram (2008) Whether Commodity Futures Market in Agriculture is Efficient in Price Discovery? - An Econometric Analysis, Agricultural Economics Research Review Volume 21 (Conference Number) 2008, pp Dummu Tata Rao (2009) Commodity Futures Markets in India: Its Impact on Production and Prices Ind. Jn. of Agri. Econ., Volume 64, Number 3, July-Sept. 2009, pp Verma Ashutosh and C. V. R. S. Vijaya Kumar (2010) An Examination of the Maturity Effect in the Indian Commodities Futures Market Agricultural Economics Research Review, Volume 23 July-December 2010, pp [email protected]

15 Dr. Shree Bhagwat and Angad Singh Maravi (2016) An Anlysis of Past and Present Status of Commodity Derivatives Market in India International Journal of Advanced Research in Management and Social Sciences (IJARMSS), ISSN: , Volume 5, No. 2, February 2016, available at; pp (accessed on ). %20from%20ASSOCHAM.pdf, (accessed on ). (accessed on ). (accessed on ). Annual Reports Multi Commodity Exchange of India Limited (MCX),