Today, the BSE announced the launch of an electronic spot platform for agricultural commodities BSE E-Agricultural Markets Ltd. (BEAM) through its subsidiary, BSE Investments Ltd.
“This platform will function as a national, institutionalized, electronic, transparent commodity spot trading platform in line with the Prime Minister’s vision to create a single market,” the exchange said in a statement.
“The platform facilitates spot agricultural commodities transactions across the value chain, consisting of producers, intermediaries, ancillary services and consumers. The platform will commence beta operations from December 11,” the Exchange said.
BEAM leveraged state of the art technology to offer customized solutions to farmers, traders and stakeholders to facilitate a risk-free and hassle-free purchase and also the sale of various agricultural commodities, it said.
With BEAM, farmers in one state will be able to reach out to markets in other states and auction their produce. This will not only help farmers and farmer collectives discover best prices for their products based on the quality but also offers to build capacity to help intermediaries, processors and exporters procure from states.
BSE MD & CEO Ashishkumar Chauhan said, “BSE plans to leverage its nationwide distribution network and state of the art technology to provide a world-class framework for agriculture commodities to the benefit of the farmers and the Indian economy.”
The platform ensures a reduced cost of intermediation, improved procurement efficiency, enhanced producers’ realization and more competitive consumer prices. The platform will also help eliminate bottlenecks associated with procurement and trading, BSE commented.
Ashishkumar Chauhan, MD & CEO of BSE said, “BSE plans to leverage its nationwide distribution network and state of the art technology to provide a world-class framework for agriculture commodities to the benefit of the farmers and the Indian economy.”
BEAM CEO Rajesh Sinha said the country needed a dedicated e-market platform for agricultural spot markets that would have no conflict of interest to further the cause of producers. “BEAM is the only company in the country fulfilling this requirement,” he explained.
The company would play a pivotal role in creating a highly efficient spot market for agricultural produce by working closely with the value chain participants, Sinha added.
