WELCOME SPEECH By Anjani Sinha, MD & CEO, National Spot Exchange I welcome Shri B.C.

Khtua, IAS, Honble Chief Guest, who has agreed to be the Chief Guest of Pulses Meet -2008. Mr. Khatua has been instrumental in effectively regulating the commodity derivatives market in the country and also in providing regulatory support to the derivatives market, which has helped growth of this market. I welcome Dr. S.K. Goel, Principal Secretary, Agriculture & Co operation, Government of Maharashtra, who has agreed to be the Guest of Honor in this function. Dr. Goel has always been supportive to the new initiatives required for reforms in agricultural marketing. He has been instrumental in granting us license to operate in the State of Maharashtra in notified agricultural produce. As you are aware, the agriculture marketing is a state subject, which is regulated under State APMC Act, National Spot Exchange is regulated by him under the Maharashtra APMC Act. As per our license, we can launch trading at all locations across Maharashtra in various commodities. In respect of deliveries, where farmer sells and delivers on our platform, we are responsible to collect market cess and pay the same to the Maharashtra Marketing Board. In other words, we are responsible for making all compliance relating to mandi fee. As a result, our members, sub brokers and their clients do not need any separate license from APMCs for buying and selling of commodities on NSEL platform. However, if they want to buy agri produce outside the NSEL platform, they will need to obtain such license from respective APMC. Hence, through NSEL platform, a pulses mill will be able to buy pulses at various locations electronically on ex warehouse basis without any need for APMC license. This is going to happen for the first time in our country.

I welcome Mr. A.K. Dabral, Executive Director, NAFED, who has agreed to become the Guest of Honour in this Meet. In fact, Mr. U.KS.Chauhan had agreed to attend the function, but due to his deputation on election duty, he was not able to come. We are glad to receive you Sir in this august gathering, and we are sure to have benefits of your thoughts and knowledge in course of todays Meet. Mr. Prem Kogta has always been an inspiring figures behind all our initiatives associated with pulses trade and industry. We welcome you Sir today. To share my experience, when we were conducting our road-shows for National Spot Exchange at Jalgaon, at the end of our presentation and question answer session, Mr. Kogta was the first person in Jalgaon to apply for membership sharing his view that this is the best thing which is going to happen to help the trade and industry. Sir, your action greatly inspired us and helped us to be committed to make National Spot Exchange project successful. Last but not the least, Mr. K.C. Bhartiya, President, PIA is such a wonderful person that he always tries to do something to help the trade and industry and the people at large in a self less manner. In fact, in course of our road shows, Mr. Bhartiya volunteered self lessly that he will come with us in our roadshows to meet pulses traders and explain to them the benefits of NSEL project. When he expressed his desire to host the PIA AGM, we reacted by saying that we will not just host it rather we will make it memorable and it will not be a stand alone event, rather it will become an annual event. Our commitment to the pulses trade and industry is that we will make a humble beginning to make the market well structured, risk free, seamless, free from counter party defaults, credit risk, free flow of information and spreading the cult of Business with Knowledge. As a beginning to this initiative, we have published a booklet Pulses Complex A Brief Outline which will be revealed by our Honble Chief Guest today. Today, we will also sign a
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MoU with PIA to pen down our long term commitment to the pulses trade and industry. We are going to launch Live trading in Urad and Tur on Mumbai delivery basis and we request all the pulses traders, mills and importers to participate in the same. We welcome all the senior officials of Government agencies like MMTC, NAFED, STC, PEC and other organizations, who have come here to grace this occasion. There is a greater role to be played by such organizations in this commodity revolution being initiated by National Spot Exchange. Such Government agencies can use NSEL platform for selling imported pulses in a transparent environment. Since delivery and payment is guaranteed by National Spot Exchange, this would be a risk free mechanism. They should come forward to use this facility to their advantage. We can launch any number of customized contracts to suit their requirement. We can also certify the stock in their warehouse and issue our warehouse receipts, which can be traded on our platform. Since it is a compulsory delivery based spot contract and there is no forward and futures trading involved, there is no risk associated with trading and delivery. We welcome all the speakers and other dignitaries, who have made their presence today and will be sharing their thoughts in course of the Meet today. We welcome members of NSEL, leading mill owners, importers, traders and others who have attended this Meet in large numbers from different parts of the country. This itself shows the interest of the trade in becoming a part of this innovative market called Spot Exchange. Now, members of NSEL have a greater responsibility of converting all such interests into actual trade by making them clients and hand holding for helping them to buy and sell their stock through spot exchange platform. Please make good use of lunch and dinner time for cultivating such business interests. This will be a win win for

you as well as win win for pulses industry and off course win win for National Spot Exchange. We welcome all print and electronic media, who have made it possible to cover this function. We believe they will provide us a helping hand for expanding this market to remote parts of the country. This market will provide livelihood to large number of people associated with physical market. All these are possible if the media can help us in reaching out to 6 lac villages across the country through their media power. At the end, I hope that all the delegates who have come to attend the Pulses Meet -2008 should remember this event not for its fun fare, food, cultural programs, dance or music, rather for knowledge sharing and information what they gather during this function. Their satisfaction will encourage us to host this function next year and from year to year every year till pulses trade and industry continues in our country. We will offer our services to document all the important discussions and resolutions in course of Pulses Meet 2008 and to make proper representations before the Government authorities in respect of all issues faced by the pulses trade. We would request every body to be present till end of the Pulses Meet, when we will sum up all the discussions and pass the resolutions for further taking up the matter. In future, we propose to act as a central point for taking up all matters of trade and industry with the Government authorities and to work as a conduit between the Government and the trade. We also propose to set up a cell, which can collate all relevant information about pulses trade and disseminate such information among the industry participants, which will be impartial information. We just submit for the information of all present here that National Spot Exchange does not want top position itself just as a trading platform, rather it proposes to be your helping hand in all respect. With the help of all of you, we propose
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to make a humble beginning towards initiating a revolution in the physical trade in commodities by making it risk free and seamless business. *************