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  • MCX incessantly reaches out to Tier II & Tier III cities in Eastern India

    Published on March 2, 2016

    Mumbai: Aimed at ensuring financial inclusion, and raising the financial literacy levels in the eastern region of India, Multi Commodity Exchange of India MCXLtd (MCX) organised 13 commodity awareness programmes in the tier II & III cities of Bihar, Jharkhand, West Bengal, Odisha, and Assam, in February.

    These programmes were organized in association with various reputed Colleges, Institutes, Trade and Business associations; and Banks in the region such as Bolpur Jewellers Association, Calcutta Management Association, Vinoba Bhave University, Sambalpur Chamber of Commerce, Rotary Club, Bhubaneswar; Federal Bank, Palamu Chamber of Commerce and Industry, Jain College, IIEST, and IISWBM to name a few.

    The primary objective of these programmes was to educate the market participants, including Students, Executives, Teachers, Banking officials, and other stakeholders of the commodity ecosystem about commodity futures market, and the benefits of Hedging, since the level of financial inclusion in Eastern region of India, as compared with rest of the country has been fairly low.

    In these programmes, the officials from MCX guided the participants through an interactive dialogue during which they elaborated on the topics such as the benefits of hedging, importance and need for risk management measures, role of commodity futures exchanges, and the regulatory perspective.  They further highlighted the importance of futures market as tool for price discovery and price risk management.

    Mr. Vibhor Tandon, Assistant Vice President-Business Development, MCX said, “MCX has always worked towards the development and inclusive growth of commodity futures market in India. These awareness programmes organized by MCX, is an encouraging trend and I think it is imperative for us – as a company, and as individuals – to help the people of eastern region in India understand, and access the right risk management tools that will empower them to hedge their price exposures. All these efforts in eventuality will help businesses thrive and generate long-term economic growth of the country.”

    “An educated market participant is better protected and more knowledgeable of the implications of volatility in commodity prices on his business, which renders a more realistic approach to effectively manage price risk”, Mr Tandon added.