Futures Contract Specifications
(Please refer to notes, if any, listed below this contract specifications)
| Trading system |
NCDEX Trading System |
| Basis |
Ex-warehouse Delhi inclusive of all taxes and levies |
| Unit of trading |
10 MT |
| Delivery Unit |
10 MT |
| Quotation/base value |
Rs per quintal |
| Tick Size |
50 paise |
| Quality Specification |
Indian Common Parboiled Rice traded as IR-8 or Swarna or IRRI-1001 or Mahamaya, Mussori with the following specifications:
Broken (Basis 2/3 of Average Grain length) of same rice - 15% max
Moisture - 14% max
Foreign Matter - 0.5% max
Damaged/slightly damaged grains - 3% max
Dead/Black Grains - 1% max
Red and Red Streaked Kernels - 0.5% max
Average grain length of uncooked rice - 5.5 mm & above
Average length to breadth ratio of uncooked rice - 2 & above
Whole Grain Kernels - 70% min
Admixture of other class rice - 10% max
Milling Degree - Well milled
Sorting Degree - Non sortexed
Crop Year - Current
Rice shall fit for human consumption, free from moulds, live weevils and obnoxious smell
|
| Quantity variation |
+/- 5 % |
| Delivery Centers |
Delhi |
| Additional delivery centres |
Kakinada, Raipur, Firozpur, Khanna, Amritsar, Kanpur, Sambalpur |
| Hours of Trading |
As per directions of the Forward Markets Commission from time to time, currently -
Mondays through Fridays
Morning Session - 10:00 AM to 05:00 PM
Pre-open Session - 05:25 PM to 05:30 PM
Evening Session - 05:30 PM to 08:00 PM
Saturdays
Trading Hours - 10.00 AM to 2.00 PM
On the expiry date, contracts expiring on that day will not be available for trading after 5 PM. |
| Delivery specification |
Upon expiry of the contracts, if any seller with open position desires to give delivery at a particular delivery center, then the corresponding buyer with open position as matched by the process put in place by the Exchange shall be bound to settle by taking physical delivery |
| No. of Active contracts |
Minimum 2 contracts with a maximum of 12 contracts running concurrently |
| Opening of contracts |
The first set of contracts expiring in February 2005 and March 2005 would be launched on January 10, 2005.
Subsequently, trading in any contract month will open on the 21st day of the month. If the 21st day happens to be a non-trading day, contracts would open on the next trading day |
| Due date/Expiry date |
20th day of the delivery month
If 20th happens to be a holiday, a Saturday or a Sunday then the due date shall be the immediately preceding trading day of the Exchange |
| Closing of contract |
All open positions will be settled as per general and product specific regulations |
| Price Band |
Limit 8%. |
| Position limits |
Member-wise: Rs. 40 crores or 15 per cent of open interest, whichever is higher
Client-wise: Rs. 20 crores or 10 per cent of open interest, whichever is higher |
| Special margins |
Special Margins, by way of addition to the normal margins, would be levied on a large unidirectional movement of any rice contract on either the buy or sale side whichever way the movement has happened based on the first day settlement price of that contract and valid for the life of that contract.
A 20 per cent unidirectional movement would attract a special margin of 1 per cent, movement by 25 per cent would attract a special margin of 2 per cent and finally a movement of 30 per cent and above would attract a special margin of 3 per cent |
| Premium/Discount |
No quality variation shall be allowed |
