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Pepper

Futures Contract Specifications
(Please refer to notes, if any, listed below this contract specifications)

Trading system	NCDEX Trading System
Hours of Trading	Effective on and from December 14, 2004 (please refer circular No. 187 dated December 14, 2004) 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 10:00 AM to 02:00 PM On the expiry date, contracts expiring on that day will not be available for trading after 5 PM
Basis	Malabar Garbled 1 ex designated warehouse Kochi exclusive of all taxes
Unit of trading	1000 Kgs (= 1 MT)
Delivery Unit	1000 Kgs (= 1 MT)
Quotation/Base Value	Rs per Quintal
Tick size	Re 1
Price Band	Limit 10%.
Quality specification	Light pepper 2% Max Other matter 0.5% Max Moisture 11% Max with a tolerance of 0.5% from May to September *
Quantity variation	+/- 2%
No. of active contracts	Maximum 12 monthly or minimum 2 monthly contracts running concurrently.
Delivery center	Kochi
Opening of contracts	The first was launched on April 12, 2004. Subsequently, trading in any contract month will open on the 21st day of the month
Due date	20th day of the delivery months. If 20th happens to be a holiday then previous trading day.
Position limits	Member-wise: Max (Rs. 20 crore, 15% of open interest) Client-wise: Max (Rs. 10 crore, 10% of open interest)
Premium / Discount	None

*The words 'with a tolerance of 0.5% from May to September' were added on June 9, 2004.

NOTE: Please refer our circular No.NCDEX/TRADING-009/2004/033 dated 10-04-2004 wherein it has been stipulated that upon expiry of the contracts, if any Seller with open position desires to give physical delivery at a particular delivery centre, 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.

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