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Futures Contract Specifications (Contract specifications applicable for contracts expiring in April 2008 and thereafter)
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Tolerance Limit for Barely
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Futures Contract Specifications (Applicable for contracts expiring in July 2010 and thereafter)
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Futures Contract Specifications. Updated as on 21 November 2007
(Contract specifications applicable for contracts expiring in April 2008 and
thereafter)
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| Type of Contract |
Futures Contract Specifications
|
| Name of Commodity |
Barley |
| Ticker symbol |
BARLEYJPR |
| Trading System |
NCDEX Trading System |
| Basis |
Ex-warehouse Jaipur
(Chomu/KukurKheda) inclusive of all local taxes and levies |
| Unit of trading
|
10 MT
|
| Delivery unit |
10 MT packed in sound jute bags
of 80 Kgs net weight basis |
| Quotation/base value |
Rs per quintal
|
| Tick size |
Re. 0.20
|
| Quality specification
|
Barley as per the following
specification shall be acceptable for delivery:
| Moisture |
10% basis |
| Damaged including Discoloured
(black tipped/ black cornered only) with Infested Damaged Kernels not exceeding
1% max on deposit and 1.5% max on withdrawal |
2% basis |
| Foreign Matter |
2% max |
| Broken Kernels |
2% basis |
| TCW (weight of thousand grains) |
40 gm basis |
|
| Quantity variation |
+/- 5 % |
| Basis Delivery centre |
Jaipur (Chomu/Kukurkheda) (Up to 50 km radius
from the municipal limits) |
| Additional delivery centres |
Sri Madhopur (Upto 50 km radius
from the municipal limits) at par and Bulandshahar and Rewari (Up to 50 km
radius from the municipal limits) at a premium/discount as announced by the
Exchange from time to time |
| Hours of Trading |
As per directions of the Forward Markets Commission from time to time,
currently -
Mondays through Fridays - 10:00 AM to 5:00 PM
Saturdays - 10.00 AM to 2.00 PM
The Exchange may vary the above timing with due notice
|
| Delivery specification
|
Upon expiry of the contract, all
outstanding open positions would result in compulsory delivery.
The penalty structure for failure to meet delivery obligations will
be as per circular no. NCDEX/TRADING-086/2008/216 dated September
16, 2008. |
| Opening of contracts |
Trading in a new month contract
to open on the 10th day of the month. If the 10th 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 (other than a Saturday) of the
Exchange
|
| Closing of contracte |
Upon the expiry of contract all
the outstanding open position would result in compulsory delivery
|
| No. of active contracts |
As per annexure
|
| Price band |
Daily price fluctuation limit
is (+/-) 2%. If the trade hits the prescribed daily price limit there
will be a cooling off period for 15 minutes. Trade will be allowed
during this cooling off period within the price band. Thereafter,
the price band shall be raised by another (+/-) 2% and trade will
be resumed. If the price hits the revised price band again during
the day, trade will only be allowed within the revised price band.
No trade/order shall be permitted during the day beyond the revised
limit of (+/-) 4%.
On the first day, the limit on daily price fluctuation will be reckoned with
reference to the opening price. On the second and subsequent days, the daily
price fluctuation limit will be reckoned with reference to the mark-to-market
rate of the previous closing day
|
| Position Limits |
Member-wise: 32,500 MT or 15% of market wide
open position whichever is higher.
Client-wise : 6,500 MT
The above limits will not apply to bona fide hedgers. For bona fide hedgers,
the Exchange will, on a case to case basis, decide the hedge limits. Please
refer to Circular No. NCDEX/TRADING-100/2005/219 dated October 20,2005
For near month contracts :
The following limits would be applicable from one month prior to expiry date of
a contract
Member: Maximum of 6,500 MT or 15% of market-wide open interest whichever is higher
Client: Maximum of 1300 MT |
| Special margins |
In case of additional volatility,
a special margin at such other percentage, as deemed fit, will be imposed in
respect of outstanding positions, which will remain in force as long as the
volatility exists, after which the special margin may be relaxed
|
| Premium/Discount |
Location Premium/Discount
The premium or discount for Rewari and Bulandshahar vis--vis the basis center,
would be announced by the Exchange before launching of any new contracts
Quality Premium/Discount for all the months Quality variance is acceptable in
specifications for Moisture, Damaged including discoloured (black tipped) and
infested kernels, Foreign Matter, TCW (thousand corn weight) only with
discounts as follows:
Moisture
Moisture above 10% but up to 12% shall be accepted with rebate on 1:1 basis
which shall be applied to such content rounded off to the higher 0.5%
Moisture above 12% - rejected
Damaged including Discoloured (black tipped/black cornered only) with Infested
Damaged Kernels not exceeding 1% max on deposit and 1.5% max on withdrawal
Damaged including {Discoloured (black tipped/ black cornered only) with
Infested Damaged Kernels not exceeding 1% max on deposit and 1.5% max on
withdrawal} above 2% but up to 3.5% shall be accepted with rebate on 1:1 basis
which shall be applied to such content rounded off to the higher 0.5%
Damaged including Discoloured (black tipped/ black cornered only) with
Infested Damaged Kernels not exceeding 1% max on deposit and 1.5% max on
withdrawal, more than 3.5% - Rejected
Broken Kernels
Broken kernels above 2% but up to 3% shall be accepted with rebate on 1:1
basis which shall be applied to such content rounded off to the higher 0.5%
Broken kernels more than 3% - Rejected
TCW (Weight for thousand kernels)
TCW below 40 to 38 gms accepted with rebate on 1:1 basis which shall be
applied to such content rounded off to the lower 1 gm
TCW below 38 gms - rejected
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COMMODITY: BARLEY
| Commodity Specifications |
Basis |
Acceptable quality range as per
contract specification
|
Permissible Tolerance |
| Moisture |
10% basis |
12% max |
|
| Damaged including Discolored (black tipped/
black cornered only) with Infested Damaged Kernels not exceeding 1% max on
deposit and 1.5% max on withdrawal |
2% basis |
3.5% max |
+/- 0.25% |
| Foreign Matter |
2% max |
- |
+/- 0.25% |
| Broken Kernels |
2% basis |
3% max |
+/- 0.25% |
| TCW (weight of thousand grains)
|
40 gm basis |
38 gm max |
+/- 0.5% |
| Max Tolerance (for
all characteristics) |
+/- 1.00% |
|
| Note: Tolerance limit is applicable
only for outbound deliveries. Variation in quality parameters within the
prescribed tolerance limit as above will be treated as good delivery when
members/clients lift the materials from warehouse. These permissible variations
shall be based on the parameters found as per the immediate preceding test
certificate given by NCDEX approved assayer.
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Contract Specification ( Applicable for contracts expiring in July 2010
and thereafter )
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| Type of Contract |
Futures Contract Specifications
|
| Name of Commodity |
Barley |
| Ticker symbol |
BARLEYJPR |
| Trading System |
NCDEX Trading System |
| Basis |
Ex-warehouse Jaipur
(Chomu/KukurKheda) gross basis inclusive of all local taxes and levies |
| Unit of trading |
10 MT |
| Delivery unit |
10 MT |
| Quotation/base value |
Rs per quintal |
| Tick size |
Re. 0.20 |
| Quality specification
|
Barley as per the
following specification shall be acceptable for delivery :
| Moisture |
10% basis |
| Damaged including
Discoloured (black tipped/ black cornered only) |
3% basis |
| Weeviled |
1% Max |
| Foreign Matter |
(Extraneous
Matter)-Not more than 1 % by weight, of which not more than
0.25% by weight shall be mineral matter and not more than 0.10
% by weight shall be impurities of animal origin. |
| Other food grains |
1% Max |
| Broken Kernels |
3% basis |
| TCW (weight of thousand
grains) |
40 gm basis |
|
| Quantity variation |
+/- 5 % |
| Basis Delivery centre |
Jaipur (Chomu/Kukurkheda) (Up
to 50 km radius from the municipal limits) |
| Additional delivery
centres |
Sri Madhopur, Sri
Ganganagar ,Hanumangarh and Rewari (Up to 50 km radius from the municipal
limits) at a premium/discount as announced by the Exchange from time
to time |
| Hours of Trading |
As per directions of the Forward
Markets Commission from time to time, currently -
Mondays through Fridays - 10:00 AM to 5:00 PM
Saturdays - 10.00 AM to 2.00 PM
The Exchange may vary the above timing with due notice |
| Delivery specification
|
Upon expiry of the
contract, all outstanding open positions would result in compulsory
delivery.
The penalty structure for failure to meet delivery obligations will
be as per circular no. NCDEX/TRADING-086/2008/216 dated September
16, 2008. |
| Opening of contracts |
Trading in a new month
contract to open on the 10th day of the month. If the 10th 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 (other than a
Saturday) of the Exchange |
| Closing of contracte |
Upon the expiry of
contract all the outstanding open position would result in compulsory
delivery |
| No. of active contracts |
As per launch calendar |
| Price band |
Daily price fluctuation limit
is (+/-) 2%. If the trade hits the prescribed daily price limit there
will be a cooling off period for 15 minutes. Trade will be allowed
during this cooling off period within the price band. Thereafter,
the price band shall be raised by another (+/-) 2% and trade will
be resumed. If the price hits the revised price band again during
the day, trade will only be allowed within the revised price band.
No trade/order shall be permitted during the day beyond the revised
limit of (+/-) 4%.
On the first day, the limit on daily price fluctuation will be reckoned
with reference to the opening price. On the second and subsequent
days, the daily price fluctuation limit will be reckoned with reference
to the mark-to-market rate of the previous closing day. |
| Position Limits |
Member-wise: 32,500 MT or 15%
of market wide open position whichever is higher.
Client-wise: 6,500 MT
Hedge positions as indicated vide Commission’s letter no. 4/4/2005-NCDEX/COMPL
dated 4/10/2005.
For near month contracts :
The following limits would be applicable from one month prior to expiry
date of a contract
Member: Maximum of 6,500 MT or 15% of market-wide open interest whichever
is higher
Client: Maximum of 1300 MT |
| Special margins |
In case of additional
volatility, a special margin at such other percentage, as deemed fit,
will be imposed in respect of outstanding positions, which will remain
in force as long as the volatility exists, after which the special
margin may be relaxed |
| Premium/Discount |
Location Premium/Discount
The premium or discount for Rewari, Srimadhopur, Hanumangarh and Sri
Ganganagar vis-a-vis the basis center, would be announced by the Exchange
before launching of any new contracts
Quality Premium/Discount for all the months:
Quality variance is acceptable in specifications for Moisture, Damaged
including discoloured (black tipped) , Weeviled Grains,
Foreign Matter, TCW (thousand corn weight) only with discounts as
follows:
Moisture
Moisture above 10% but up to 12% shall be
accepted with rebate on 1:1 basis
Moisture above 12% - rejected
Damaged including Discoloured (black tipped/black cornered
only)
Damaged including {Discoloured (black tipped/
black cornered only) above 3% but up to 4.5% shall be accepted with
rebate on 1:1 basis which shall be applied to such content rounded
off to the higher 0.5%.
Broken Kernels
Broken kernels above 3% but up to 5% shall
be accepted with rebate on 1:1 basis which shall be applied to such
content rounded off to the higher 0.5%
Broken kernels more than 5% - Rejected
TCW (Weight for thousand kernels)
TCW will be 40 gram basis. Acceptable up
to 37 gram with rebate on 1:1 basis and up to 36 gm with rebate on
1:2 basis |
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Tolerance Limit :-
| Commodity Specifications |
Basis |
Acceptable quality
range as per contract specification |
Permissible Tolerance |
| Moisture |
10% basis |
12% max |
-- |
| Damaged including Discolored (black
tipped/ black cornered only) |
3% basis |
4.5% max |
+/- 0.5% |
| Foreign Matter |
(Extraneous Matter)-Not more than
1 % by weight,of which not more than 0.25% by weight shall be mineral
matter and not more than 0.10 % by weight shall be impurities of animal
origin. |
- |
- |
| Weevilled Grains |
1% max |
- |
+/-0.5% |
| Other food Grains |
1% max |
- |
- |
| Broken Kernels |
3% basis |
5% max |
+/- 0.25% |
| TCW (weight of thousand grains)
|
40 gm basis |
36gm max |
+/- 0.5% |
| Max
Tolerance (for all characteristics) |
+/- 1% |
|
| Note: Tolerance limit is applicable
only for outbound deliveries. Variation in quality parameters within the
prescribed tolerance limit as above will be treated as good delivery when
members/clients lift the materials from warehouse. These permissible variations
shall be based on the parameters found as per the immediate preceding test
certificate given by NCDEX approved assayer. |
Contract Launch Calendar :-
| Contract launch
Date |
Contract Expiry
date |
| January 27, 2010 |
July 2010 |
| February 2010 |
August 2010 |
| March 2010 |
September 2010 |
| April 2010 |
October 2010 |
| May 2010 |
November 2010 |
| June 2010 |
December 2010 |
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Members and market participants who enter into buy and sell transactions may
please note that they need to be aware of all the factors that go into the
mechanism of trading and clearing, as well as all provisions of the Exchange's
Bye Laws, Rules, Regulations, Product Notes, circulars, directives,
notifications of the Exchange as well as of the Regulators, Governments and
other authorities.
Members and market participants trading on the Exchange in the
commodity contracts shall be deemed to be aware of applicable laws and
amendments thereof from time to time, including provisions and rates relating
to the sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty,
stamp duty, etc., applicable on the underlying commodity of any contract
offered for trading.
The Exchange shall not be responsible or liable on account of non
compliance by any of the members and market participants of any such applicable
laws or any amendments thereof including not being aware of rates of taxes,
levies, etc., on the underlying commodity of any contract offered for trading.
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