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Futures Contract Specifications for Chana.
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| Trading system |
NCDEX Trading
System |
| Ticker symbol |
CHARJDDEL |
| Basis |
Desi 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 |
Re 1 |
| Quality specification |
| Desi Chana |
| The material should be free of
Mathara and Khesari and live infestation |
| Foreign Matter (Other than Varietal admixture) |
1% basis |
| Green (Cotyledon colour), Immature, Shrunken,
Shriveled Seeds |
3% basis |
| Brokens, Splits; |
2% basis |
| Damaged and Weeviled |
3% basis (Weeviled 2% max) |
| Moisture |
10% basis |
| Varietal admixture |
3% Max |
| |
| Kantawalla Chana |
| The material should be free of
Mathara and Khesari and live infestation |
| Foreign Matter (Other than Varietal admixture) |
1% basis |
| Green (Cotyledon colour), Immature, Shrunken,
Shriveled Seeds |
3% basis |
| Broken, Splits |
3% basis |
| Damaged and Weeviled |
3% basis (Weeviled max 2%) |
| Moisture |
10% basis |
| Varietal admixture |
3% Max |
|
| Quantity Variation |
+/-5%. |
| Delivery centre |
Desi Chana to be delivered
at Delhi (up to the radius of 50 kms from the municipal limits ) |
| Also deliverable |
Kantawalla Chana to
be delivered only at Indore (up to the radius of 50 kms from the municipal
limits)
Desi Chana can also be delivered at Bikaner (up to the radius of 50
Kms from municipal limit) |
| Hours of Trading |
As per directions of the Forward
Markets Commission from time to time, currently -
Mondays
through Fridays: 10:00 a.m. to 5:00 p.m.
Saturdays:
10.00 a.m. to 2.00 p.m.
The Exchange may vary the above timing with due notice. |
| Delivery specification |
Upon expiry of the
contract all outstanding positions will result in 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. |
| Delivery Logic |
Compulsory delivery |
| No. of active contracts |
As per launch calendar |
| Opening of contracts |
Trading in any contract
month will open on the 10th day of the month.
If 10th day of the month 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,
which is other than a Saturday |
| Closing of contract |
Upon the expiry of
a contract all outstanding open positions would result in compulsory
delivery |
| Price band |
Daily price fluctuation limit
is (+/-) 3%. 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 would be raised by another (+ / -) 1%.
If the price again hits the revised price band (4%) 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% |
| Position limits |
Member-wise:
40,000 MT for all contracts or 15% of the market-wide open position,
whichever is higher.
Client-Wise : 10,000 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 8,000
MT or 15% of the market-wide near month open position, whichever is
higher.
Client: Maximum of 2,000 MT |
| Other deliverables at Premium/
Discount |
Quality Premium/Discount
Desi Chana
Foreign matter
Chana with Foreign Matter more than 1% acceptable but up to 2% maximum
on 1:1 discount which shall be applied to such content above 1% rounded
off to the higher 0.5%
Green (Cotyledon colour),
Immature, Shriveled Seeds
Chana with Green (Cotyledon colour), Immature, Shriveled Seeds more
than 3% acceptable but up to 4% maximum on 2:1 discount which shall
be applied to such content above 3% rounded off to the higher 0.5%
Chana with Green (Cotyledon colour), Immature, Shriveled Seeds more
than 4% rejected
Brokens, Splits
Chana with Brokens, Splits more than 2% acceptable but up to 3% on
2:1 discount which shall be applied to such content above 2% rounded
off to the higher 0.5%
Chana with Brokens, Splits more than 3% rejected
Moisture
Chana with Moisture more than 10% acceptable but up to 12% on 1:1
rebate which shall be applied to such content above 10% rounded off
to the higher 0.5%
Chana with Moisture more than 12% rejected
Damaged,
Weeviled Seeds
Chana with Damaged, Weeviled Seeds more than 3% (with Weeviled not
more than 2%) acceptable but up to 10% maximum (with Weeviled not
more than 2% ) at a discount of 2:1 which shall be applied to such
content above 3% rounded off to the higher 1%
Chana with Damaged, Weeviled Seeds more than 10% rejected
Kantawalla Chana
Foreign
matter
Chana with Foreign matter more than 1% basis acceptable up to 2% maximum
on 1:1 discount which shall be applied to such content above 1% rounded
off to the higher 0.5%
Green (Cotyledon colour),
Immature, Shriveled Seeds
Chana with Green (Cotyledon colour), Immature, Shriveled Seeds more
than 3% acceptable up to 4% maximum on 2:1 discount which shall be
applied to such content above 3% rounded off to the higher 0.5%
Chana with Green (Cotyledon colour), Immature, Shriveled Seeds more
than 4% rejected
Brokens, Splits
Chana with Brokens, Splits more than 3% acceptable up to 5% maximum
on 2:1 discount which shall be applied to such content above 3% rounded
off to the higher 0.5%
Chana with Brokens, Splits more than 5% rejected
Moisture
Chana with Moisture more than 10% acceptable up to 12% maximum on
1:1 rebate which shall be applied to such content above 10% rounded
off to the higher 0.5%
Chana with Moisture more than 12% rejected
Damaged,
Weeviled Seeds
Chana with Damaged, Weeviled Seeds more than 3% (with Weeviled not
more than 2%) acceptable but up to 10% maximum (with Weeviled not
more than 2% ) at a discount of 2:1 which shall be applied to such
content above 3% rounded off to the higher 1%
Chana with Damaged, Weeviled Seeds more than 10% rejected
Premium/Discount for Chana delivery at additional delivery
centers
The Premium and discount for different locations shall be announced
by the Exchange before launching of contract |
| Special margins |
In case of additional
volatility, a special margin at such 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. |
|
Tolerance limit in Chana
| CHANA |
| Commodity Specifications |
Basis |
Acceptable quality range as per
contract specification
|
Permissible Tolerance |
| Desi |
| Moisture |
10% Basis |
From 10% to 12% accepted at 1:1 |
|
| Foreign Matter |
1% Basis |
From 1% to 2% accepted at 1:1 |
+/- 0.25% |
| Green, Immature, Shrunken, Shriveled Seeds |
3% |
From 3% to 4% accepted at 2:1 |
+/- 0.25% |
| Brokens, Splits |
2% |
From 2% to 3% accepted at 2:1 |
+/-0.25% |
| Damaged and Weeviled |
3% (Weeviled 2% max) |
From 3% to 10% accepted at 2:1 |
+/-0.75% (+/- 0.5 % Weeviled) |
| Varietal admixture |
3% Max |
|
+/-0.25% |
| Max Tolerance (for
all characteristics) |
1.25% |
Kantawalla |
| Commodity Specifications |
Basis |
Acceptable quality range as per
contract specification
|
Permissible Tolerance |
| Moisture |
10% Basis |
From 10% to 12% accepted at 1:1 |
|
| Foreign Matter |
1% Basis |
From 1% to 2% accepted at 1:1 |
+/- 0.25% |
| Green, Immature, Shrunken, Shriveled Seeds |
3% |
From 3% to 4% accepted at 2:1 |
+/- 0.25% |
| Brokens, Splits |
3% |
From 3% to 5% accepted at 2:1 |
+/-0.25% |
| Damaged and Weeviled |
3% (Weeviled 2% max) |
From 3% to 10% accepted at 2:1 |
+/-0.75% (+/- 0.5 % Weeviled) |
| Varietal admixture |
3% Max |
|
+/-0.25% |
| Max Tolerance (for
all characteristics) |
1.25% |
|
| 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 Launch Calendar
| Contract Launch Month |
Contract Expiry Month |
| August 2009 |
January 2010 |
| September 2009 |
February 2010 |
| October 2009 |
March 2010 |
| November 2009 |
April 2010 |
| December 2009 |
May 2010 |
| January 2010 |
June 2010 |
| February 2010 |
July 2010 |
| March 2010 |
August 2010 |
| April 2010 |
September 2010 |
| May 2010 |
October 2010 |
| June 2010 |
November 2010 |
| July 2010 |
December 2010 |
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Contract Launch Calendar of Chana :-
| Contract Launch Month |
Contract Expiry Month |
|
August 2010 |
January 2011 |
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September 2010 |
February 2011 |
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October 2010 |
March 2011 |
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November 2010 |
April 2011 |
|
December 2010 |
May 2011 |
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January 2011 |
June 2011 |
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February 2011 |
July 2011 |
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March 2011 |
August 2011 |
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April 2011 |
September 2011 |
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May 2011 |
October 2011 |
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June 2011 |
November 2011 |
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July 2011 |
December 2011 |
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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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