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Futures Contract Specifications. Updated as on 07 November 2006.
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Indian Raw Rice
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Indian Raw Rice
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 Futures Contract
Specifications. Updated as on 07
November 2006.
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Type of contract
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Futures Contract
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Name of commodity
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Indian Raw Rice traded as Parmal PR-106
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Ticker symbol
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RICRAWDEL
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Trading system
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NCDEX Trading System
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Basis
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Ex-warehouse Delhi exclusive of all
taxes and levies
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Unit of trading
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10 MT
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Delivery unit
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10 MT net basis packed in 50 Kgs. new jute bags
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Quotation/ Base value
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Rs per quintal
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Tick size
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Re. 0.10 (10 Paisa)
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Quality specification
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Indian Raw Rice traded as Parmal
PR-106 with the following specifications:
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Brokens (Basis 2/3 of average grain length)
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5% max
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Moisture
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14% max
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Foreign Matter
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0.5% max
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Damaged/slightly damaged grains
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2% max
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Discolored/Yellow Kernels
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2% max
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Red and Red streaked Kernels
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1% max
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Chalky Kernels (Basis of average grain length)
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6% max
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Paddy grains per kg of rice
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30 max
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Average grain length of uncooked rice
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6 mm & above
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Average length to breadth ratio of uncooked rice
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2.5 & above
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Whole grain Kernels
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60% min
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Admixture of other class rice
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10% max
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Milling degree
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Well milled
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Rice shall be fit for human consumption,
free from moulds, live weevils and obnoxious smell
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Quantity variation
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+/- 5%
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Delivery center
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Delhi (up to 50 km from
city limits)
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Trading hours
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As per directions of the Forward Markets Commission from time
to time, currently -
Mondays through Fridays: 10:00 a. m. to 05:00
p.m.
Saturdays: 10.00 a.m. to 2.00
p.m.
The Exchange may vary the above timing with
due notice
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Delivery specification
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Upon expiry of the contracts, all the
outstanding open position should result in compulsory delivery. A penalty
of minimum 5% (of final settlement price) would be imposed on longs
& shorts if they fail to meet their delivery obligation
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Closing of Contracts
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Upon expiry of the contract all the
outstanding open position should result in compulsory delivery
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No. of active contracts
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Minimum 2 contracts and a maximum of 12
contracts running concurrently
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Opening of contracts
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Trading in any contract month will 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
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Due date/Expiry date
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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 not a Saturday.
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Daily price limit
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Daily price fluctuation limit is (+/-) 4%.
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 50% of the existing limit i.e. (+/-) 2% and trade will be resumed.
If the price hits the revised price band (6%) 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 (+/-) 6%.
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Position limits
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Member-wise:
30,000 MT for all contracts or 15% of the market-wide open position,
whichever is higher
Client-wise: 10,000 MT for all contracts
The above
limits will not apply to bonafide hedgers as are
to be approved by the Exchange
For near
month contracts: The following limits will apply one month prior to expiry
of the contract
Member: Maximum of 20,000 MT
Client: Maximum of 5,000 MT
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Special margins
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Special
margin of 4% of the value of the contract will be levied whenever the rise
or fall in price exceeds 20% of the 90 days prior settlement price. The
margin will be payable by the buyer or the seller depending on whether
price rises or falls respectively. The margin shall remain in force so long
as the price stays beyond the 20% limit and will be withdrawn as soon as
the price is within the 20% band
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Premium/Discount
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No quality variation shall be allowed
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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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