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Yellow Peas Futures Contract Specifications. Updated as on 18 July 2008
Type of Contract Futures Contract Specifications
Trading hours Yellow Peas
Ticker symbol YLPEASKPR
Trading system NCDEX Trading System
Basis Yellow peas ex-Kanpur inclusive of all taxes on gross weight basis
Basis Price Ex-warehouse Kanpur inclusive of all taxes on gross weight basis
Unit of trading 10 MT (10 MT = 10,000 Kgs)
Delivery unit 10 MT

a) deliverable at Kanpur
50/100 kgs B-Twill bags of sound merchantable condition

b) deliverable at Mumbai & Kolkata
50 kgs PP bags/sound jute bags packing
Quotation/base value Re. Per Quintal
Tick size Re. 1
Quality specification For Yellow Peas deliverable at Kanpur

Colour Fair colour
Other colours (with green cotyledon peas) 5% max
Damaged otherwise ; Kachri/Foreign matter and Small seeds passing through4 number sieve (3.5mmX2.0mm) 1.5% max
Damaged otherwise; Kachri/Foreign matter retained on the 4 number sieve (3.5mmX2.0mm) 1% max
Weeviled seeds 1% basis at the time of deposit (1.5% at the time of delivery out of warehouse)
Moisture 12% basis

For Yellow Peas deliverable at Mumbai and Kolkata

Colour Fair Colour
Other classes and Bleached a) Other classes 1% max
b) Bleached 3% max
Total of a) and b) above 3.8% max
Other colours (with green cotyledon peas) 1% max
Foreign material 0.5% max
Damaged 1) Heated 0.1 % max
2) Insect Damage 0.8 % max
3) Other damage 4 % max
4) Shriveled 4% max
Total of 1) to 4) above 4 % max
Splits 6% max
Moisture 12%basis
Quantity variation +/- 3%. Corresponding rates will be applicable, if within the permissible limits
Delivery Centre Kanpur (up to the radius of 50 kms from the municipal limits)
Additional Delivery Center Mumbai and Kolkata (up to the radius of 50 kms from the municipal limits)
Hours of Trading 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.
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 then a Saturday.
Delivery specification Upon expiry of the contract, all outstanding open positions should 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.
Closing of contract Upon the expiry of contract all the outstanding open position would result in compulsory delivery
Opening of contracts 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
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 would be raised by another (+ / -) 2% and trade will be resumed.

If the price hits the revised price band (+/-)4% 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%
Position limits Member-wise: 12,000 MT for all contracts or 15% of market open interest whichever is higher

Client-wise : 4,000 MT for all contracts
The above limits will not apply to bonafide hedgers. For bonafide hedgers, the Exchange will, on a case to case basis, decide the hedge limits.

For near month contracts:
The following limits would be applicable from one month prior to expiry date of a contract

Member: Maximum of 2,400 MT or 15% of market open interest whichever is higher
Client: Maximum of 800 MT
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
Other deliverables at Premium/ Discount Premium/Discounts Location Premium/ Discount
Both the additional delivery centers i.e. Mumbai and Kolkata will be at par with the basis centre

Quality premium/ Discount
For deliveries at Kanpur
Moisture: 12% basis with acceptable up to 14% on 1:1 discount which shall be applied to such content above 12% rounded off to higher 0.25%

Weeviled: 1% basis at the time of deposit (1.5% at the time of delivery out of warehouse) with acceptable up to max 2% at the time of deposit (and 2.5% at the time of delivery out of warehouse) with a discount of 1:1 which shall be applied to such content above 1% rounded off to higher 0.25%

For deliveries at Mumbai and Kolkata

Moisture: 12% basis with acceptable up to 14% on 1:1 discount which is applied to such content above 12% rounded off to the higher 0.25%


Contract Launch Calendar

Contract Launch Month Contract Expiry Month
April 2008 July 2008
May 2008 August 2008
June 2008 September 2008
July 2008 October 2008
August 2008 November 2008
September 2008 December 2008
October 2008 January 2009
November 2008 February 2009
December 2008 No Launch
January 2009 April 2009
February 2009 June 2009
June 2009 August 2009,October 2009
July 2009 No Launch
August 2009 December2009






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.