After guar and pepper, trading in chana futures is in the eye of a storm. A section of the trade is reported to have formed a cartel to perk up prices, leading to demand for a thorough investigation by the Forward Markets Commission (FMC).
According to Pradeep Jindal of Delhi, a member of the , “A group of cartel cornered all delivery of chana and now again it is buying large quantity and taking advantage. January contract are Rs 6,000 a tonne lower than November contract and exchange has 29,000 tonnes stocks in demat form. Instead of selling by the holder of the demat stock, they are cornering all the quantity.”
The difference, he said, is Rs 17.40 crore between November and January contract. The new Indian crop will come only from March 2013.
“This is the same as in the trading of guar and pepper,” he told
The trade, he said, has urged the Regulator to look into these issues and initiate steps to “investigate in detail and check who are holder of goods in demat form and why again they are on buying sides despite the fact that for the next two months prices are lower by 12.70 per cent and a real trader should sell the demated stock rather then buying again.”
They also wanted the authorities to check the source of their margins “as we are sure it is funded directly or indirectly by the cartels who already having position of demated stock and again buying in November expiry contract.
This is not healthy trade and this is totally out of thinking why instead of selling, they are buying.”