BSE (earlier known as Bombay Stock Exchange) has launched an electronic spot platform for agricultural commodities through its subsidiary BSE Investments Ltd.
BSE E-Agricultural Markets Ltd (BEAM) will function as a national level, institutionalised, electronic, transparent commodity spot trading platform in line with the Prime Minister′s vision to create a single market, BSE said in a statement on Friday. With the help of BEAM, farmers in one state will be able to reach out to markets in other states and auction their produce. This will not only help farmers and farmer collectives discover best prices for their products based on the quality but also offers to build capacity to help intermediaries, processors and exporters procure from states.
The platform facilitates spot agricultural commodities transactions across value chain consisting of producers, intermediaries, ancillary services and consumers, said BSE. "Access to the regulated and transparent marketplace, direct access to multiple buyers, receipt of cash directly into the account of beneficiary and reduction in intermediate costs are some of the major benefits of the platform," said BSE′s Managing Director and CEO Ashishkumar Chauhan. BEAM has leveraged on modern technology to offer customised solutions to farmers, traders, and stakeholders to facilitate risk-free and hassle-free purchase and sale of various agri commodities.
BSE said the platform will ensure reduced cost of intermediation, improved procurement efficiency, enhanced producers′ realisation and more competitive consumer prices. The platform will also help eliminate bottlenecks associated with procurement and trading.