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By Anjani Sinha, MD & CEO, National Spot Exchange

Welcome to cotton Meet -2008. It gives me great pleasure to host the event and
welcome delegates and invitees for a day long deliberations. We have distinguished
guest and industry veteran from cotton trade, textile industries and government
functionaries to discuss and deliberate on several current issues of cotton trade.

First of all I welcome our Hon’ble Chief Guest, Shri T.Nandkumar, Secretary
Agriculture, Govt. of India, who has agreed to be the Chief Guest of Cotton Meet -
2008. Shri T. Nanda Kumar is an IAS Officer of 1972 batch of Jharkhand Cadre. He
is known to be a crisis management expert in the Government of India who in the
last over two years could steer the country clear of the food security threat, by
timely and strategic import of foodgrains, against all odds but with an inexplicable
ability. During his stint as Joint Secretary to the Government of India, in the
Ministry of Textile, he is known to have Re-defined textile Policy, which had remained
the basic guiding policy of the Government, till date. Undoubtedly, there can’t be a
more able officer to inaugurate this Cotton Meet today. I am confident that his
remarks will lead the discussion on the current cotton scenario throughout the day.

It is my privilege to welcome Shri U.K.S. Chauhan, Managing Director of National

Agricultural Federation of India who has agreed to be the Guest of Honor in this
function. Shri U.K.S. Chauhan is an IAS Officer of 1986 batch of Kerala Cadre. Prior
to current assignment, he was Joint Secretary and Agriculture Marketing Adviser to
the Government of India in the Ministry of Agriculture and Cooperation and in charge
of Marketing Division. He was also Director, Extension in the Agriculture Ministry.
As such, he has required a unique expertise in the agri-marketing business and the
legal framework connected, therewith. Since NAFED being the National Apex
Cooperative Federation, the revival and rehabilitation of weak marketing societies
falls on the shoulder of Shri U.K.S. Chauhan. Shri Chauhan is an able administrator
and we are confident that under his dynamic leadership, Cooperative Marketing
Societies will get re-oriented and re-juvenated, evolving into centers of profits.

I am truly honored to welcome MR. A.B.Joshi, Textile commissioner, Mumbai,

government of India. MR. Joshi is a post graduate in botany and joined civil services

in the year 1979. As an officer of Indian Postal services he has served in different
capacities within the department of posts. He was post master general at Pune and
also chief vigilance officer of department of posts. He worked as director in the
department of heavy industries and also as chairman and Managing Director of NEPA
limited owned by government of India.

I welcome Dr. S.K. Goel, Principal Secretary, Agriculture & Co operation,

Government of Maharashtra. Dr. Goel has always been supportive to the new
initiatives required for reforms in agricultural marketing. He has been instrumental in
granting us license to operate in the State of Maharashtra in notified agricultural
produce. As you are aware, the agriculture marketing is a state subject, which is
regulated under State APMC Act, National Spot Exchange is regulated by him under
the Maharashtra APMC Act. As per our license, we can launch trading at all locations
across Maharashtra in various commodities. In respect of deliveries, where farmer
sells and delivers on our platform, we are responsible to collect market cess and pay
the same to the Maharashtra Marketing Board. In other words, we are responsible
for making all compliance relating to mandi fee. As a result, our members, sub
brokers and their clients do not need any separate license from APMCs for buying
and selling of commodities on NSEL platform. However, if they want to buy agri
produce outside the NSEL platform, they will need to obtain such license from
respective APMC. Hence, through NSEL platform, a textile mill will be able to buy
cotton bales at various locations electronically on ex warehouse basis without any
need for APMC license. This is going to happen for the first time in our country.

I extend my warm welcome to Shri Suhir Garg, Director in the Ministry of

Commerce and Industry, Government of India. An IAS Officer of 1990 batch of Uttar
Pradesh Cadre. Prior to this, he was PS to Minister of State for Steel. He was also
Managing Director of PICCUP and District Magistrate of some very important but
difficult districts of Uttar Pradesh. In the Ministry of Commerce, he assists the
Government in formulation of policies on Commerce and Trade, in the best National

I welcome, Shri S.D Indoria, Chief Director of Cooperation is an Officer of Central

Secretariat Service. His decade old association with the Cooperative Sector makes
him an expert in the field who handled policy changes in cooperative sector, ever

since. He also deals with Price Support Scheme and Market Intervention Scheme, as
well. Therefore, he is directly associated with procurement of cotton by NAFED.
Since he had very long experience of dealing with procurement of cotton and other
commodities, his presence and exchange of views will definitely benefit this august
gathering, immensely.

I welcome Mr. Rajeev Agrawal, Member Forward Market Commission. Mr.Agrawal is

an IRS from 1983 batch. Prior to FMC he was in Dept. of Income tax, government of
India and served in various capacities. Mr. Agrawal handled search and investigation
in stock market after 2000 stock market scam. He received several commendations
from government for his excellence and achievement.

I welcome Mr. A.K. Dabral, Executive Director, NAFED, who has agreed to become
the Guest of Honour in this Meet. We are glad to receive you Sir in this august
gathering, and we are sure to have benefits of your thoughts and knowledge in
course of today’s Meet.

We extend our welcome to Mr. M.P.Gajaria, consultant, GTN texteils, Mr. John
Pestell, Country Head, ECOM Agro Indsutries Corporations limted, Mr. Sanjay Jain,
Joint Managing Director TT Limited. We welcome all the senior officials of
Government agencies from NAFED, STC, CCI,and other organizations, who have
come here to grace this occasion. There is a greater role to be played by such
organizations in this commodity revolution being initiated by National Spot
Exchange. Such Government agencies can use NSEL platform for selling imported
ginned cotton bales in a transparent environment. Since delivery and payment is
guaranteed by National Spot Exchange, this would be a risk free mechanism. They
should come forward to use this facility to their advantage. We can launch any
number of customized contracts to suit their requirement. We can also certify the
stock in their warehouse and issue our warehouse receipts, which can be traded on
our platform. Since it is a compulsory delivery based spot contract and there is no
forward and futures trading involved, there is no risk associated with trading and

We welcome all the speakers and other dignitaries, who have made their presence
today and will be sharing their thoughts in course of the Meet today. We welcome

members of NSEL, representative of ginning and textile mill owners, importers,
exporters, traders and others who have attended this Meet in large numbers from
different parts of the country. This itself shows the interest of the trade in becoming
a part of this innovative market called Spot Exchange. Now, members of NSEL have
a greater responsibility of converting all such interests into actual trade by making
them clients and hand holding for helping them to buy and sell their stock through
spot exchange platform. Please make good use of lunch and dinner time for
cultivating such business interests. This will be a win win for you as well as win win
for cotton industry and off course win win for National Spot Exchange.

We welcome all print and electronic media, who have made it possible to cover this
function. We believe they will provide us a helping hand for expanding this market to
remote parts of the country. This market will provide livelihood to large number of
people associated with physical market. All these are possible if the media can help
us in reaching out to 6 lac villages across the country through their media power.

At the end, I hope that all the delegates who have come to attend the Cotton Meet -
2008 should remember this event not for its fun fare, food, cultural programs, dance
or music, rather for knowledge sharing and information what they gather during this
function. Their satisfaction will encourage us to host this function next year and from
year to year every year till cotton trade and industry continues in our country. We
will offer our services to document all the important discussions and resolutions in
course of cotton Meet 2008 and to make proper representations before the
Government authorities in respect of all issues faced by the cotton trade. We would
request every body to be present till end of the cotton Meet, when we will sum up all
the discussions and pass the resolutions for further taking up the matter. In future,
we propose to act as a central point for taking up all matters of trade and industry
with the Government authorities and to work as a conduit between the Government
and the trade. We also propose to set up a cell, which can collate all relevant
information about cotton trade and disseminate such information among the industry
participants, which will be impartial information.

We just submit for the information of all present here that National Spot Exchange
does not want top position itself just as a trading platform, rather it proposes to be
your helping hand in all respect. With the help of all of you, we propose to make a

humble beginning towards initiating a revolution in the physical trade in commodities
by making it risk free and seamless business.