The Bombay Stock Exchange (BSE) launched an electronic spot platform for agricultural commodities on Friday, December 11, 'BSE E- Agricultural Markets Limited' or BEAM, through its subsidiary BSE Investments Limited. BSE witnessed a trading of two tons of imported almond in shell worth value of more than Rs 6 lakh on the launch day of its electronic spot platform BEAM. The platform commenced beta operations on December 11 and facilitates spot agricultural commodities transactions across the value chain consisting of intermediaries, producers, consumers, and ancillary services. (Also Read: Net Pix Shorts Digital Media Becomes 7th Company To Get Listed On BSE Startups )
BSE's new launch 'e-Agricultural Markets Limited' BEAM - top features:
- BEAM has leveraged state-of-the-art technology to offer customized solutions to traders, farmers as well as stakeholders to facilitate a risk-free purchase and sale of various agricultural commodities.
- The platform will also ensure a lower cost of intermediation, enhanced producers' realization, improved procurement efficiency, and more competitive consumer prices.
- It will also help in eliminating bottlenecks associated with procurement and trading.
- With the help of BEAM, farmers in one state will be able to reach out to markets in other states and auction their produce.
- It will not just help the farmers and farmer collectives to discover the best prices for their produce based on quality, but will also offers to build capacity to help intermediaries, processors and exporters procure from states.
According to a statement by the BSE, the platform will function as a national level, institutionalized, electronic, transparent commodity spot trading platform in line with Prime Minister Narendra Modi's vision to create a single market.
''The country needs a dedicated e-market platform for agricultural spot markets, that have no conflict of interest to further the cause of producers. BEAM is the only company in the country fulfilling this requirement. The company is poised to play a pivotal role in creating a highly efficient spot market for Agricultural Produce in the country. We would work closely with the value chain participants to achieve the purpose,'' said Shri Rajesh Sinha, CEO of BEAM.
"BSE plans to leverage its nation-wide distribution network and state-of-the-art technology to provide a world-class framework for agriculture commodities to the benefit of the farmers and the Indian economy. 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 our platform,'' said Shri Ashishkumar Chauhan, MD & CEO of BSE.