BSE launches e-Agricultural spot market platform

Mumbai, Dec 11 (FN Bureau) BSE has launched an electronic spot platform for agricultural commodities – ‘’BSE E-Agricultural Markets Ltd. (BEAM)’’ – through its subsidiary BSE Investments Ltd. This platform will function as a national level, institutionalized, electronic, transparent commodity spot trading platform in line with the Prime Minister’s vision to create a “single market’’. The platform facilitates spot agricultural commodities transactions across value chain consisting of producers, intermediaries, ancillary services and consumers.

The platform will commence beta operations effective from December 11, 2020. BEAM has leveraged on state-of-the-art technology to offer customized solutions to farmers, traders, and stakeholders to facilitate risk-free and hassle- free purchase and sale of various agri commodities. This platform will ensure reduced cost of intermediation, improved procurement efficiency, enhanced producers’ realization and more competitive consumer prices. The platform will also help eliminate bottlenecks associated with procurement and trading. Mr Ashishkumar Chauhan, MD & CEO of BSE, said, “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 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.” Mr Rajesh Sinha, CEO of BEAM, said “ 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.”

With the help of BEAM, farmers in one state would 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 produce based on the quality, but also offers to build capacity to help intermediaries, processors and exporters procure from states.