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कमोडिटी न्यूज Learn & InvestFAQs on E-SERIES Investment Products
  Q.
What is National Spot Exchange?
A.
"National Spot Exchange Ltd or NSEL is a national level,institutionalised, demutualised and transparent electronic spot exchange set up by Financial Technologies India Ltd (FTIL) and National Agricultural Co-operative Marketing Federation of India Ltd (NAFED) to create a deliverybased, pan-India spot market for commodities."
Q.
What are the commodities being traded on NSEL platform?
A.
"NSEL conducts spot trading in various agricultural and non-agricultural commodities, including gold and silver.The Exchange currently offers trading in 32 commodities.Contracts are designed and customised to fulfil the requirement of big corporates, traders and small farmers etc...."
Q.
What is dematerialised or demat form of commodities?
A.
"Dematerialisation of commodities implies that these commodities are stored in Exchange-designated vaults/warehouses and the record of the ownership is in electronic form, just like trading in equity shares. The legal and beneficial owner of the goods gets a credit in his account electronically, which is similar to holding a pass book in the bank etc.... "
Q.
What is the difference between delivery in physical form and delivery in demat form?
A.
"In case of physical delivery, a person gets a warehouse receipt in paper form, while in case of delivery in demat form, he gets a credit entry in his demat account."
Q.
Which are the commodities available for trading in demat form?
A.
"Currently, gold, silver, copper and zinc are available. NSEL plans to introduce all other non-perishable commodities in demat soon."
Q.
How do I buy commodities in demat form?
A.
"You have to first register yourself as a client with any member of National Spot Exchange. You are also required to open a demat account with any of the DPs empanelled with NSEL. You can then place your order for e-Series products by making a telephone call to your broker or directly through online trading terminals."
Q.
What are the timings for trading in demat commodities on NSEL platform?
A.
"Trading in e-Series products can be done on any day of the week from Monday to Friday between 10:00 am and 11:30 pm. Trading in e-Series is not allowed on Saturdays and other holidays notified by the Exchange."
Q.
What is the payment process for purchase/sale of e-Series commodities?
A.
"The net position outstanding at the end of day is settled by delivery and payment on the T+2 basis."
Q.
Will NSEL members and clients have to open separate accounts for trading in e-Series?
A.
"Yes. Any member of the Exchange willing to trade in e-Series is required to open a CM Pool Account. A client willing to trade in any of the e-Series contracts is required to open a beneficiary account."
Q.
Who are the DPs empanelled with NSEL?
A.
"NSEL keeps on updating information relating to empanelled DPs on its website www.nationalspotexchange.com. At present, the following depository participants are empanelled with the Exchange:Karvy Stock Broking Ltd, Globe Capital Market Ltd, Religare Securities Ltd etc...."
Q.
What is the process of opening a demat beneficiary account?
A.
"The process is similar to opening demat account for equity. The investor is required to fill up a demat account opening form available with any of the DPs mentioned above and provide his KYC (know your client) documents."
Q.
Is there any charge for opening a beneficiary account?
A.
"The charges are notified by the DPs to all the clients holding beneficiary account with them. The DPs normally charge Annual Maintenance Charges (AMC) and transaction charges on all debit instructions. It is similar to the practice followed in equity market.
Q.
How many days does it take to open a beneficiary account?
A.
"It takes at least 1 to 3 working days to complete all formalities of opening a beneficiary account."
Q.
Is there any difference between the procedures of opening pool and beneficiary accounts?
A.
"Yes. Members of the Exchange can open a CM pool account with any of the DPs empanelled with NSEL. The Exchange issues a member ID intimation letter to the member, which has to be submitted along with the request for opening a CM Pool Account. Clients are required to submit their KYC documents for opening a beneficiary account."
Q.
I am a member of MCX and I also have a pool account for MCX trading. Do I have to open another pool account if I want to trade on NSEL platform?
A.
"Yes. A member is required to open separate pool accounts both under NSDL and CDSL depository for trading on the NSEL platform."
Q.
I am an investor holding a demat account for equities. Do I have to open a separate demat account for trading on NSEL?
A.
"Yes. You have to open a separate demat account for NSEL as separate demat accounts are required for holding equities and commodities. However, if you have a demat account for trading on MCX, then the same account can be used for NSEL. However, if you have demat accounts for trading on any other stock exchanges/commodity exchanges, then you have to open a separate demat account."
Q.
Are e-Series products compulsory demat contracts? Can I get physical warehouse receipts on these?
A.
"Yes. NSEL’s e-Series products are compulsory demat contracts. For taking delivery of such units, you need to have a demat account. Similarly, for selling these contracts, you must hold demat units in your beneficiary account."
Q.
What is the pay-in and pay-out time for e-Series contracts?
A.
"Funds and delivery pay-in-is at 1:00 pm and pay-out is at 5:30 pm. Pay-in and pay-out for e-Series products are executed on the T+2 basis. Settlement is done from Monday to Friday, excluding holidays notified by the Exchange."
Q.
What is the process of delivery if I sell e-Series units?
A.
"On the trading day or T+1 day, you have to issue a delivery instruction for sale (DIS) to your DP. Please ensure to write the correct settlement number, market type, ICIN number and quantity. Your member (broker) will provide you the market type and settlement number. Please ensure that the execution date is same or prior to the pay-in date and your instruction is executed by the DP before the scheduled pay-in time."
Q.
Are there any custody charges?
A.
"No. There are no custody charges for holding the demat units."
Q.
Can I take physical delivery of goods on surrendering demat units?
A.
"Yes. You can take physical delivery of goods on surrendering demat units anytime you like. The delivery locations and procedures related to physical delivery are specified in the respective product note."
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