ICAR-Central Institute for Research on Cotton Technology (ICAR-CIRCOT), based in Mumbai, has forged a significant partnership with the Multi Commodity Exchange Clearing Corporation Ltd (MCXCCL) to improve the quality assessment and testing of cotton bales. This collaboration ensures transparency and reliability in the trading of cotton commodities.
MCXCCL is a premier commodity derivatives exchange, offering a platform for online trading across various commodities, including cotton bales and Kapas. By facilitating seamless transactions, MCXCCL plays a crucial role in price discovery and risk management within the market.
Under the terms of the agreement, ICAR-CIRCOT assumes the responsibility of conducting thorough quality analyses of cotton bales stored in MCXCCL-accredited warehouses scattered across different regions of India. This initiative aims to support strict quality standards and instil confidence among traders and stakeholders regarding the authenticity and value of the traded cotton products.
A crucial aspect of this collaboration is the signing of a Nondisclosure Agreement between ICAR-CIRCOT and MCXCCL. Dr. S.K. Shukla, the Director of ICAR-CIRCOT, and Mr. Soundararajan V, the Chief Operating Officer of MCXCCL, formalized this agreement.
The official signing ceremony witnessed the presence of key personnel from both organizations. Mr. Arnav Datta, Head of Warehousing Operations at MCXCCL, along with senior officers from the exchange, joined representatives from ICAR-CIRCOT, including heads of the Quality Evaluation and Improvement Division (QEID), Marketing and Planning Division (MPD), and Cotton Breeding and Physiology Division (CBPD).
This collaboration highlights a collective effort to enhance the efficiency and reliability of cotton trading practices in India.
