NCDEX bans future contracts in Guar:

Guar trade ban
NCDEX has banned all future contracts in Guar seed and Guar gum from this thursday (29th March 2012). The commodity markets regulator Forward Markets Commission (FMC) has found some irregularities in the trading of the futures contract and has stopped all further contracts. Although all the present holdings are allowed to unwind.

The price hike of guar to more than 70% in last few weeks have raised suspicion over the counter. The FMC has probed into the matter and found some irregularities in the working of some of it’s members and clients. It has detected some unexplained and irregular transfer of funds from the clients account to non-client. FMC has given notice to such members to explain the irregularities found.

FMC has planned to take appropriate steps to check such events in future by reworking on the exchange’s methodology and setting up electronic exchanges.

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