DESCRIPTION Safal National Exchange of India Limited (SNX) is an initiative of National Dairy Development Board in collaboration with Multi Commodity Exchange of India (MCX) and Financial Technologies (India) Limited (FTIL). SNX is an electronic spot market which offers transparency and guarantees payment and delivery with quality for the benefit of sellers and the large number of buyers across the country, pursuing a vision of One India One Market. The exchange started operations in December 2007 and offers contracts in mango, onion, potato, tomato, grapes and banana which are being traded. The exchange has 250 members, including 150 Self Help Groups and Farmer Associations that connect individual farmers. The exchange has created an opportunity for farmers, even the small ones to get access to national markets.
CITATION Marketing of agriculture produce in the country is riddled with layers resulting in a long chain that lacks transparency. There is also limited option in terms of the buyers with whom a farmer can work through. SNX attempts to get the Farmers to negotiate the price for his produce with as few intermediaries as possible, which is also transparent. SNX is the first spot electronic exchange ever in the country, or possibly even outside. The vision of "One India One Market" is possible only because of the Internet reach and the ease of software that enables any with basic intelligence to manage trading on SNX.
Producer Mother Dairy, MCX & Financial Technologies India Limited
Organisation Safal National Exchange of India Limited
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National Dairy Development Board in collaboration with Multi Commodity Exchange of India (MCX) and Financial Technologies (India) Limited (FTIL). SNX is an electronic spot market which offers transparency and guarantees payment and delivery with quality for the benefit of sellers and the large number of buyers across the country, pursuing a vision of One India One Market. The exchange started operations in December 2007 and offers contracts in mango, onion, potato, tomato, grapes and banana which are being traded. The exchange has 250 members, including 150 Self Help Groups and Farmer Associations that connect individual farmers. The exchange has created an opportunity for farmers, even the small ones to get access to national markets.
Marketing of agriculture produce in the country is riddled with layers resulting in a long chain that lacks transparency. There is also limited option in terms of the buyers with whom a farmer can work through. SNX attempts to get the Farmers to negotiate the price for his produce with as few intermediaries as possible, which is also transparent. SNX is the first spot electronic exchange ever in the country, or possibly even outside. The vision of "One India One Market" is possible only because of the Internet reach and the ease of software that enables any with basic intelligence to manage trading on SNX.
