Ex-warehouse Rajkot, exclusive of all taxes

Transcription

1 Contract Specifications for 29 mm Cotton futures contract (Applicable for contracts expiring in the month of November 2015) Type of Contract Name of Commodity Ticker Symbol Trading System Basis Unit of Trading Delivery Unit Maximum Order Size Quotation/Base value Futures Contract 29 mm Cotton COTTON NCDEX Trading System Ex-warehouse Rajkot, exclusive of all taxes 25 Bales (of 170 Kgs each) 100 Bales (of 170 Kgs approx.) 50 Trading Lots i.e Bales Rs. per Bale Tick Size Rs. 10 Quality Specifications and applicable Premium/ Discount for Tenderable Range 1. Staple Length: Basis 29 mm, as per Standard HVI Mode of Assaying Tenderable Range: Below 27.0 mm = Rejected 27.0 to 27.9 mm = Disc. of 7% 28.0 to 28.4 mm = Disc. of 3% 28.5 to 29.5 mm = No Premium/ Discount 29.6 to 30.0 mm = Prem. of 1% 30.1 to 31.0 mm = Prem. of 2% Above 31.0 mm = No additional Premium 2. Micronaire: Tenderable Range: Below 3.5 = Rejected Below 3.6 and upto 3.5 = Discount of 0.3% 3.6 to 4.8 = Basis (No Premium/ Discount) Above 4.8 and upto 4.9 = Discount of 0.3% Above 4.9 = Rejected 3. Strength: With HVI mode of assaying Basis: Min. 28 G/Tex with no premium above 28 G/Tex 4. Color Grade: Upto Standardized HVI Middling 31-3 accepted upto 41-3 with discount of 5% 5. Trash: Basis 3.5% Tenderable Range: Above 3.5% and upto 5% = Discount of 1:1 Below 3.5% and upto 2% = Premium of 1:0.5 Above 5%, goods will be rejected

2 6. Moisture: Basis 8.5% Acceptable up to 9.5% maximum with 1:1 discount 7. Short Fiber Index (SFI) = Maximum 8.5 Quantity Variation Additional Delivery Norms Delivery Center +/- 9% for total weight of each deliverable lot 1. Packaging: Each bale must be well packed with hessian/ white twill cotton cloth, appropriately stitched on all sides (minimum 8 on each side), properly strapped with at least 9 wraps of plastic/ iron bailings, and free from any kind of stains. 2. Labeling: Each bale should bear an unique label displaying all the necessary details like the Press Running Number, ginner s details, weight, variety; and, crop year 3. Crop year: Only current season Indian crop will be accepted. 4. Ginning pattern: Roller ginned cotton will be accepted. Saw ginned cotton will be accepted with 1% discount Rajkot, within a radius of 100 Kms from the municipal limits Additional Delivery Centers Kadi (Gujarat), Yavatmal (Maharashtra), Aurangabad (Maharashtra), Akola (Maharashtra) and Jalgaon (Maharashtra) within a radius of 100 Kms from the municipal limits at a premium/ discount as announced by the Exchange from time to time. Delivery Logic Delivery Specification Compulsory Delivery Upon expiry of the contracts all the outstanding open positions shall result in compulsory delivery. The penalty structure for failure to meet delivery obligations by the sellers is as follows: 1. Total amount of penalty to be imposed = 3.0 % + the difference between the Final Settlement Price (FSP) and the average of three highest of the last spot prices of 5 (five) succeeding days after the expiry of contract (E+1 to E+5 days), if the average spot price so determined is higher than FSP; else this component will be zero. 2. The revised 3.0 % penalty collected as mentioned in paragraph 1 above shall be used as

3 follows: a) 1.75 % component of the penalty shall be deposited in the Settlement Guarantee Fund of the Exchange; b) 1.0 % component of the penalty shall go to the Buyer who was entitled to receive delivery; and c) Balance 0.25 % component of penalty shall be retained by the Exchange towards administrative expenses. Trading hours As per directions of the Forward Markets Commission from time to time, currently- Mondays through Fridays: 10:00 a.m. to 9.00 p.m. / 9.30 p.m.* *during US day light saving period On the expiry date, contracts expiring on that day will not be available for trading after 5 p.m. The Exchange may vary the above timing with due Notice Due date/ Expiry Date Opening of Contracts No. of active contracts Closing of Contracts Daily Price Limit (DPL) 20 th day of the delivery month. If 20 th happens to be a holiday, a Saturday or a Sunday, then the expiry date (or due date) shall be the immediately preceding trading day of the Exchange, which is other than a Saturday. Trading in new contract will open on the 1st day of the month in which near month contract is due to expire. If the 1st day happens to be a non-trading day, contracts would open on the next trading day As per Launch Calendar Expiry Date E Pay-in and Pay-out: On E+2 basis. If the expiry date is E, then pay-in and pay-out would happen on E+2 day (excluding Saturday). If such a E+2 day happens to be a Saturday, a Sunday or a holiday at the Exchange, clearing banks or any of the service providers, pay -in and pay-out would be effected on the next working day. Upon the expiry of the contract all outstanding open position shall result in compulsory delivery The DPL is (+/-) 4%. If 4% DPL is hit on a day, no trading will be allowed beyond 4%. However,

4 trading will continue within (+/-) 4% DPL on that day. If a contract closes at 4%, then on the subsequent day, for all the contracts in the commodity, the DPL will be (+/-) 4%, and if it is hit, the DPL will be further relaxed by 2% with a cooling off period of 15 minutes in between. Trading will not be allowed during the cooling off period. If 4+2% DPL is also hit, no trading will be allowed beyond 6%. However, trading will continue within (+/-) 6% DPL on that day. If a contract closes at 6%, then on the subsequent day/s, for all contracts in the commodity, the DPL will be 4% and if it is hit, the DPL will be further relaxed by 2% with a cooling off period of 15 minutes in between. Trading will not be allowed during the cooling off period. Once all contracts in the commodity close below 4+2% DPL i.e. below 6% on the subsequent day/s, the DPL on following day/s will be reset to (+/-) 4% for all contracts in the commodity. If the DPL is hit in a contract of a commodity, then trading will be stopped for 15 minutes only in that contract of the commodity and trading will continue in other contracts of that commodity as usual. The DPL on the launch (first) day of new contract shall be as per the circular no. NCDEX/RISK- 027/2011/284 dated September 15, Position Limits Limits on open positions for aggregate as well as near month will be as under :- Member-wise: 15,00,000 Bales or 20% of the total market wide open position in the commodity, whichever is higher Client-wise : 1,50,000 Bales or 5% of the total market wide open position in the commodity, whichever is higher The above limits will not apply to bona fide hedgers. For bona fide hedgers, the Exchange will, on a case to case basis, decide the hedge limits. Please refer to Circular No. NCDEX/CLEARING- 018/2014/228 dated July 22, For near month contracts: The following limits would be applicable from 1st

5 of every month in which the contract is due to expire. If 1 st happens to be a non-trading day, the near month limits would start from the next trading day. Member: 7,50,000 Bales or 20% of the total near month market wide open position in the commodity, whichever is higher Client: 75,000 Bales or 5% of the total near month market wide open position in the commodity, whichever is higher Final Settlement Price The Final Settlement Price (FSP) shall be arrived at by taking the simple average of the last polled spot prices of the last three trading days viz., E0 (expiry day), E-1 and E- 2. In the event of the spot prices for any one of the E-1 and E-2 is not available; the spot price of E-3 would be used for arriving at the average. In case the spot prices are not available for both E-1 and E-2, then the average of E0 and E-3 (two days) would be taken. If all the three days prices viz., E-1, E-2 and E-3 are not available, then only one day s price viz., E0 will be taken as the FSP. Special margin In case of unidirectional price movement/ increased volatility, an additional/ special margin at such other percentage, as deemed fit by the Regulator/Exchange, may be imposed on the buy and the sell side or on either of the buy or sell sides in respect of all outstanding positions. Reduction/ removal of such additional/ special margins shall be at the discretion of the Regulator/Exchange. Minimum Initial Margin 5%

6 Tolerance limit 29 mm Cotton: Commodity Specifications Basis Acceptable quality range as per contract specification Permissible Tolerance Staple Length 29 mm Accepted upto minimum staple length of 27 mm with discount and upto maximum staple length of 31 with premium as mentioned in the contract specifications +/ Micronaire Trash 3.5% Accepted upto minimum 3.5 and maximum 4.9 with discount as mentioned in the contract specifications Accepted upto +/- 1.5%, with Premium/Discount as mentioned in contract specifications +/ /- 0.50% Note: Tolerance limit is applicable only for outbound deliveries. Variation in quality parameters within the prescribed tolerance limit as above will be treated as good delivery when members/clients lift the materials from warehouse. These permissible variations shall be based on the parameters found as per the immediate preceding test certificate given by NCDEX empanelled assayer. Contract Launch calendar Contract Launch month Contract expiry month May 2015 November 2015

7 Contract Specifications for 29 mm Cotton futures contract (Applicable for contract expiring in month of December 2015) Type of Contract Name of Commodity Ticker Symbol Trading System Basis Unit of Trading Delivery Unit Maximum Order Size Quotation/Base value Futures Contract 29 mm Cotton COTTON NCDEX Trading System Ex-warehouse Rajkot, exclusive of all taxes 25 Bales (of 170 Kgs each) 100 Bales (of 170 Kgs approx.) 50 Trading Lots i.e Bales Rs. per Bale Tick Size Rs. 10 Quality Specifications and applicable Premium/ Discount for Tenderable Range 1. Staple Length: Basis 29 mm, as per Standard HVI Mode of Assaying Tenderable Range: Below 28.0 mm = Rejected 28.0 to 28.4 mm = Disc. of 3% 28.5 to 28.9 mm = Disc. of 1.5% 29.0 to 29.5 mm = No Premium/ Discount 29.6 to 30.0 mm = Prem. of 1% 30.1 to 31.0 mm = Prem. of 2% Above 31.0 mm = No additional Premium 2. Micronaire: Tenderable Range: Below 3.5 = Rejected Below 3.6 and upto 3.5 = Discount of 0.3% 3.6 to 4.8 = Basis (No Premium/ Discount) Above 4.8 and upto 4.9 = Discount of 0.3% Above 4.9 = Rejected 3. Strength: With HVI mode of assaying Basis: Min. 28 G/Tex with no premium above 28 G/Tex 4. Color Grade: Upto Standardized HVI Middling 31-3 accepted upto 41-3 with discount of 5% 5. Trash: Basis 3.5% Tenderable Range: Above 3.5% and upto 5% = Discount of 1:1 Below 3.5% and upto 2% = Premium of 1:0.5

8 Above 5%, goods will be rejected 6. Moisture: Basis 8.5% Acceptable up to 9.5% maximum with 1:1 discount 7. Short Fiber Index (SFI) = Maximum 8.5 Quantity Variation Additional Delivery Norms Delivery Center +/- 9% for total weight of each deliverable lot 1. Crop year: Only current season Indian crop will be accepted. 2. Ginning pattern: Roller ginned cotton will be accepted. Saw ginned cotton will be accepted with 1% discount Rajkot, within a radius of 100 Kms from the municipal limits Additional Delivery Centers Kadi (Gujarat), Yavatmal (Maharashtra), Aurangabad (Maharashtra), Akola (Maharashtra) and Jalgaon (Maharashtra) within a radius of 100 Kms from the municipal limits at a premium/ discount as announced by the Exchange from time to time. Delivery Logic Delivery Specification Compulsory Delivery Upon expiry of the contracts all the outstanding open positions shall result in compulsory delivery. The penalty structure for failure to meet delivery obligations by the sellers is as follows: 1. Total amount of penalty to be imposed = 3.0 % + the difference between the Final Settlement Price (FSP) and the average of three highest of the last spot prices of 5 (five) succeeding days after the expiry of contract (E+1 to E+5 days), if the average spot price so determined is higher than FSP; else this component will be zero. 2. The revised 3.0 % penalty collected as mentioned in paragraph 1 above shall be used as follows: a) 1.75 % component of the penalty shall be deposited in the Settlement Guarantee Fund of the Exchange; b) 1.0 % component of the penalty shall go to the Buyer who was entitled to receive delivery; and c) Balance 0.25 % component of penalty shall be retained by the Exchange towards administrative

9 expenses. Trading hours As per directions of the Forward Markets Commission from time to time, currently- Mondays through Fridays: 10:00 a.m. to 9.00 p.m. / 9.30 p.m.* *during US day light saving period On the expiry date, contracts expiring on that day will not be available for trading after 5 p.m. The Exchange may vary the above timing with due Notice Due date/ Expiry Date Opening of Contracts No. of active contracts Closing of Contracts Daily Price Limit (DPL) 20 th day of the delivery month. If 20 th happens to be a holiday, a Saturday or a Sunday, then the expiry date (or due date) shall be the immediately preceding trading day of the Exchange, which is other than a Saturday. Trading in new contract will open on the 1st day of the month in which near month contract is due to expire. If the 1st day happens to be a non-trading day, contracts would open on the next trading day As per Launch Calendar Expiry Date E Pay-in and Pay-out: On E+2 basis. If the expiry date is E, then pay-in and pay-out would happen on E+2 day (excluding Saturday). If such a E+2 day happens to be a Saturday, a Sunday or a holiday at the Exchange, clearing banks or any of the service providers, pay -in and pay-out would be effected on the next working day. Upon the expiry of the contract all outstanding open position shall result in compulsory delivery The DPL is (+/-) 4%. If 4% DPL is hit on a day, no trading will be allowed beyond 4%. However, trading will continue within (+/-) 4% DPL on that day. If a contract closes at 4%, then on the subsequent day, for all the contracts in the commodity, the DPL will be (+/-) 4%, and if it is hit, the DPL will be further relaxed by 2% with a cooling off period of 15 minutes in between. Trading will not be allowed during the cooling off period. If 4+2% DPL is also hit, no trading will be

10 allowed beyond 6%. However, trading will continue within (+/-) 6% DPL on that day. If a contract closes at 6%, then on the subsequent day/s, for all contracts in the commodity, the DPL will be 4% and if it is hit, the DPL will be further relaxed by 2% with a cooling off period of 15 minutes in between. Trading will not be allowed during the cooling off period. Once all contracts in the commodity close below 4+2% DPL i.e. below 6% on the subsequent day/s, the DPL on following day/s will be reset to (+/-) 4% for all contracts in the commodity. If the DPL is hit in a contract of a commodity, then trading will be stopped for 15 minutes only in that contract of the commodity and trading will continue in other contracts of that commodity as usual. The DPL on the launch (first) day of new contract shall be as per the circular no. NCDEX/RISK- 027/2011/284 dated September 15, Position Limits Limits on open positions for aggregate as well as near month will be as under :- Member-wise: 15,00,000 Bales or 20% of the total market wide open position in the commodity, whichever is higher Client-wise : 1,50,000 Bales or 5% of the total market wide open position in the commodity, whichever is higher The above limits will not apply to bona fide hedgers. For bona fide hedgers, the Exchange will, on a case to case basis, decide the hedge limits. Please refer to Circular No. NCDEX/CLEARING- 018/2014/228 dated July 22, For near month contracts: The following limits would be applicable from 1st of every month in which the contract is due to expire. If 1 st happens to be a non-trading day, the near month limits would start from the next trading day. Member: 7,50,000 Bales or 20% of the total near month market wide open position in the commodity, whichever is higher Client: 75,000 Bales or 5% of the total near month

11 market wide open position in the commodity, whichever is higher Final Settlement Price The Final Settlement Price (FSP) shall be arrived at by taking the simple average of the last polled spot prices of the last three trading days viz., E0 (expiry day), E-1 and E- 2. In the event of the spot prices for any one of the E-1 and E-2 is not available; the spot price of E-3 would be used for arriving at the average. In case the spot prices are not available for both E-1 and E-2, then the average of E0 and E-3 (two days) would be taken. If all the three days prices viz., E-1, E-2 and E-3 are not available, then only one day s price viz., E0 will be taken as the FSP. Special margin In case of unidirectional price movement/ increased volatility, an additional/ special margin at such other percentage, as deemed fit by the Regulator/Exchange, may be imposed on the buy and the sell side or on either of the buy or sell sides in respect of all outstanding positions. Reduction/ removal of such additional/ special margins shall be at the discretion of the Regulator/Exchange. Minimum Initial Margin 5%

12 Tolerance limit 29 mm Cotton: Commodity Specifications Basis Acceptable quality range as per contract specification Permissible Tolerance Staple Length 29 mm Accepted upto minimum staple length of 28.0 mm with discount and upto maximum staple length of 31 with premium as mentioned in the contract specifications +/ Micronaire Trash 3.5% Accepted upto minimum 3.5 and maximum 4.9 with discount as mentioned in the contract specifications Accepted upto +/- 1.5%, with Premium/Discount as mentioned in contract specifications +/ /- 0.50% Note: Tolerance limit is applicable only for outbound deliveries. Variation in quality parameters within the prescribed tolerance limit as above will be treated as good delivery when members/clients lift the materials from warehouse. These permissible variations shall be based on the parameters found as per the immediate preceding test certificate given by NCDEX empanelled assayer. Contract Launch calendar Contract Launch month Contract expiry month June 2015 December 2015

13 Contract Specifications for 29 mm Cotton futures contract (Applicable for contracts expiring in the months of January 2016 and thereafter) Type of Contract Name of Commodity Ticker Symbol Trading System Basis Unit of Trading Delivery Unit Maximum Order Size Quotation/Base value Futures Contract 29 mm Cotton COTTON NCDEX Trading System Ex-warehouse Rajkot, exclusive of all taxes 25 Bales (of 170 Kgs each) 100 Bales (of 170 Kgs approx.) 50 Trading Lots i.e Bales Rs. per Bale Tick Size Rs. 10 Quality Specifications and applicable Premium/ Discount for Tenderable Range 1. Staple Length: Basis 29 mm, as per Standard HVI Mode of Assaying Tenderable Range: Below 28.0 mm = Rejected 28.0 to 28.4 mm = Disc. of 2% 28.5 to 28.9 mm = Disc. of 1% 29.0 to 29.5 mm = No Premium/ Discount 29.6 to 30.0 mm = Prem. of 1% 30.1 to 31.0 mm = Prem. of 2% Above 31.0 mm = No additional Premium 2. Micronaire: Tenderable Range: Below 3.5 = Rejected Below 3.6 and upto 3.5 = Discount of 0.3% 3.6 to 4.8 = Basis (No Premium/ Discount) Above 4.8 and upto 4.9 = Discount of 0.3% Above 4.9 = Rejected 3. Strength: With HVI mode of assaying Basis: Min. 28 G/Tex with no premium above 28 G/Tex 4. Color Grade: Upto Standardized HVI Middling 31-3 accepted upto 41-3 with discount of 5% 5. Trash: Basis 3.5% Tenderable Range: Above 3.5% and upto 5% = Discount of 1:1 Below 3.5% and upto 2% = Premium of 1:0.5

14 Above 5%, goods will be rejected 6. Moisture: Basis 8.5% Acceptable up to 9.5% maximum with moisture adjusted weight 7. Short Fiber Index (SFI) = Maximum 8.5 Quantity Variation Additional Delivery Norms Delivery Center +/- 7% for total weight of each deliverable lot Ginning pattern: Roller ginned cotton will be accepted. Saw ginned cotton will be accepted with 1% discount Rajkot, within a radius of 100 Kms from the municipal limits Additional Delivery Centers Kadi (Gujarat), Yavatmal (Maharashtra), Aurangabad (Maharashtra), Akola (Maharashtra), Jalgaon (Maharashtra) and Sirsa (Haryana) within a radius of 100 Kms from the municipal limits at a premium/ discount as announced by the Exchange from time to time. Delivery Logic Delivery Specification Compulsory Delivery Upon expiry of the contracts all the outstanding open positions shall result in compulsory delivery. The penalty structure for failure to meet delivery obligations by the sellers is as follows: 1. Total amount of penalty to be imposed = 3.0 % + the difference between the Final Settlement Price (FSP) and the average of three highest of the last spot prices of 5 (five) succeeding days after the expiry of contract (E+1 to E+5 days), if the average spot price so determined is higher than FSP; else this component will be zero. 2. The revised 3.0 % penalty collected as mentioned in paragraph 1 above shall be used as follows: a) 1.75 % component of the penalty shall be deposited in the Settlement Guarantee Fund of the Exchange; b) 1.0 % component of the penalty shall go to the Buyer who was entitled to receive delivery; and c) Balance 0.25 % component of penalty shall be retained by the Exchange towards administrative expenses.

15 Trading hours As per directions of the Forward Markets Commission from time to time, currently- Mondays through Fridays: 10:00 a.m. to 9.00 p.m. / 9.30 p.m.* *during US day light saving period On the expiry date, contracts expiring on that day will not be available for trading after 5 p.m. The Exchange may vary the above timing with due Notice Due date/ Expiry Date Opening of Contracts No. of active contracts Closing of Contracts Daily Price Limit (DPL) 20 th day of the delivery month. If 20 th happens to be a holiday, a Saturday or a Sunday, then the expiry date (or due date) shall be the immediately preceding trading day of the Exchange, which is other than a Saturday. Trading in new contract will open on the 1st day of the month in which near month contract is due to expire. If the 1st day happens to be a non-trading day, contracts would open on the next trading day As per Launch Calendar Expiry Date E Pay-in and Pay-out: On E+2 basis. If the expiry date is E, then pay-in and pay-out would happen on E+2 day (excluding Saturday). If such a E+2 day happens to be a Saturday, a Sunday or a holiday at the Exchange, clearing banks or any of the service providers, pay -in and pay-out would be effected on the next working day. Upon the expiry of the contract all outstanding open position shall result in compulsory delivery The DPL is (+/-) 4%. If 4% DPL is hit on a day, no trading will be allowed beyond 4%. However, trading will continue within (+/-) 4% DPL on that day. If a contract closes at 4%, then on the subsequent day, for all the contracts in the commodity, the DPL will be (+/-) 4%, and if it is hit, the DPL will be further relaxed by 2% with a cooling off period of 15 minutes in between. Trading will not be allowed during the cooling off period. If 4+2% DPL is also hit, no trading will be allowed beyond 6%. However, trading will

16 continue within (+/-) 6% DPL on that day. If a contract closes at 6%, then on the subsequent day/s, for all contracts in the commodity, the DPL will be 4% and if it is hit, the DPL will be further relaxed by 2% with a cooling off period of 15 minutes in between. Trading will not be allowed during the cooling off period. Once all contracts in the commodity close below 4+2% DPL i.e. below 6% on the subsequent day/s, the DPL on following day/s will be reset to (+/-) 4% for all contracts in the commodity. If the DPL is hit in a contract of a commodity, then trading will be stopped for 15 minutes only in that contract of the commodity and trading will continue in other contracts of that commodity as usual. The DPL on the launch (first) day of new contract shall be as per the circular no. NCDEX/RISK- 027/2011/284 dated September 15, Position Limits Limits on open positions for aggregate as well as near month will be as under :- Member-wise: 15,00,000 Bales or 20% of the total market wide open position in the commodity, whichever is higher Client-wise : 1,50,000 Bales or 5% of the total market wide open position in the commodity, whichever is higher The above limits will not apply to bona fide hedgers. For bona fide hedgers, the Exchange will, on a case to case basis, decide the hedge limits. Please refer to Circular No. NCDEX/CLEARING- 018/2014/228 dated July 22, For near month contracts: The following limits would be applicable from 1st of every month in which the contract is due to expire. If 1 st happens to be a non-trading day, the near month limits would start from the next trading day. Member: 7,50,000 Bales or 20% of the total near month market wide open position in the commodity, whichever is higher Client: 75,000 Bales or 5% of the total near month market wide open position in the commodity,

17 whichever is higher Final Settlement Price The Final Settlement Price (FSP) shall be arrived at by taking the simple average of the last polled spot prices of the last three trading days viz., E0 (expiry day), E-1 and E- 2. In the event of the spot prices for any one of the E-1 and E-2 is not available; the spot price of E-3 would be used for arriving at the average. In case the spot prices are not available for both E-1 and E-2, then the average of E0 and E-3 (two days) would be taken. If all the three days prices viz., E-1, E-2 and E-3 are not available, then only one day s price viz., E0 will be taken as the FSP. Special margin In case of unidirectional price movement/ increased volatility, an additional/ special margin at such other percentage, as deemed fit by the Regulator/Exchange, may be imposed on the buy and the sell side or on either of the buy or sell sides in respect of all outstanding positions. Reduction/ removal of such additional/ special margins shall be at the discretion of the Regulator/Exchange. Minimum Initial Margin 5%

18 Tolerance limit 29 mm Cotton: Commodity Specifications Basis Acceptable quality range as per contract specification Permissible Tolerance Staple Length 29 mm Accepted upto minimum staple length of 28.0 mm with discount and upto maximum staple length of 31 with premium as mentioned in the contract specifications +/ Micronaire Trash 3.5% Accepted upto minimum 3.5 and maximum 4.9 with discount as mentioned in the contract specifications Accepted upto +/- 1.5%, with Premium/Discount as mentioned in contract specifications +/ /- 0.50% Note: Tolerance limit is applicable only for outbound deliveries. Variation in quality parameters within the prescribed tolerance limit as above will be treated as good delivery when members/clients lift the materials from warehouse. These permissible variations shall be based on the parameters found as per the immediate preceding test certificate given by NCDEX empanelled assayer. Contract Launch calendar Contract Launch month August 2015 Contract expiry month January 2016 February 2016 September 2015 March 2016 October 2015 April 2016 November 2015 May 2016 December 2015 June 2016 January 2016 July 2016 February March

19 April 2016 October 2016 May 2016 November 2016 June 2016 December 2016 Members and market participants who enter into buy and sell transactions may please note that they need to be aware of all the factors that go into the mechanism of trading and clearing, as well as all provisions of the Exchange's Bye Laws, Rules, Regulations, Product Notes, circulars, directives, notifications of the Exchange as well as of the Regulators, Governments and other authorities. It is clarified that it is the sole obligation and responsibility of the Members and market participants to ensure that apart from the approved quality standards stipulated by the Exchange, the commodity deposited / traded / delivered through the Approved warehouses is in due compliance with the applicable regulations laid down by authorities like BIS, Orders under Packaging and Labelling etc., as also other State/Central laws and authorities issuing such regulations in this behalf from time to time, including but not limited to compliance of provisions and rates relating to Sales Tax, Value Added Tax, APMC Tax, Mandi Tax, LBT, Octroi, Excise duty, stamp duty, etc. as applicable from time to time on the underlying commodity of any contract offered for deposit / trading / delivery and the Exchange shall not be responsible or liable on account of any non-compliance thereof.