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Contract Specifications of Maize - Feed / Industrial Grade Futures Contract.
Name of Commodity Maize - Feed/Industrial Grade
Ticker symbol MAIZE
Trading System NCDEX Trading System
Basis Ex-warehouse Nizamabad inclusive of all taxes and fees
Unit of trading 10 MT
Delivery unit 10 MT
Quotation/base value Rs. Per Quintal
Tick size 50 Paise (0.50 Re)
Quality specification
Maize with the following Specifications :-
Count Up to 400 grains per 100 grams basis
Foreign matter 2% max
Broken, Damaged/slightly damaged and Immature kernels 2% basis
Weeviled grains 1 % max
Moisture 12% basis

Maize shall be free from any colouring agent, moulds, stored grain, live pests and obnoxious smell
Quantity variation + / - 5%
No. of Active Contracts As per launch calendar.
Delivery center Nizamabad (Within 50 km radius from the municipal limits)
Additional delivery centres Davangere, Karimnagar and Delhi (Within 50 km radius from the municipal limits) with location Premium/Discount as notified by the Exchange from time to time.
Trading hours As per directions of the Forward Markets 

Commission from time to time, currently -


Mondays through Fridays : 10:00 AM to 05:00 PM
Saturdays : 10.00 AM to 2.00 PM

The Exchange may vary the above timing with due notice
Price band Daily price fluctuation limit is (+/-) 3%. If the trade hits the prescribed daily price limit, there will be a cooling off period for 15 minutes. Trade will be allowed during this cooling off period within the price band. Thereafter, the price band shall be raised by another (+/-) 1% and trade will be resumed. If the price hits the revised price band again during the day, trade will only be allowed within the revised price band. No trade/order shall be permitted during the day beyond the revised limit of (+/-) 4%.
Opening of Contracts Trading in far month contract will open on the 10th day of the month in which near month contract is due to expire. If the 10th day happens to be a non-trading day, contracts would open on the next trading day.
Due Date/ Expiry Date 20th day of the delivery month. If 20th happens to be holiday, a Saturday or a Sunday then the due date shall be the immediately preceding trading day of the Exchange, other than a Saturday
Delivery Specification

Upon expiry of the contract all outstanding positions will result in delivery.

The penalty structure for failure to meet delivery obligations will be as per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
Closing of contract Upon the expiry of the contract, all outstanding open positions would result in compulsory delivery.
Position Limits Member wise:30,000 MT or 15% of the market-wide open position, whichever is higher
Client wise:10,000 MT

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/TRADING-100/2005/219 dated October 20,2005

For near month contracts

The following limits would be applicable from one month prior to expiry date of a contract
Member-wise: 6,000 MT or 15% of the market-wide near month open position, whichever is higher
Client-wise: 2,000 MT
Premium / Discount Count
Maize with count more than 400 grains but up to 440 grains per 100 grams shall be acceptable at a discount of 1% of the Final Settlement Price. Maize with count more than 440 grains per 100 grams shall be rejected.

Broken, Damaged/slightly damaged and Immature Kernels
Maize with broken, damaged/slightly damaged and immature kernels more than 2% shall be acceptable up to 5% max at a discount of 1: 0.5 basis which shall be applied to such content rounded off to the higher0.5%.

Maize with broken, damaged/slightly damaged and immature kernels more than 5% max shall be rejected. 

Moisture
Maize with moisture more than 12% shall be acceptable with moisture content up to 14% max at a discount on 1:1 basis for every percentage of Maize with moisture content more than 12%.
Maize with moisture above 14% shall be rejected
Special Margins Special margin of 4% of the value of the contract will be levied whenever the rise or fall in price exceeds 20% of the 90-day prior settlement price. The margin will be payable by the buyer or the seller depending on whether price rises or falls respectively. The margin shall remain in force so long as the price stays beyond the 20% limit and will be withdrawn as soon as the price is within the 20% band


Tolerance Limit


Commodity Specifications Basis Acceptable quality range as per contract specification Permissible Tolerance
Count Up to 400 grains per 100 grams basis 440 grains per 100 grams max +/- 10 grains per 100gms
Foreign matter 2% max - +/- 0.25%
Broken, Damaged/slightly damaged and Immature kernels 2% basis 5% max +/- 0.25%
Weeviled grains 1 % max - +/- 0.25%
Moisture 12% basis 14% Max -
Overall Tolerance (for all the characteristics) +/- 0.5% max



Proposed Launch Calendar :-


Contract Launch Month Contract Expiry Month
May 21, 2010 June 2010, July 2010

August 2010, September 2010
June 2010 October 2010
July 2010 November 2010
August 2010 December 2010




Contract Launch Calendar of Maize ( Feed/ Industrial grade ) :-

Contract Launch Month Contract Expiry Month
September 2010 January 2011
October 2010 February 2011
November 2010 March 2011
December 2010 April 2011
January 2011 May 2011
February 2011 June 2011
March 2011 July 2011
April 2011 August 2011
May 2011 September 2011
June 2011 October 2011
July 2011 November 2011
August 2011 December 2011






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.

Members and market participants trading on the Exchange in the commodity contracts shall be deemed to be aware of applicable laws and amendments thereof from time to time, including provisions and rates relating to the sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty, stamp duty, etc., applicable on the underlying commodity of any contract offered for trading.

The Exchange shall not be responsible or liable on account of non compliance by any of the members and market participants of any such applicable laws or any amendments thereof including not being aware of rates of taxes, levies, etc., on the underlying commodity of any contract offered for trading.