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Contract Specifications of Yellow / Red Maize – Edible Grade
Type of Contract Futures Contract Specifications
Name of Commodity Yellow/Red Maize – Edible Grade
Ticker symbol MAIZYRNZM
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
Yellow / red maize with the following Specifications
Count Up to 400 grains per 100 grams basis
Foreign matter Maize with foreign matter not more than 1% by weight of which not more than 0.25% by weight shall be mineral matter and not more than 0.10% by weight shall be impurities of animal origin
Other edible grains 2% Max
Broken, Damaged/slightly damaged and Immature kernels 2% basis
Aflatoxin 25 ppb max
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); NCMSL Commodity Multilink Point, C/O Anjaa Agro Warehousing Pvt. Ltd., Kamareddy (at a distance of 50 kms by a shorter route and 57 kms by a longer route)
Additional delivery centres Davengere, 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 bonafide hedgers. For bonafide hedgers, the Exchange will, on a case to case basis, decide the hedge limits.

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


Foreign Matter
Maize with foreign matter not more than 1% by weight of which not more than 0.25% by weight shall be mineral matter and not more than 0.10% by weight shall be impurities of animal origin

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 1:1 basis which shall be applied to such content rounded off to the higher 0.5%
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 1% Max - -
Other edible grains 2% Max - -
Broken, Damaged/slightly damaged and Immature kernels 2% basis 5% max +/- 0.25%
Aflatoxin 25 ppb max - 5 ppb
Weeviled grains 1 % max - +/- 0.50%
Moisture 12% basis 14% max -
Overall Tolerance (for all the characteristics) +/- 0.5% max


Contract Launch Calendar of Yellow/ Red Maize:-
Contract Launch Month Contract Expiry Month
March 2010 July 2010
April 2010 August 2010
May 2010 September 2010






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.