In the meeting experts and representative from Forward Market Commission and other bodies were present. Various aspects of the futures have been discussed in the meeting. Formalities like by-laws and contract terms have been completed. Another meeting will be held next week for further discussions. Two futures, probably December and February, will be opened simultaneously. Contract period will be three months and minimumtrading lot will be one tone, it is expected.

"Indore is an ideal place for the futures trading. It has rich infrastructure for futures, a good trading ring and veteran future traders. As government and the World Bank are insisting to introduce futures trading in oilseeds, soya futures will soon become a reality. Futures can be useful for importers, farmers and exporters. Oilseeds trade will be able to manage price risk more efficiently," said a trader. Since the last few years production of soyabean has been increasing. As trade become liberalised, import of soya oil is increasing. Futures will provide better risk management to market participants-farmers, traders, exporters and importers.

It will also provide prices discovery which helps efficient allocation of scarce resources. "Futures are useful but there is a flip side of coin, at present there are more than 25 exchanges and of these hardly 9 are working. Turmeric exchange in Sangli is closed while castor futures trading in Aahmedabad is boggledby a host of issues. Most exchanges lack basic infrastructure and financial resources.