The director board of the bourse, which met here on Friday has decided to seek the approval of the IPSTA members to chalk out a strategy that would breath new life to the first international pepper futures exchange in the world.

IPSTA president Sanjay Mariwala told The Financial Express that the director Board of the exchange has decided to call a general body meeting of its members to map out a revival package for the international exchange. The general body is slated to be held here on April last week, he said.

The management of the bourse was forced to take immediate steps to bail out the international exchange following the directive from the Forward Markets Commission (FMC).

The commodity market watchdog has quizzed the IPSTA management for the lacklustre performance ICE, when a high level delegation including FMC chairman VK Aggarwalvisited the bourse recently.

IPSTA president said that the immediate task before the exchange management is to finalise the formalities to start the dollar denominated trade on ICE.

The Union commerce ministry had allowed the PSTA to commence dollar denominate trade on the bourse llast year itself. However, following technical difficulties, the IPSTA management could not kick off the dollar contract so far.

Sanjay said, the management would finalise the finer details of the bail out plan early next week. The draft revival package would be presented before the members in the general body meeting for getting their approval, he added.

Sources said that the majority of the members in the director board are of the view that IPSTA would promote the international exchange as a separate entity catering exclusively for the foreign market with its own rules and regulations. The exchange management has to amend the bylaws of the ICE to kick off the dollar contract, they added.

The management will also seekthe permission of the IPSTA members to appoint an international consultant for drawing up plans to start dollar contracts. The management has also sought legal opinion from experts to work out the modalities in this regard, sources added.

Besides the dollar contracts, other measurers need to be taken by the exchange include fine tuning the trade system on the ICE. Since the management decides to delink the ICE from the domestic segment it may also have to change the rules of the game on the bourse. The changes include the quantity and quality aspects of the commodity also, sources said. The minimum delivery quantity and the grade of the pepper will also have to change to attract the foreign players into the ICE, sources said.