Ahmedbad exchange has accepted FMC's term on daily clearings in September and also promises to implement slip system in December castor futures.

Following the FMC move, the month-long uncertainty comes to an end and the future trading is back on rails, said official sources.

It may be recalled that a high level delegation of the Ahmedabad Commodity exchange (ACE) had met to the FMC officials on last Monday and sought the permission for the September future. However, FMC has ruled out any such permission unless the daily clearing and slip system is reinstate at the exchange.

Earlier ACE had removed the daily clearing and slip system by passing some resolutions. After the move, FMC had refused to grant the permission for thefutures.

Strengthening its stand on the slip system, FMC asked ACE to provide written assurance for the implementation of slip system in the next December Futures. It has also indicated about further reforms like modifications in the oliaya (outstanding position) margin among other reforms. The delegation refused to accept the FMC's terms and got back to Ahmedabad.

``We have explained to the FMC about the need for recent changes, however, FMC had maintained that unless written commitments be given, permission cannot be granted. Being a `trustee', we could not make any commitment on behalf of the members without taking them in confidence.

A general meeting was convened on last Thursdays, and member have decided to accept the terms of the FMC. Member agreed to accept the slip system, and daily clearing, said Jayesh Shah, president ACE.

Meanwhile, FMC has allowed the Rajkot exchange to start September futures as the later has accepted the terms of the FMC including daily clearing and slip system. RajkotSeeds and Bullion Merchant Exchange which is conducting castor futures has received an approval for the September futures on last Tuesday, sources said.

Trading in the September future will be soon kicked off, sources added.