"The soyabean exchange is unlikely to be made operational before October though the FMC has cleared the article of understanding and bye-laws of the exchange," consumer affairs secretary K Srinivasan said.

The Soyabean Processors Association of India (Sopa) had announced that trading would begin at the bourse in September.

Srinivasan said Sopa had been asked to meet all the stipulations including electronic networking of the exchange before it kicked off the mock trading exercise.

"We are not in a hurry to see the exchange operational and repent when it fails to achieve the objectives," he said.

Sopa has applied for recognition as a multi-commodity futures exchange and plans to conduct futures trading in rapeseeds as well.

The futures exchange,incorporated as Sopa Board of Trade, has already launched a membership drive to begin the trade in time for the arrival of crop, sources said.

Sopa has proposed to conduct futures trading in soyabean oilseeds, its oil and meal and is hopeful of a minimum trade turnover of Rs 10,000 crore in view of the entire 60-odd lakh tonnes of soyabean crop expected to be traded at the exchange.

ABN Amro bank is all set to bag the mandate of becoming sopa's only institutional clearing member, sources said. Though a number of leading banks like IDBI, IndusInd Bank and Centurion Bank had applied, ABN Amro was well placed to be appointed as it had global experience in the field, they said.

The institutional clearing member chosen by Sopa would have to be cleared by the Reserve Bank of India (RBI).

A number of foreign players are expected to become members of the exchange in view of the commodities importance as a key export item, industry sources said, adding the increasing dependence of India on edible oil importswas likely to enhance participation of traders, farmers as well as importers.

Soyabean futures was the first among oilseeds to be given clearance for futures trading in oilseeds, following a government decision last year to allow such trading in an effort to ensure better remuneration to growers, apart from stable prices.

Government had in April cleared futures in nine other oilseeds, including rapeseed/mustard, groundnut, and sesame.

Solvent Extractors' Association of India (Sea) and Delhi Vegetable Oil Traders Association (Dvota) are among the industry associations who have sought centre's permission to start new commodity bourses.

They would also have to meet the stipulated criteria of participation of diverse interests like growers, processors, exporters, importers, trade and speculators, online system of trading with national or regional reach, efficient clearing and settlement and guarantee system among others.