The debundling of activities which are currently being clubbed under one roof is not expected to augur well for the commodity exchanges in the future when volumes grew.

According to S Jayakumar of Sopa Board of Trade Ltd who will be heading the youngest exchange in Indore: "The exchange should be self sufficient in terms of resources". For this, on-line trade should be taken up only where it is considered favourable for the market, provide confidentiality of sensitive information and integrity which will benefit the end user. Also clearing and settlement can be done by a clearing corporation having an adequate corpus which will also guarantee the performance of contracts.

The same sentiment was echoed by the representative of Mumbai-based East India Cotton Association (EICA) which outlined short term, medium term and long term plans as part of the goal setting process for the future. Like SOPA, EICA too favoured being a multi-commodity exchange and having online systems coexisting with open outcry system till the former was found to be totally viable.However, the Indian Pepper and Spice Trade Association (IPSTA) did not plan to extend its scope beyond pepper while the Bombay Oilseeds & Oils Exchange was not in favour of more than two or three multi-commodity exchanges the remaining focussing on single products to remain viable. For all the possible future threat of electronic commerce network loomed large egging them towards modernisation and most important increasing member participation and good grievance cells.

"Currently, commodity exchanges are able to manage on account of monopoly. But if the future finds newer exchanges quicker in adopting technology and deliveringbetter results, the government may well decide to break the monopoly situation," said G Ramachandran, chief operating officer of Business Intelligence Unit. IPSTA which already has a well organised infrastructure for daily clearing, online margining, computerised data processing, modern and well equipped trading pit and fully guaranteed contracts is giving a special thrust to marketing. These measures include removal of compulsory Kerala registration to encourage wider participation, workshops planned for different segments of the pepper community and trade and marketing to all brokerage houses to participate in IPSTA to trade for clients who have common interest in commodities.