NATIONAL E-REPOSITORY LIMITED
ABOUT
National Commodity & Derivatives Exchange Limited (NCDEX), the largest Agri Commodity Derivatives Exchange, has incorporated an institution and a market intermediary, National E-Repository Limited (NeRL) that provides a platform for issuing negotiable warehouse receipts for commodities in electronic form. NeRL, the Commodity Repository in India, incorporated in February 2017 and has received the ‘Letter of Intent (LoI) in December 2016 from WDRA. NeRL commenced its operations in September 2017.
NeRL aims at ensuring the safety and soundness of electronic warehouse receipts by developing solutions that increase efficiency, minimize risk and reduce costs.
Using innovative and flexible technology systems, NeRL works to support farmers, traders, processors and all value chain participants in the commodity markets. The intention is to make the business through warehouse receipts effortless for all our stakeholders and bring ease, safety and value to electronic warehouse receipts. In the end, we are not just about eNWR, but also about the people who use them.
HISTORY
Although India had a vibrant commodity market which is more than a century old, the paper-based warehouse reciepts caused substantial problems like Apart from NCDEX, the other shareholders of NeRL include National Bank for Agriculture and Rural Development (NABARD), the largest re-finance institute, ICICI Bank, one of the largest private sector Banks in India and State Bank of India, the largest public sector Bank in India. Such unique parentage makes it a unique preposition for repository to give services to the Indian Agricultural Market.bad delivery, mutilation, duplication etc. The enactment of Warehousing (Development and Regulation) Act, 2007 and thereafter the formulation of The Warehousing Development and Regulatory Authority (WDRA) in October 2010 was done to exercise the powers conferred on and to perform the functions assigned to it under the Act, for development and regulation of warehouses, negotiability of warehouse receipts and promote orderly growth of warehousing business.
WDRA in October 2016 came out with Guidelines for Creation and Management of Electronic Negotiable Warehouse Receipts (ENWRs), the enabling provisions of the Guidelines seek to establish a system for creation and management of ENWRs through registered Repositories, paving the way for establishment of NeRL.