Ahmedabad May 27: After witnessing a change in top-level management, National Commodity and Derivatives Exchange Ltd (NCDEX) seems to have embarked upon a product diversification drive.

As part of its strategy to improve business, NCDEX plans to revamp its cotton, coffee and castor futures contracts. The exchange is also in the process of launching coal and gold guinea contracts.

"We did not do reasonably well in coffee last year but we want to make it more active. Also, castor and cotton contracts would also be strengthened," newly appointed managing director and CEO of NCDEX R Ramaseshan said.

"NCDEX has a strong presence in agri space. Agriculture commodities account for around 85 to 90 per cent of its daily volumes. We want to revamp these contracts for improve our business," he added. The exchange would broadbase its product portfolio by launching contracts for agricultural and non-agricultural products.

Carbon trading is yet another space, which is emerging as one of the interesting porfolios. The exchange would also focus on corbon contracts, he stated.

Apart from revamping some of its agri commodities contracts, NCDEX has also set the ball rolling for launch of coal and gold guinea contracts. The exchange has already applied to Forward Market Commission (FMC) for coal starting contracts at NCDEX and is currently awaiting the nod from the commodities market regulator. Gold guinea contracts are also in the offing, he said, adding, we are in the process of coming out with gold guinea contracts.

"We will have to put in place proper infrastructure and atleast 100 delivery centres before launching the contracts,"For guinea contracts, large number of logistic services providers are required and the exchange will have to tie-up with logistic services provides for pan India network of delivery centres," said Unupom Kausik, chief business officer, NCDEX.

The newly appointed MD and CEO of NCDEX today also claimed that the daily turnover of the exchange, which had gone down to Rs. 2,800 crore a day after the recent ban on few of the agri commodities futures, has not bounced back to Rs. 5,000 crore a day.