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User manual
National Spot Exchange Warehouse Receipt Trading through
NSEL-e-Auction
National Spot Exchange Ltd, Mumbai
FT Tower, CTS No-256 & 257, Suren Road, Chakala, Andheri (East), Mumbai – 400 093
Tel.: 022 – 67619911 Dial: 8 Fax: 022 – 66864050
www.nationalspotexchange.com email: [email protected]
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User Manual
1. Introduction:
NSEL warehouse receipt trading system (NWRTS) is the web based e-auction
platform, which enables a warehouse receipt holder to sell his warehouse receipt in
a transparent manner. Any buyer registered as a participant with the Exchange is
able to participate in bidding. There is no registration fee payable by the buyer or
seller for registration. The participants can access through the link http://e-
auction.nationalspotexchange.com/NSELAuction/Common/Home.aspx or through
www.nationalspotexchange.com. This is a web based platform, which can be
accessed through internet from any location. This is separate from the existing
Exchange TWS based trading platform. In order to participate in NWRTS e-auction
platform, the participants are not required to be either members or clients of any
member. They can directly register themselves with the Exchange as
participants/bidders after completion of KYC through the module. However in case
of seller, the registration is done by the Exchange after receipt of the relevant KYC
documents and duly filled registration form. The seller/ bidder registration, log in,
Sale request / RFQ generation, bidding, order matching, Trade confirmation, etc .is
done through NWRTS system. The bidders shall transfer funds through the payment
gateway which can be accessed through the same system. The process involves
following steps:
Bidders & Sellers registration.
Initiate new RFQ and Demands
View List of NWR , RFQ , Demand
Place Bids on RFQ
Transfer of Funds towards EMD & Settlement.
View daily trade & settlement reports
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2. Users Registration
2.1 Log in: Bidders can click ‘’NSEL-e-Auction’’ which is available on the NSEL
web site www.nationalspotexchange.com or path http://e-
auction.nationalspotexchange.com/NSELAuction/Common/Home.aspx
Users can log in to NSEL ware house receipt trading system (NWRTS) by
using their User Id and password.
2.2 Bidders Registration: In order to register as New USER /participant , the
bidder needs to enter user details, such as name, address, PAN number,
Bank account number , mobile number, e-mail id, commodities which he is
interested to buy, etc . PAN number is mandatory for KYC registration as
PAN number is treated as the user id for the bidder. After necessary
entry, the bidder should upload the scanned image of (PAN card, Proof
of address and canceled cheque) through the system or fax the
documents to the Exchange at 022- 67269524. . It is suggested that
bidder should change his Password during their first login. They should
also keep on changing their password frequently. Using their login, bidders
will have a facility to select/de-select commodities in which they
intend/show interest of participation in future. Based on the interested
commodities, bidders will be notified of scheduled auctions through mail.
Fig 1.00 User Registration Form to Capture Personal Details and Interested Commodity Details
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2.3 Sellers Registration: For registration, seller should provide a duly filled
registration form and supporting documents to the Exchange. Format of
Registration form is available in the Exchange web site under resource
center downloads.
Seller Registration form.doc
Upon receipt of the registration form and documents, E-auction admin
shall create user id and password and send to the seller at his registered
email id
Fig. 2.3 Login Screen
2.4 After login, system will redirect the user to his respective area. After
log in, the BIDDER:
Will have facility to view his profile details where he can select
commodities of his interest
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Facility to change his password
Facility to view the list of commodities offered for sale
Facility to create a Demand for auction in interested commodity,
facility to close a created demand and facility to view their demand
list.
View the Request for quote (RFQ) list. Placing bid(s) against
individual RFQ.
View his bid list where information will be provided about his
successful bids.
View various reports to their traded positions, his obligation and final
settlement.
2.5 Similarly, after log in, the Seller:
Will have facility to view his profile details where he can select
commodities of his interest
Facility to change his password
Facility to view the list of commodities offered
Facility to view the list of NWR generated in his name. Facility to
know status of the generated NWRs.
Facility to add new NWR.
Facility to view list of RFQ’s & their status. Facility to initiate auction
session on a RFQ.
View the depth created in the auction session.
Facility to view the status and list of demand(s) created by the
bidder(s).
Will have access to various kinds of reports
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3. RFQ: Request for Quote
3.1 Creation of NWR: The Seller needs to deposit the commodities meant for
sale at the Exchange accredited warehouse and obtain QC and Warehouse
receipt for the same. Thereafter, the seller can create NWR in the e-Auction
system on his own. The parameters to be declared while creating NWR are
Warehouse Receipt number, Lot number, Quantity, date of deposit, QC
number, QC date, Validity etc.
Creation of NWR:
Fig 3.1 Creation of NWR page available only to seller, post login
3.2 Creation of RFQ: After generation of NWR; system will permit him to
initiate RFQ, once the created NWR is activated by the exchange. The details
to be filled up while initiating RFQ are
Volume: Total available Quantity
Trading Start Date and Time
End Date and Time (Session End Date)
Settlement Date : Derived Field = Session end Date + 5
Floor Price: Not to be disclosed to the bidder.
Buffer Price : Will be disclosed to the bidder
Minimum Lot Size : Bid lots should be in multiple of Minimum Lot size
Margin percentage: % of Trade value.
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Once Seller initiates RFQ, the mails shall be sent to the eligible bidders
immediately. Eligible bidders are those who have done registration or created
their own intention for specific commodities.
Fig 3.2 creation of RFQ page available only to the sellers post login
3.3 View of RFQ by the bidder and participation:
Bidder is allowed to view all current and scheduled RFQs for
commodities, where auction is to be initiated. This is for the purpose
of dissemination of information and generating interest among
bidders.
Once the auction session starts, the bidder can place bid (Quantity,
Price). However, the seller cannot place buying bid on any RFQ
initiated by him.
No order below the buffer price will be accepted by the system. Please
note that buffer price shall be visible to the market. However, floor
price fed by the seller will not be visible to the buyer.
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Bids submitted above floor price will be accepted by the system. Bids
submitted below floor price but above Buffer price will also be
accepted by the system. All such bids pending in market till end of
trading session shall form the depth. At End of trading session, the
bids above floor price are marked to trade in descending order till the
seller quantity is available. The trades are matched on price time
priority logic.
During trading session, only betterment of price by the bidder is
permitted (upward revision). Cancellation of bid is not allowed.
Downward revision of bid, either in quantity or price is also not
allowed.
At end of session, the highest bidders are identified by the system. The
result of e-Auction shall be available on the E-auction web site.
User(s) can view the results using their login credentials.
The final results of the E-Auction are binding on all bidders and any
request for cancellation received after the conclusion of an auction
session shall not be entertained.
Fig.3.3 View RFQ List available post login to the bidders
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Fig.3.4 RFQ Details and Bidding screen available post login to bidder
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4. Post Trade activities
On being a successful bidder to auction, bidders have to transfer
margin amount defined by the seller during RFQ initiation.
Bidders will have to transfer the amount through payment gateway
provided by NSEL.
The successful bidders will be required to pay rest of the sale
proceeds (total sales value less margin amount) amount within the
specified days from confirmation of the deal. Here the total trade
value = [(Traded Qty* Traded value) + any charges defined] the
earnest money /margin amount shall be adjusted against the last
installment receivable from them. On receipt of the earnest money
and the sales proceedings from the bidders, the Exchange shall
transfer the amount to the seller after generation of delivery order by
him.
In case of non-transfer of pending settlement amount by the bidder
within the specified settlement date, the margin amount will be
forfeited. In such case, the deal will be cancelled and the forfeited
amount will be transferred to the seller.
The transfer of margin and sales proceeds to the seller by the
Exchange will be through payment gateway.
Seller will be able to see in the system details of remittance of funds
by the buyers. Based on this, he is required to generate Delivery Order
on the system.
The buyer can download such Delivery Order from the system
himself. He is required to produce such Delivery Order alongwith his
proof of identity before the warehouse manager for the purpose of
lifting delivery.
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After lifting of commodities, buyer needs to enter confirmation about
receipt of commodity in the system.
Once the confirmation is provided by the buyer, the Exchange would
then transfer the complete amount to sellers account.
Fig .4.0 Trade List available to customer /seller post login
Fig.4.1 obligation List available to customer /Seller post login
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5. Reports related to Trades & Post Trade settlements:
Various reports are available in the module to both bidders as well as sellers.
Such as
Trade report:- This report contains information about successful
bids to an RFQ. This gives an indication of the potential bidder(s) on
completion of the auction.
Obligation report:- This contains information about the bidder(s)
whose margin payment has been successfully transferred.
Settlement report:- This contains information about the trades
which have been successfully settled
Bank transaction:- This contains information to the user about the
bank transactions carried out by him
Fig 5.0 Bank reconciliation report
6. Glossary
Term Definition
NWR NSEL Warehouse Receipts
RFQ Request For Quotes
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7. Activity Diagram
7.1 User Registration
User
Login / Registration / Change Password
Home Page
Register
Terms and Conditions
Login / Register
Agree / Disagree
Disagree
Registration Details
Welcome Page
Successful
Agree
Pass
Fail
Login
Login / Forget Pwd
UserId / Pwd / Role User ID
Change Pwd
Login
PAN Details
Fail
Successful
Pass
Successful
Pass / Mail Notification
Fail
New / Confirm Pwd
Fail
Admin Approved
Pass
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7.2 RFQ Initiator Activity by the seller
RFQ Initiator
View Demands
View list of NWR and
their status
Initiate RFQ
View NWR
Details
View Past Trades and
Ledger
View Bids on RFQ
Initiate Bid
Negotiation
7.3 Bidder Activity
Bidder
Place Demand Request
View and Filter List of Available RFQ
Place Bids
View RFQ Details
View Past Trades and Ledger
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8. List of banks connected with Payment Gateway:
Sl No Bank Name
1. Jammu and Kashmir Bank
2. Corporation Bank
3. Karnataka Bank
4. Union Bank
5. South Indian Bank
6. DCB Bank
7. Central Bank of India
8. Canara Bank NetBanking
9. ICICI Bank
10. Yes Bank
11. HDFC Bank
12. IDBI Bank
13. Lakshmi Vilas Bank
14. Bank of India
15. Kotak Mahindra Bank
16. State Bank of India
17. Indusind Bank
18. State Bank of Hyderabad
19. Karur Vysya Bank
20. Fedral Bank
21. City Union Bank
22. State Bank of Mysore
23. State Bank of Bikaner and jaipur
24. Deutsche Bank
25. State Bank of Travancore
26. Indian Bank
27. Indian Overseas Bank
28. Catholic Syrian Bank
29. Bank of Maharashtra
30. Axis Bank