Multi Commodity Exchange of India (MCX) has signed an MoU (memorandum of understanding) with Coimbatore-based Indian Cotton Federation (ICF). ICF, formerly known as SICA (South India Cotton Association, is a premier organisation representing the textile industry, cotton brokers and cotton growers in the country.
The MoU with MCX will enable ICF’s members to effectively participate in the exchange’s knowledge-sharing initiatives to understand the benefits, techniques and strategies of risk management using cotton futures contracts.
The agreement is designed to facilitate potential collaboration in areas such as organising awareness events for cotton value chain participants, including farmers across the southern belt, installation of price ticker board at textile parks and joint representation to ministries and regulators for further development of the sector.