In response to the Press Note issued by the Government of India during May'1999,
first state-of-the-art demutualised multi-commodity Exchange, National Multi Commodity
Exchange of India Ltd. (NMCE) was promoted by commodity-relevant public institutions,
viz., Central Warehousing Corporation (CWC), National Agricultural Cooperative Marketing
Federation of India (NAFED), Gujarat Agro-Industries Corporation Limited (GAICL),
Gujarat State Agricultural Marketing Board (GSAMB), National Institute of Agricultural
Marketing (NIAM), and Neptune Overseas Limited (NOL).