The Indian Tea Board has said that online Tea auctions will start in November.

“Things are going on well. We will be carrying out software and system testing by September. And the e-auctioning of tea will commence from November,” Tea Board Deputy Chairperson Roshni Sen said.

The Information Technology (IT) arm of the National Stock Exchange (NSE) has developed the customised software application for e-auction of tea.

The new auctioning mechanism would provide optimal market timings, standard contract descriptor, uniform price increments, price discovery, uniform lot size, automatic matching and audit trail.

The system will bring on all auction participants on one platform, where they can carry out online transactions, NSE IT Executive Vice President C Kajwadkar said.

Posted: 09|2|08 at 9:07 am. Filed under: Auction News.