Rashtriya e-Market Services (ReMS) is established as a joint venture of Government of Karnataka (India) and NCDEX spot exchange limited with equal shareholding.
It was conceived to blend public interest with the initiative of a private enterprise for establishing, operating, managing a specialized electronic trading platform called Unified Market Platform (UMP) for auctioning of farmer's produce.
Compulsion to sell only in regulated market yards having limited infrastructure, a market loaded against the farmer, monopoly practices, restricted competition among buyers, high transaction cost, considerable post-harvest losses and a host of other unhealthy practices prevail.
Post bidding time, tenders are opened and highest bidder is declared as the winner of respective lot.
The winning bid and trader's details are sent through SMS's to the farmer's registered mobile number.
It has overcome the odds like local cartelization, opaque bidding process, restricted inter-market trade etc.
This has put barrier for local cartelization and provided healthy competition leading towards better price discovery.
This real-time information serves as a bench mark for trade and provides fair chance of bidding for every lot.