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To strengthen warehousing in the commodity derivatives market, Sebi has proposed a tweaking of norms to be followed while accrediting warehouse services providers (WSPs). It has sought public comments on the same by June 17. The exchanges would have to follow a transparent process for accreditation of WSP by issuing open advertisements in leading newspapers and putting up the same on the exchange website. The selection process being/to be followed for such accreditation has to be displayed on the Exchange website. The accreditation of the WSP shall be done with the approval of the Risk Management Committee of the Board of Directors of the Exchange. The exchange has to ensure that application of the WSP/warehouses a are processed within a stipulated time frame.
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