The Multi Commodity Exchange of India has decided to start a one-year full-time certificate course on commodities in March this year in Mumbai.
The fee structure has not been decided so far. Aimed at "bridging the gap between the high-end (degree holders) and low-end (diploma holders), this will be the first of its kind in the world -- different from the training programme provided by the leading commodity exchanges like London Metal Exchange and the New York Merchantile Exchange (NYMEX)", according to Chiragra Chakrabarty, Head, Training and Research & Development.
The purpose of this programme is to create young professionals with basic understanding of commodities at grassroots level and practical training on trading which is in acute shortage today in India.
Chiragra said this would be a full-time course where 30 students from Mumbai primarily would be enrolled on the basis of online tests and interview.
"Initially, we have designed the course only for those who can physically attend lectures delivered by our internal and visiting lectures, some of them ex-students for training programme at Welingkar Institute of Management Development & Research, Mumbai. But, the course will be extended through correspondence also," Chiragra said.
Started creating young talents for commodities in April 2006, the MCX has so far tied with the Indian institutes including IIMs and others including Symbiosis Institute of International Business, GB Pant University for Agriculture and Technology, Pantnagar and succeeded in obtaining a nod from these institutes to incorporate commodities as an elective subject in their respective curriculum.
IIM Ahmedabad led the pack by accepting the proposal and reportedly 42 students have opted for commodities as an elective subject for study.
Within nine months of existence, MCX has trained 700 professionals through diploma and correspondence courses (a 3-month part time programme) and 2,000 professionals through Management Development Programme (MDP - a 2-day programme) and Multi Commodity Exchange Certified Commodity Professional (MCCP - a 15-day programme).
The Mumbai University, too, has suggested that Symbiosis should incorporate commodities as an elective subject in its curriculum.