Repository Participant
The main objectives of WDRA & its Repository is to implement the electronic Negotiable Warehouse Receipt System in the country, improve the fiduciary trust of the depositors and the banks, increase liquidity in rural areas, encourage scientific warehousing of goods, lower the cost of financing, promote shorter and efficient supply chains, enhance reward for grading and quality and ensure better price risk management. To provide impetus for increasing the use of NWRs, WDRA is focusing on developing commodity settlement mechanism and dispute resolution mechanism; registration of warehouses in order to achieve the objectives laid out in the WDR Act.
Repository Participants are agents of the Repository, and are expected to provide services as per Repository guidelines.
ROLE & RESPONSIBILITY
As per WDRA guidelines, a Repository may appoint one or more entities as Repository Participants who shall be persons referred to in clause 16(4) of WDRA Guidelines on Repositories and creation and management of Electronic Warehouse Receipts, to be its agent for all or any of the following purposes –
- To identify through documentary and/ or physical verification, on behalf of the Repository, the identity and address of the depositor in whose favor a warehouseman intends to issue an electronic Warehouse Receipt.
- To facilitate the opening, management and closing of accounts of users on the Repository;
- To facilitate the issue, modification, transfer, pledge and e-auction of electronic Warehouse Receipts.
- Other incidental and ancillary purposes as may be specified by the Repository from time to time.
ELIGIBILITY
As per the WDRA guidelines 16(4) of WDRA Guidelines on Repositories and Creation and Management of electronic Negotiable Warehouse Receipts and Repository Business Rule 9(1), the following entities are eligible for becoming Repository Participant:
- A Bank, or a financial institution licensed under the Banking Regulation Act, 1949 and the Reserve Bank of India Act, 1934;
- Any intermediary registered with the Securities and Exchange Board of India, PFRDA or IRDA;
- A warehouseman is eligible for becoming a Repository Participant if it meets the requirements as specified by the Repository and as approved by the Authority from time to time. Provided that in addition to the conditions as aforesaid, a Warehouseman shall adhere to following conditions:
- Warehouseman shall segregate its operations as the Repository Participant from its warehouse operations completely that shall include both at the technological and operational level.
- Warehouseman may facilitate opening of Client account for farmers if and only if Repository Participant conducts Biometric or OTP based verification of AADHAR.
- Warehouseman shall have the necessary infrastructure like web-camera etc. to enable in- person verification by the Repository Participant’s authorized personnel.
- Any other class of persons permitted to act as a Repository Participant by the Authority from time to time.
Further, the type/constitution of entities fulfilling the above mentioned criteria which may be admitted as Repository Participants are as mentioned below:
- Corporate
- LLP
- Partnership
- Banks/NBFC
PROCESS
- Applicant may register online through signup process.
- For details, kindly contact NERL Help Desk
DOCUMENTATION
- Application form
- Repository Participant Agreement on stamp paper of Rs 500 or Franking (as attached)
- Duly attested Company’s/Partnership firm/LLP PAN card
- Directors/Partners/Designated director details viz. name, qualification, contact details, experience
- Duly attested Company’s GST certificate
- Letter from bank certifying a/c no and date from which operational
- PAN card Copy of Directors/Promoter Shareholders/Partners
- Net worth certificate
- Proof of work experience – designated Directors/Partners as may be applicable
- Board Resolution/Partner’s Resolution along with List of authorized signatories verified by bank
- Annual report for current FY along with balance sheet and Notes to accounts
- Articles of Association (AoA) and Memorandum of Association (MoA)/ Partnership deed
- Details of Shareholders as per format attached
- Fit and Proper Undertaking
Depositor / Client
Introduction of repositories in the commodity markets will transform the manner in which market participants interact with each other. Electronic maintenance of Warehouse Receipts would resolve the problem of inadequate speed of transactions, process of splitting of Warehouse Receipts, forgery, bad deliveries, double financing and loss of receipts etc.
The envisioned eNWR system will help depositors by:
- Enabling book-entry holding of Warehouse Receipts that can help handle transfers and pledging efficiently
- Enabling multiple transfers of title of the commodities
- Facilitate standardization of farm produce, grading, scientific warehousing, packaging and efficient logistics management
- Enabling consumers (industries, processors, wholesalers, retailers etc.) to procure graded produce at competitive prices
- Enabling efficient clearing, settlement and delivery of eWR’s
Any individual or an entity desiring to transact in eWR’s can open an account with a Repository Participant by making a request in the prescribed form & fulfilling all the formalities laid down by the RP’s.
ELIGIBILITY
Any individual or an entity not debarred by any regulatory authority in India like WDRA, SEBI, PFRDA, IRDA etc.
PROCESS
Kindly get in touch with any of the empanelled Repository Participants
DOCUMENTATION
Depositor / client need to fulfil the requirements prescribed by RP / Repository
FEES
Kindly get in touch with any of the empanelled Repository Participants
Warehouse Service Provider
Main objective of WDRA & its Repository is to implement the electronic Negotiable Warehouse Receipt System in the country, improve the fiduciary trust of the depositors and the banks, increase liquidity in rural areas, encourage scientific warehousing of goods, lower the cost of financing, promote shorter and efficient supply chains, enhance reward for grading and quality and ensure better price risk management. To provide impetus for increasing the use of eNWRs, WDRA is focusing on developing commodity settlement mechanism and dispute resolution mechanism; registration of warehouses in order to achieve the objectives laid out in the WDR Act.
Warehouse Service Provider (WSP) means any person who is registered with WDRA having requisite infrastructure, manpower, skills, knowledge, experience and expertise to perform the services and that of related activities and also that it has, its own independent, trained and experienced staff having the requisite skills and knowledge to perform the warehousing and related services as per Repository guidelines.
ROLE & RESPONSIBILITY
As per WDR Act warehouseman is responsible for depositor KYC, quality and quantity check, issuance of electronic warehouse receipt, delivery to holder of the commodity etc. NERL is going to cater all segment of the depositor community, financial institutions and allow issuance of both eNWR and eWR. Warehouse will be responsible for issuance of eNWR and eWR and maintenance of its underlying commodity.
ELIGIBILITY
Warehouses that are registered with WDRA
PROCESS
All warehouses that are registered with WDRA, will be provided an access to Repository system.
DOCUMENTATION
Pledgee
Main objectives of WDRA & its Repository is to implement the electronic Negotiable Warehouse Receipt System in the country, improve the fiduciary trust of the depositors and the banks, increase liquidity in rural areas, encourage scientific warehousing of goods, lower the cost of financing, promote shorter and efficient supply chains, enhance reward for grading and quality and ensure better price risk management. To provide impetus for increasing the use of eNWRs, WDRA is focusing on developing commodity settlement mechanism and dispute resolution mechanism; registration of warehouses in order to achieve the objectives laid out in the WDR Act.
Repository will facilitate pledging of electronic Negotiable Warehouse Receipts, and the release of such pledges, via the Repository.
Pledging is a process in which holder of the eNWR will get a loan from the financial institution using the underlying commodity of eNWR as collateral. When a pledge is marked, the eNWR balances will remain in the client’s account (borrower) only but the control on the balance will be with the financial institution. In other words, the client will not be able to use the eNWR balances until the pledge in favour of the financial institution is active. Further, if the client has repaid the loan, the financial institution will release the pledge and upon such release, the balances of eNWR will be available in client’s account for his use. However, if the client does not repay the loan or defaults the repayment, the financial institution will have absolute right to get the eNWR balances (ownership of eNWRs) transferred to financial institution’s account
ELIGIBILITY
A bank, or financial institution licensed under the Banking Regulation Act, 1949 and the Reserve Bank of India Act, 1934;
PROCESS
DOCUMENTATION
NeRL Charges
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