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.
- a bank, or 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;
- any intermediary registered with/ approved by PFRDA
- any intermediary registered with/ approved by IRDA
- a warehouseman meeting the requirements that the Repository had specified and such requirements which are approved by WDRA (Limited Purpose RP)
- any other class of persons permitted to act as a Repository Participant by the WDRA