KARACHI, July 2: The committee, constituted by the government for making recommendations and formulation of rules on cotton hedge trading, has finalized and submitted its report to the ministry of commerce.

The government had constituted a formal committee on cotton hedge trading headed by Karachi Cotton Association chairman Zahid Bashir, with representation from growers, ginners, State Bank, SECP, ADBP and Aptma.

The committee was required to finalize its report by the end of June 2002, encompassing the modus operandi, proper discipline and regulation and the time frame for restarting the futures market in cotton.

The KCA sources said that the board of directors of the association in its meeting held on June 29, 2002, has also approved the amended by-laws of the Karachi Cotton Association relating to cotton hedge trading and other by-laws of the association so as to conform to present day conditions and requirements.