Trade wants Tea Board to evaluate e-auction system
January 21, 2021
× Citing several lacunae in the e-auctions mechanism, tea traders have urged the regulator, Tea Board of India, to evaluate the online auction system before its wide-scale roll-out.
The Federation of All India Tea Traders Association (FAITTA), the apex tea trade body, has warned that the public auction system could have serious ramifications for the trade under its current e-auctions systems.
“Unfortunately, there are several lacunae in the system, and as a result it has ended up working like a tender process, and not a fair price discovery mechanism,” Viren Shah, Chairman of FAITTA, said in a statement. The tea trade had migrated from a manual auction system to e-auction in 2016 as a part of the auction reform initiative for fair price discovery.