India's leading commodity bourse - the Multi Commodity Exchange - has tied up with the US-based Institute of Financial Management to conduct training programmes on futures and options across the country.

MCX officials said, to begin with, there will be three 2-day training programmes on 'Futures and Options on Futures' in Mumbai, Bangalore and Delhi between June 1-7.

IFM will supply study material s as well as a web-based tutorial system to help students to get well-versed in commodity futures and options.

The programme is design to help investors and corporates understand how the commodity derivatives market functions in India.

The training programme is basically meant for professionals dealing with financial and commodity derivatives in corporates, banks, broking firms, stock and commodity exchanges, foreign banks, FIIs and BPOs.

It will also prepare them to take the Series 3 Examination (National Commodities Futures exam) of the National Futures Association, a self-regulatory body for the US futures industry.

Globally, NFA monitors more than 4,200 firms and 55,000 associates.

MCX officials said it is for the first time that the test is going to be conducted in India. Till now, candidates had to travel all the way to Singapore to write the exam.

The exam is required for individuals who offer or conduct business in futures or options at a futures commission merchant, or a broker or whosoever supervises any such person.

MCX is working closely with the Futures Industry Association of US, a non-profit educational foundation, to bring international courses on futures and options to India.

"Commodity futures is a relatively new phenomenon in India. We need to ensure that investors and corporates in India are well-versed in commodity futures and options on global scale," a senior MCX official coordinating the programme said.

He said the whole programme covers topics on industry and technical information (market fundamentals of futures margins, option premiums, hedging spread trading applications and techniques), regulations and regulatory framework and compliance in depth.