{"id":45973,"date":"2022-08-02T14:01:57","date_gmt":"2022-08-02T08:31:57","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=45973"},"modified":"2022-08-02T14:02:00","modified_gmt":"2022-08-02T08:32:00","slug":"the-procedure-of-the-mstc-e-waste-auction","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/the-procedure-of-the-mstc-e-waste-auction\/","title":{"rendered":"The Procedure of the MSTC E-Waste Auction"},"content":{"rendered":"\n<p>Mini Ratna Category-I PSU, popularly known as MSTC limited, is an organisation regulated by The Ministry of Steel, Government of India, which is also the enterprise&#8217;s majority shareholder with a share of 64.75%. MSTC was initially instituted as <strong>\u201cMetal Scrap Trade Corporation Limited\u201d<\/strong><sup><a href=\"https:\/\/www.mstcindia.co.in\/\"><strong>[1]<\/strong><\/a><\/sup> in accordance with the provisions of the Companies Act, 1956, which was later transformed to MSTC Limited through the special resolution that was passed by the shareholders.<\/p>\n\n\n\n<p>The process that is followed for a\nreason for MSTC E-Waste Auction &#8211;<\/p>\n\n\n\n<ul><li>To bid only on the selected number of materials on\ne-auction, which are offered only on a consistent and continuing basis.<\/li><li>Start an initiative to list the actual bidder of\nthe item for permanent registration.<\/li><li>Prior notice of e-auction events is directed by\ne-mail to the registered customers.<\/li><li>E-Auctions of listed items are then held on pre-announced\ndates and times.<\/li><\/ul>\n\n\n\n<p>Some of the fundamental constituents\nof the MSTC E-Waste Auction are:<\/p>\n\n\n\n<ul><li>MSTC provides the option of permanent authorisation\nto the bidders to make sure that facts about impending sale events have been\nconversed. The details given by MSTC to the participants of the bid are only connected\nto items of their choosing. <\/li><li>Before the e-auction commences, either reserve\nprice or floor price is delivered to the organisation by the stakeholder, also\nreferred to as principle.<\/li><li>While bidding, if the bidder puts a bid that is\nequal to or more than five times the current highest bid, a warning is\ndisplayed on his screen. Seeing the warning, the bidder is said to check their\nbid before finally submitting the bid. <\/li><li>The auction continues even past the suggested\nclosing hours until no bid is recognised for a fixed period that is 5 to 8 minutes\ndepending upon the item. <\/li><\/ul>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/the-procedure-of-the-mstc-e-waste-auction\/#Bidding_is_done_by_MSTC\" >Bidding is done by MSTC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/the-procedure-of-the-mstc-e-waste-auction\/#Modules_used_for_MSTC_E-Waste_Auction\" >Modules used for MSTC E-Waste Auction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/the-procedure-of-the-mstc-e-waste-auction\/#Types_of_bidding\" >Types of bidding<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/the-procedure-of-the-mstc-e-waste-auction\/#Provided_Rules_and_Regulations_for_Customers\" >Provided Rules and Regulations for Customers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/the-procedure-of-the-mstc-e-waste-auction\/#Process_of_participating_in_MSTC_e-waste_auction\" >Process of participating in MSTC e-waste auction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/the-procedure-of-the-mstc-e-waste-auction\/#Items_not_allowed_on_MSTC_E-Waste_auction\" >Items not allowed on MSTC E-Waste auction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/the-procedure-of-the-mstc-e-waste-auction\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bidding_is_done_by_MSTC\"><\/span>Bidding is done by MSTC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>MSTC or Metal Scrap Trade\nCorporation Limited bid on the products, including: &#8211;<br><\/p>\n\n\n\n<ul><li>Property Auction <\/li><li>Non-ferrous Auctions <\/li><li>Ms Barrels <\/li><li>Iron Pellets <\/li><li>Electronic Waste <\/li><li>Ferrous Scrap <\/li><li>Non-Ferrous Scrap <\/li><li>Machinery Scrap <\/li><li>Vehicle Scrap<\/li><li>Rough diamond <\/li><li>Forest products and timber <\/li><li>Hazardous waste <\/li><li>Coal <\/li><\/ul>\n\n\n\n<p><strong><br>\n<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Modules_used_for_MSTC_E-Waste_Auction\"><\/span>Modules used for MSTC E-Waste Auction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The key Modules available for MSTC\nE-Waste Auction are:-<\/p>\n\n\n\n<ul><li>Price only bid (English Action)<\/li><li>Price cum Quantity bid (Yankee Auction)<\/li><li>E-trader cum e-auction\/e-Trader<\/li><li>Two-stage bid (Technical cum price)<\/li><li>Simultaneous Multiple Round Ascending Auctions\n(SMRA) <\/li><li>Book Building <\/li><li>Swizz Challenge <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_bidding\"><\/span>Types of bidding <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The bidding by MSTC is done through\ntwo bidding options: &#8211;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Straight bidding <\/h3>\n\n\n\n<p>Straight bidding is when the\nparticipant\u2019s bid will be applied immediately at the exact amount he specified\nunless a higher bid exists.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Maximum Bidding <\/h3>\n\n\n\n<p>Maximum bidding, also known as\nproxy bidding, is for the participant to win the MSTC E-Waste auction at the\nlowest possible price through bidding on behalf of the leading bidder. The\nprice is added till the maximum amount is reached. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Provided_Rules_and_Regulations_for_Customers\"><\/span>Provided Rules and Regulations for Customers <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol><li>After the procedure for online and offline registration is completed, the password for the MSTC <a href=\"https:\/\/corpbiz.io\/learning\/e-waste-auction-in-india\/\"><strong>E-Waste auction<\/strong><\/a> is generated <\/li><li>Once the password is generated, all the information regarding the upcoming bids will be communicated through his registered mail id<\/li><li>While bidding on the live E-Auction floor, one must be very careful as the bid relating to decimals is not acceptable. For any default, the bidder will be held liable and responsible for the bidding done, including the errors. There will be no complaints that will be registered in this regard by MSTC<\/li><li>While bidding, if the bidder puts a bid that is equal to or more than five times the current highest bid, a warning is displayed on his screen. Seeing the warning, the bidder is said to check their bid before finally submitting the bid. <\/li><li>It is upon the bidder to personally see the end result of the MSTC E-Waste auction from the website, which will be displayed up to 7 days from the date of closing of the E-Auction. <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_of_participating_in_MSTC_e-waste_auction\"><\/span>Process of participating in MSTC e-waste auction <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The process of an E-Waste auction\ninvolves both online and offline processes were first participants have to get\nonline registration first and then proceed with the offline procedure. <\/p>\n\n\n\n<p>The process involves: &#8211;<\/p>\n\n\n\n<ol><li>The online registration is done through an online portal where the participant has to apply for a buyer registration form which contains the essential information and accepts general terms and agreement and buyer-specific terms and conditions. <\/li><li>The participant also generate their unique ID <\/li><li>After registration, the details of it will be communicated to the participant through their mail.<\/li><li>After this, the further process of E-Waste auction has proceeded offline in which first, for the hazardous waste, the participants have to get authorised registration certificates from the State Pollution Control\/Pollution Control Committee or the CPCB (Central Pollution Control Board).<\/li><li>For completing the offline registration for the MSTC e-Waste auction, one has to submit the following documents: <ol><li>Permanent Account Number (Both original and photocopy- the submitted original will be submitted back to the participant)<\/li><li>Recent Income tax return copy <\/li><li>State and central sales tax registration certificate (Both original and photocopy- the submitted original will be submitted back to the participant)<\/li><li>Registration fees<\/li><li>Authorisation of the proprietor\/partner verified by the bank on its letterhead <\/li><li>Photo ID <\/li><li>Attested Photocopy of authorised registration certificates from the Central Pollution Control Board and State Pollution Control Board <\/li><li>Copy of E-Mail confirmation received from MSTC<\/li><\/ol><\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Items_not_allowed_on_MSTC_E-Waste_auction\"><\/span>Items not allowed on MSTC E-Waste auction <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>MSTC E-Waste auction does not allow\nsome of the items during its auction: &#8211;<br><\/p>\n\n\n\n<ul><li>Sensitive Goods that are Copyright or Trademark-<\/li><li>Counterfeit or Knock-Off Goods<\/li><li>Items Subject to Embargo<\/li><li>Hate Materials<\/li><li>Live Animals<\/li><li>Goods Made From Protected Animal\/Plant Species<\/li><li>Recalled Goods<\/li><li>Hacking\/Surveillance\/Interception\/Descrambling\n     Equipment<\/li><li>Cigarettes<\/li><li>Illegal Drugs and Paraphernalia<\/li><li>Prescription Drugs Medical Devices<\/li><li>Body Parts and Bodily Fluids<\/li><li>Stolen Products and Items Used for Theft<\/li><li>Fireworks, Explosives, and Hazardous Materials<\/li><li>Government IDs<\/li><li>Police Items<\/li><li>Stocks and Securities<\/li><li>Gambling Items<\/li><li>Services<\/li><li>Individual Contracts<\/li><li>Non-Transferrable Items<\/li><li>Non-Packaged Food Items<\/li><li>Weapons<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The E-auction platform of MSTC (Mini Ratna Category-I PSU) is connected with various banks to provide a transparent E-Payment facility. MSTC has put in place a Global EMD management system for handling EMDs by design during the bidding process. The platform is also used as a customised platform for the sale of any product as well as services. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our Article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/e-waste-auction-regulations-in-india\/\">E Waste Auction Regulations in India: Explained<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mini Ratna Category-I PSU, popularly known as MSTC limited, is an organisation regulated by The Ministry of Steel, Government of India, which is also the enterprise&#8217;s majority shareholder with a share of 64.75%. MSTC was initially instituted as \u201cMetal Scrap Trade Corporation Limited\u201d[1] in accordance with the provisions of the Companies Act, 1956, which was [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":45974,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[888],"tags":[2553],"acf":{"service_id":"491"},"authorName":"Muskaan Verma","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-14.jpg","authorDescription":"Muskaan has completed her BA.LLB and LLM, gaining vast legal knowledge and expertise. She has keen interest in legal research and content writing, having prior experience of publishing numerous research papers in international journals on Environmental Laws and Corporate Laws.","postViews":8587,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/45973"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=45973"}],"version-history":[{"count":9,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/45973\/revisions"}],"predecessor-version":[{"id":45985,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/45973\/revisions\/45985"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/45974"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=45973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=45973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=45973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}