Initially NCDEX Spot Exchange Ltd. has implemented 27 markets as a pilot in Karnataka. The first market to be made LIVE was Gulbarga and it was done in December 2011.
After the success of 27 markets, in order to scale up the implementation, Government of Karnataka & NCDEX e Markets Ltd. formed Joint Venture Company (50:50) called ReMS (Rashtriya e Markets Ltd.) under Public Private Partnership, which was set up in February 2014. This was to implement the State's new agricultural marketing policy, to bring in efficiency and transparency in the agricultural marketing system for efficient price discovery to benefit farmers and other market participants. Presently 170 markets are LIVE and running successfully.
Pioneering the move was Karnataka Chief Minister, who launched the unified platform for online commodity trade, a virtual market for agricultural produce, in February 2014. He said it would be a step to empower farmers. Licensed traders could bid online from anywhere in India and farmers would have the right to accept or reject the price. This led to "scientific" price discovery by the farmers themselves, breaking the hold of middlemen.