Are MCX and NCDED offering futures or trading in forwards?

Before getting into the nitty-gritty of trading in commodities, you need to understand one basic thing. Commodities markets in India are essentially commodity futures markets. The spot commodity markets are still under the regulation of the respective state governments and the commodity market regulator does not control or regulate the commodity spot markets. (The Indian commodity markets were formerly regulated by FMC, which was later merged into SEBI. So effectively, SEBI is the regulator for the Indian commodity futures market too). With the regulator now permitting the introduction of commodity options on the commodity futures, there is one more SEBI-regulator commodity trading product that is available for traders. What are the special benefits to the customer by trading in commodity futures (in MCX and NCDEX)