The paper aims to study the market efficiency, unbiasedness among Guar seed futures contracts traded at National Commodity & Derivatives Exchange Ltd(NCDEX). The study has tested the market efficiency and unbiasedness with different maturities using cointegration analysis, and short-term market efficiency, using an error correction model and GARCH-M-ECM. The results suggest that futures market for guar seed is inefficient and biased in both short run and long run for all maturity periods, which may becaused by over-speculation or market manipulation. The results indicate an urgent need to provide more powers to FMC to regulate the market and penalize any insider trading, cartelization and price manipulations.