National Commodity & Derivatives Exchange
NCDEX is a SEBI-regulated commodity derivatives exchange headquartered in Mumbai, India, operating as India's largest agricultural commodity exchange. It provides trading in agricultural futures and options and recently launched India's first exchange-traded weather derivative, RAINMUMBAI.
- Company typePrivate
- Founded2003
- HeadquartersMumbai, India
- Headcount251–500
- GTM typeB2B
- OfferingServices
What National Commodity & Derivatives Exchange does
National Commodity and Derivatives Exchange Limited (NCDEX) is a SEBI-regulated commodity derivatives exchange headquartered in Mumbai, India, founded in 2003 by a consortium including ICICI Bank and NSE. NCDEX operates as India's largest agricultural commodity exchange, providing an electronic trading platform for commodity futures and options contracts across agricultural categories including grains, pulses, spices, and oilseeds. The exchange generates revenue primarily through transaction fees on trades executed through its network of registered members and brokers. In Q3 FY25 (December 2025 quarter), NCDEX reported sales of Rs 46.61 crore, a 52.97% year-over-year increase, while narrowing its net loss to Rs 8.41 crore from Rs 11.88 crore.
The exchange's product portfolio has expanded beyond traditional agricultural commodities into weather derivatives. In May 2026, NCDEX launched RAINMUMBAI, India's first SEBI-approved exchange-traded weather derivative contract, co-developed with IIT Bombay and settled against official India Meteorological Department rainfall data. The contract tracks Mumbai's Monsoon Cumulative Deviation Rainfall index and enables hedging against monsoon variability for farmers, construction companies, power utilities, and financial institutions. NCDEX has also operationalized a NABARD-sponsored price protection scheme subsidizing put option premiums for agricultural farmers.
NCDEX is pursuing a strategic expansion into equity cash and derivatives markets, supported by a Rs 500 crore funding round in August 2025 from institutional investors including Citadel Securities, Tower Research Capital, Acacia Partners, Groww, JM Financial, Kotak Life Insurance, and Zerodha. A 10-year technology partnership with Tata Consultancy Services provides TCS BaNCS and Quartz infrastructure for the planned equity entry, though SEBI has directed NCDEX to first establish liquid cash equity markets before derivatives approval. Planned future products include RAINCHENNAI and broader weather derivative expansion across additional Indian cities.
National Commodity & Derivatives Exchange firmographics
Firmographics- Name
- National Commodity & Derivatives Exchange
- Legal name
- National Commodity & Derivatives Exchange Limited
- Website
- https://ncdex.com
- Company type
- Private
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- NCDEX is a SEBI-regulated commodity derivatives exchange headquartered in Mumbai, India, operating as India's largest agricultural commodity exchange. It provides trading in agricultural futures and options and recently launched India's first exchange-traded weather derivative, RAINMUMBAI.
- Ownership category
- akta.pro rank
National Commodity & Derivatives Exchange industry classification
Industry- Product category
- Commodity Derivatives Exchange
- NAICS
- Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (523160), Securities and Commodity Exchanges (52321)
- SIC
- Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Commodity Derivatives Exchanges (Futures & Options on Commodities) (FSAFAMAG)
- akta.pro secondary industries
- Commodity Derivatives (Energy, Metals, Ags) (FSACADAE), Weather & Climate Derivatives Exchanges (FSAFABAI), Cleared Derivatives & Margin (CCP, IM/VM) (FSACADAJ)
Keywords
Where National Commodity & Derivatives Exchange is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
National Commodity & Derivatives Exchange business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Exchange Transaction Fees: NCDEX generates revenue through transaction fees charged on trades executed through the exchange. The exchange reported sales increased by 52.97% to Rs 46.61 crore in Q3 FY25.
- Trading and Membership Services: Revenue from member registrations, trading infrastructure access, and related exchange services for commodity and derivatives trading.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | RAINMUMBAI Weather Derivative - Standard Contract |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
National Commodity & Derivatives Exchange product offering
Product offeringCore offering
NCDEX operates an electronic, SEBI-regulated exchange platform for trading commodity derivatives, primarily agricultural commodities such as grains, pulses, spices, and oilseeds. The exchange also offers weather derivatives (RAINMUMBAI), enables price discovery and risk management through futures and options, and supports farmer income protection programs in partnership with NABARD. Revenue is generated primarily through transaction fees and membership services for institutional and professional market participants.
Product overview
NCDEX operates as India's largest agricultural commodity exchange offering a multi-product platform. The core business centers on commodity futures and options contracts across agricultural commodities (grains, pulses, spices, oilseeds), enabling price discovery and risk management for farmers, traders, and commercial participants. The platform has recently expanded into innovative weather derivatives, most notably RAINMUMBAI, India's first SEBI-approved exchange-traded weather derivative developed with IIT Bombay and IMD data. A strategic 10-year technology partnership with TCS (BaNCS and Quartz) supports planned expansion into equity cash and derivatives markets, pending regulatory approval. The exchange also supports farmer-focused initiatives like the NABARD-NCDEX price protection scheme that subsidizes agricultural options premiums. Planned future products include RAINCHENNAI and broader weather derivative expansion.
Differentiator
Problem solved
Functional benefit
Brands
- RAINMUMBAI: India's first SEBI-approved exchange-traded weather derivatives contract that tracks Mumbai's Monsoon Cumulative Deviation Rainfall index, enabling hedging against monsoon-related financial risks.
Products and services
- RAINMUMBAI Weather Derivative Contract India's first SEBI-approved exchange-traded weather derivatives contract that tracks Mumbai's Monsoon Cumulative Deviation Rainfall index, enabling market participants to hedge financial exposure to monsoon rainfall fluctuations across agriculture, construction, power, and logistics sectors.
- NABARD-NCDEX Price Protection Scheme
Quantifiable outcome
- Revenue increased 52.97% to Rs 46.61 crore in Q3 FY25
- +1 more outcomes
Companies that use National Commodity & Derivatives Exchange
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
National Commodity & Derivatives Exchange technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature3 records
National Commodity & Derivatives Exchange partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- Tata Consultancy Services (TCS)coreNCDEX signed a 10-year technology partnership with TCS to power its entry into equity and derivatives trading. TCS BaNCS and Quartz solutions will provide scalable, low-latency trading and surveillance platform infrastructure.
- IIT BombaycoreNCDEX developed the RAINMUMBAI weather derivative contract jointly with IIT Bombay, utilizing academic expertise for the index methodology and contract design. This partnership created India's first exchange-traded weather derivative.
- India Meteorological Department (IMD)coreIMD provides official rainfall data for settlement of the RAINMUMBAI weather derivative contracts, with data sourced from two weather stations in Mumbai.
- NABARDcoreNABARD and NCDEX jointly launched a price protection scheme that subsidizes premiums for put options, helping farmers (particularly turmeric growers in seven states) manage price volatility through options trading.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
National Commodity & Derivatives Exchange competitors and assessment
Company assessmentBroad incumbents
- CBOE Global Markets: CBOE Global Markets is a leading derivatives exchange operator offering options, futures, and volatility products globally. Its multi-asset derivatives business model and product innovation track record make it a comparable peer for NCDEX's planned equity derivatives expansion.
- CME Group: CME Group operates the world's largest derivatives marketplace offering futures and options across agricultural commodities, energy, metals, and weather derivatives. As a global incumbent with established weather and agricultural commodity markets, CME represents the benchmark operating model NCDEX aspires to scale toward.
- Intercontinental Exchange (ICE): ICE operates global commodity derivatives exchanges including futures on energy, agricultural, and metals markets. As a multi-asset exchange operator with deep commodity derivatives expertise, ICE provides a comparable business model benchmark for NCDEX's planned diversification.
- London Metal Exchange (LME): The LME is the world's premier exchange for industrial metals futures and options. As a specialized commodity exchange with deep liquidity and global participation, LME represents the type of dominant niche exchange operator NCDEX aims to become in Indian agricultural and weather derivatives.
- Eurex (Deutsche Börse): Eurex operates one of Europe's leading derivatives exchanges offering futures and options across multiple asset classes. Its use of advanced trading technology (similar to NCDEX's TCS partnership) and product diversification makes it a comparable exchange operator benchmark.
Direct peers
- Multi Commodity Exchange of India (MCX): MCX is India's largest multi-commodity derivatives exchange, offering futures and options on bullion, energy, and agricultural commodities. It is the most direct competitor to NCDEX in Indian commodity derivatives trading, particularly in agricultural commodities where both compete for hedger and speculator volume.
- Metropolitan Stock Exchange (MSE): MSE is an Indian stock exchange pursuing entry into equity derivatives, similarly blocked by SEBI alongside NCDEX. MSE faces the same regulatory conditions and is therefore a direct peer in both commodity trading and the shared equity market entry strategy.
- Bombay Stock Exchange (BSE): BSE is India's oldest stock exchange offering trading in equities, derivatives, debt, and commodities. It competes directly with NCDEX in commodity derivatives and equity markets, particularly as BSE has been expanding its commodity and derivatives product portfolio.
- National Stock Exchange of India (NSE): NSE is India's largest exchange by trading volume across equities, derivatives, and debt. As one of NCDEX's original promoting institutions and a potential competitor in commodity derivatives expansion, NSE is a directly comparable exchange operator targeting similar institutional participants.
Emerging players
- AXA Climate: AXA Climate is an emerging climate risk solutions provider offering weather parametric insurance and risk transfer products. While OTC-based rather than exchange-based, it represents comparable innovation in monetizing weather risk hedging for corporate and agricultural customers relevant to NCDEX's RAINMUMBAI market development.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
National Commodity & Derivatives Exchange social profiles
Digital presenceNational Commodity & Derivatives Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
National Commodity & Derivatives Exchange leadership team
Management profileNumber of profiles
Profiles5 records
National Commodity & Derivatives Exchange funding detail
Funding detailFunding overview
Funding rounds5 records
Investors15 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
National Commodity & Derivatives Exchange M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about National Commodity & Derivatives Exchange
What does National Commodity & Derivatives Exchange do?
NCDEX operates an electronic, SEBI-regulated exchange platform for trading commodity derivatives, primarily agricultural commodities such as grains, pulses, spices, and oilseeds. The exchange also offers weather derivatives (RAINMUMBAI), enables price discovery and risk management through futures and options, and supports farmer income protection programs in partnership with NABARD. Revenue is generated primarily through transaction fees and membership services for institutional and professional market participants.
Is National Commodity & Derivatives Exchange a public or private company?
National Commodity & Derivatives Exchange is a private company. It is classified as venture growth investor backed and is currently operating.
When was National Commodity & Derivatives Exchange founded?
National Commodity & Derivatives Exchange was founded in 2003. It employs 251 to 500 people.
Where is National Commodity & Derivatives Exchange based?
National Commodity & Derivatives Exchange is headquartered in Mumbai, India, in the Asia region.
How does National Commodity & Derivatives Exchange make money?
Two revenue lines are on record. Exchange Transaction Fees are the primary driver. The others are trading and Membership Services.
Who are National Commodity & Derivatives Exchange's main competitors?
Broad incumbents on record are CBOE Global Markets, CME Group, Intercontinental Exchange (ICE), London Metal Exchange (LME) and Eurex (Deutsche Börse). Direct peers are Multi Commodity Exchange of India (MCX), Metropolitan Stock Exchange (MSE), Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE). AXA Climate is listed as an emerging player.
Does National Commodity & Derivatives Exchange have an API?
No public API is recorded for National Commodity & Derivatives Exchange.
What industry is National Commodity & Derivatives Exchange in?
National Commodity & Derivatives Exchange's product category is Commodity Derivatives Exchange. Its primary akta.pro industry code is FSAFAMAG, Commodity Derivatives Exchanges (Futures & Options on Commodities), with a secondary code of FSACADAE, Commodity Derivatives (Energy, Metals, Ags). Its NAICS code is 523210 and its SIC code is 6221.