National Commodity & Derivatives Exchange

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.

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

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

• Commodity derivatives exchange
• Agricultural futures trading
• Weather derivatives India
• Commodity options platform
• SEBI-regulated exchange

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. 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.
2. Trading and Membership Services: Revenue from member registrations, trading infrastructure access, and related exchange services for commodity and derivatives trading.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core 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

Named customers5 records

Segments3 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• Tata Consultancy Services (TCS)coreTechnology or Integration · 13 February 2026NCDEX 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 BombaycoreStrategic or Co-development PartnerNCDEX 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)coreTechnology or IntegrationIMD provides official rainfall data for settlement of the RAINMUMBAI weather derivative contracts, with data sourced from two weather stations in Mumbai.
• NABARDcoreStrategic or Co-development PartnerNABARD 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

Broad 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

• Xx.com/ncdex
• Facebookfacebook.com/TrustNCDEX

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds5 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Commodity & Derivatives Exchange