National Commodity and Derivatives Exchange
From Wikipedia, the free encyclopedia
| National Commodity & Derivatives Exchange | |
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| Type | Online commodity exchange |
|---|---|
| Founded | Dec 15, 2003 |
| Headquarters | Mumbai, Maharashtra, India |
| Website | www.ncdex.com |
National Commodity & Derivatives Exchange Limited (NCDEX) is an online commodity exchange based in India. It was encorporated as a private limited company incorporated on April 23, 2003 under the Companies Act, 1956. It obtained its Certificate for Commencement of Business on May 9, 2003. It has commenced its operations on December 15, 2003. NCDEX is a closely held private company which is promoted by nationl level institutions and has an independent Board of Directors and professionals not having vested interest in commodity markets.
[edit] Consortium of Shareholders
- ICICI Bank Limited (ICICI Bank)
- Life Insurance Corporation of India (LIC)
- National Bank for Agriculture and Rural Development (NABARD)
- National Stock Exchange of India (NSE)
- Punjab National Bank (PNB)
- CRISIL Limited (formerly the Credit Rating Information Services of India Limited)
- Indian Farmers Fertiliser Cooperative Limited (IFFCO)
- Canara Bank
- Goldman Sachs
NCDEX is regulated by Forward Market Commission (FMC) in respect of futures trading in commodities. Besides, NCDEX is subjected to various laws of the land like the Companies Act, Stamp Act, Contracts Act, Forward Commission (Regulation) Act and various other legislations, which impinge on its working. On February 3rd, 2006, the FMC found NCDEX guilty of violating settlement price norms and ordered the exchange to fire one of their executive.
NCDEX is located in Mumbai and offers facilities in more than 550 centres in India.
[edit] Commodities Traded
NCDEX currently facilitates trading of 56 commodities - Castor Seed, Chana, Chilli, Coffee - Arabica, Coffee - Robusta, Common Parboiled Rice, Common Raw Rice, Cotton Seed Oilcake, Crude Palm Oil, Expeller Mustard Oil, Groundnut (in shell), Groundnut Expeller Oil, Grade A Parboiled Rice, Grade A Raw Rice, Guar gum, Guar Seeds, Gur, Jeera, Jute sacking bags, Indian 28 mm Cotton , Indian 31 mm Cotton , Lemon Tur, Maharashtra Lal Tur, Masoor Grain Bold, Medium Staple Cotton, Mentha Oil , Mulberry Green Cocoons , Mulberry Raw Silk , Rapeseed - Mustard Seed, Pepper, Raw Jute, RBD Palmolein, Refined Soy Oil , Rubber, Sesame Seeds, Soy Bean, Sugar, Turmeric, Urad (Black Matpe), V-797 Kapas, Wheat, Yellow Peas, Yellow Red Maize, Yellow Soybean Meal.
[edit] Facilities offerd
NCDEX also offers as an information product, an agricultural commodity index. This is a composite index, called NCDEXAGRI that convers 20 commodities currently being offered for trading by NCDEX. This is a spot-price based index. NCDEX also offers as an information product, the index futures, called FUTEXAGRI. This is essentially a what-if index. It indicates, that if futures on the index could be traded, then the current FUTEXAGRI value should be the no-arbitrage value for the index futures. However, indexes and index futures are not allowed to be traded under the current regulatory structure. Hence, these are only available for information, as of now.
