NCDEX gets in-principle Sebi nod to launch equities, derivatives; plans Rs 750 crore fundraise: Source
Derivatives
Exchange Limited (
NCDEX
) has received an in-principle approval from the Securities and Exchange Board of India (
Sebi
) to launch its equity and equity Derivatives segment, a source in the know of things told ETMarkets.
The market regulator gave its nod to NCDEX via a July 29 letter but the final approval for launch is subject to fulfilment of certain conditions.
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Sebi has laid down three conditions before NCDEX, this source said. One is that the commodity volumes should not be impacted and it must remain robust and NCDEX's strength is commodity and it accounts for 94% of the commodity market.
Another condition is that NCDEX must maintain the IT timelines. This source said that NCDEX should get its technology infrastructure ready and fulfil compliances before the launch of the equity segment. The source said that its technology partner is MIT whose services are also employed by the London
Stock Exchange
(LSE).
"The technology and infrastructure development required for equity segment work is already underway in terms of need assessment and mapping the road as stipulated in the said letter," the source said.
Live Events
Sebi has also directed NCDEX to start its equity offering first in the cash segment, the source said.
NCDEX's foray into the equity segment is part of its plans to diversify its offerings. The company's board had on February 12 given its nod to the company to launch its equity offerings.
The exchange plans to invest Rs 750 crore to develop the segment and has institutional backing to raise the required capital, according to the source.
NCDEX is being pitted against the Metropolitan Stock Exchange (MSE) which also has plans to offer derivatives products.
NCDEX's strength is its deep rural penetration unlike MSE which draws its strength from institutional investors, this person said.
NCDEX offers contracts of Cereals and Pulses, Oil and Oil seeds, Fibres (like Kapas and cotton), spices, Guar Complex and metals.
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