NCDEX gets in-principle Sebi nod to launch equities, derivatives; plans Rs 750 crore fundraise: Source
ADVERTISEMENT 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.
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.Sebi has also directed NCDEX to start its equity offering first in the cash segment, the source said.
ADVERTISEMENT 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.
ADVERTISEMENT 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.
ADVERTISEMENT NCDEX offers contracts of Cereals and Pulses, Oil and Oil seeds, Fibres (like Kapas and cotton), spices, Guar Complex and metals.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
27 minutes ago
- Time of India
Darwinbox eyes OTPP purse; Middle East calling for Indian startups
Darwinbox eyes OTPP purse; Middle East calling for Indian startups Also in the letter: Canada's OTPP in talks to invest in Darwinbox; valuation may hit $1 billion: Sources Deal details: The $50-million transaction is mainly a secondary sale. The company is likely to be valued at over $1 billion on a blended basis, taking in account the pricing from both primary and secondary share transactions. Peak XV Partners, an early backer, will trim its stake, pocketing a tenfold return on its initial bet. Funding history: Darwinbox was last valued at $1 billion in 2022, following a $72 million funding round led by Netflix-backer TCV. In March this year, it raised $140 million, almost entirely via secondary sales. That round brought private equity majors KKR and Partners Group onto its cap table, while Lightspeed and a few early investors partially cashed out. Zoom out: SuperGaming raises $15 million in fresh funding at five times higher valuation Deal details: The round combines fresh capital with bridge investments made since its last raise of $5.5 million in October 2021. The company was then valued at around $21 million, founder Roby John told us. Global gaming and Web3-focused funds, including a16z's Speedrun, Bandai Namco's 021 Fund, and Polygon Ventures, also participated. Fashion brand Outzidr nets $3.1 million in fresh round Also Read: Middle East new stomping ground for Indian venture funds, startups Tell me more: Stellaris Venture Partners and Blume Ventures have tapped Middle Eastern money for fresh funds. Other VC firms, including Ideaspring Capital and Java Capital, are scouting for deals. Early-stage venture fund 100Unicorns picked Abu Dhabi for its first global foray in December 2024, while cricketer Shikhar Dhawan's VC arm, Yashaa Global Capital, already made the emirate its base. Shoring up: Number-wise: But why? Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Amber Enterprises earmarks Rs 900 crore chest for Mysuru plant Driving the news: Amber intends to invest Rs 800–900 crore in the new plant. The company has applied under MeitY's electronic component manufacturing scheme, with the deadline extended until September. The company is evaluating the viability of the plant. Tell me more: Keeping Count Other Top Stories Infosys opens AI, cybersecurity and spacetech centre in Hubballi: Kaynes' Sanand semicon unit to be operational by December: Global Picks We Are Reading Happy Thursday! Darwinbox is looking to tap Ontario Teachers' Pension Plan for fresh capital. This and more in today's ETtech Morning Dispatch.■ Amber's Mysuru plant■ Infosys' AI centre■ Kaynes Sanand OSAT(L-R) Rohit Chennamaneni, Chaitanya Peddi, Jayant Paleti and Vineet Singh, cofounders, DarwinboxCanadian pension giant Ontario Teachers' Pension Plan (OTPP) is on the verge of snapping up a stake in the human resources SaaS unicorn is one of OTPP's high-conviction HR-SaaS plays in the Asia-Pacific. In July 2024, it co-led, alongside KKR, a $140-million funding round in Japan's in Darwinbox has surged since the March round, a person familiar with the matter told us. The company is now closing in on $100 million in annualised recurring revenue, a key John, cofounder, SuperGamingPune-based gaming company SuperGaming has bagged $15 million in a funding round led by existing investors Skycatcher and Steadview Capital, catapulting its valuation to $100 million.(L-R) Justin Mario, Nirmal Jain, Manikant Mani, cofounders, OutzidrGen Z women-focused fashion brand Outzidr has secured $3.1 million in funding led by early-stage venture capital firm RTP Global. Existing investor Stellaris Venture Partners also participated in the latest funds will be used for expansion, opening offline stores, and initiating quick capital firms and startups from the country are setting their sights on the Middle East , as the region looks to shed its old image as a land of oil rigs and startups are also building a presence. Beauty retailer Nykaa runs UAE subsidiaries, and fintech player InCred snapped up Dubai-based Arrow startups raised about $200 million from Middle Eastern investors in 2024, according to Venture now make up nearly 30% of Dubai's tech startup community , ET reported pull is clear. Dubai International Finance Centre provides credibility and access to regional capital. Golden visas and a low-tax regime sweeten the deal. Add to that substantial investments in AI infrastructure, and the Gulf is becoming a natural hub for Indian startups specialising in deeptech, financial services, AI, and even other words, the desert, it seems, is no longer barren for India's venture Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship maker Amber Enterprises is planning to set up a new copper laminate plant in initiative aims to boost domestic production of electronic components and sub-assemblies, thereby positioning India as a key player in the global electronics value is already building a Rs 3,200-crore electronics manufacturing plant near the upcoming international airport at Jewar, Uttar of 'Infosys Living Labs', the newly opened centre is a network of over a dozen established centres worldwide designed to help clients accelerate innovation and leverage emerging Rs 3,307-crore outsourced semiconductor assembly and testing (OSAT) plant will deliver the first sample by September 15 and start operations by December , said chief executive Raghu Panicker. The clean room has been established, and equipment and raw materials are arriving, he added.■ Hackers hijacked Google's Gemini AI with a poisoned calendar invite to take over a smart home ( Wired ■ AI could turn your town nuclear ( The Verge ■ Google's AI coding agent Jules is now out of beta ( Techcrunch
Economic Times
27 minutes ago
- Economic Times
Gold inches higher as dollar weakens on Fed rate cut hopes
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Economic Times
27 minutes ago
- Economic Times
Dollar holds losses on US economy concerns, Fed appointments
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The dollar remained lower against major peers on Thursday, as expectations of Federal Reserve rate cuts grew and concerns swirled about partisanship creeping into key U.S. institutions. Initial jobless claims in the United States are under scrutiny after last week's disappointing nonfarm payrolls, which triggered a slide in the greenback. Meanwhile, the euro found support ahead of anticipated talks next week to end the war between Russia and week, President Donald Trump fired the official responsible for the labour data he did not like, and focus is centring on his nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank."All those things suggest that we're seeing those political risks around the U.S. dollar increase, and on top of that you've got the weak data coming through," said Tony Sycamore, a market analyst at progress in ending the war in Ukraine "is going to be a positive driver of the euro," he dollar index, which measures the greenback against a basket of major peers, edged up 0.1% to 98.259 in early trade in Asia, after a 0.6% slide in the previous U.S. currency was little changed at 147.36 yen. The euro stood at $1.1654, down almost 0.1% after a 0.7% jump U.S. Labor Department is expected to report that initial claims for unemployment benefits likely rose by 3,000 to 221,000 for the week ended August 2. Continued jobless claims for the week that ended July 26 are expected to increase last Friday showed U.S. employment growth was weaker than expected in July while the nonfarm payrolls count for the prior two months was revised down considerably, suggesting a sharp deterioration in labour market funds futures traders are now pricing in a 94% probability of a 25 basis point cut at the Fed's September meeting, up from 48% a week ago, according to the CME Group's FedWatch Tool. In total, traders see 60.5 basis points in cuts this could meet Russian leader Vladimir Putin as soon as next week, a White House official said on Wednesday, as the U.S. kept up pressure on Moscow to end the war in president said on Tuesday he would decide on a nominee to replace outgoing Fed Governor Adriana Kugler by the end of the week and had separately narrowed the possible replacements for Fed Chair Jerome Powell to a short list of was steady at $1.33505. The Australian dollar was little changed at $ edged 0.1% lower to $115,038.79.
