NCDEX, a leading agri-based commodity derivatives exchange, has received an in-principle approval from SEBI to launch a Mutual Fund transaction platform.
National Commodity Clearing, a wholly-owned subsidiary of NCDEX, will be responsible for clearing and settlement of MF subscription and redemption orders.
The initiative is designed to serve as a natural precursor to the launch of the equity and equity derivatives segment.
Dr Arun Raste, MD and CEO, NCDEX, said introducing an MF platform ahead of the exchange’s equity launch was both a strategic and timely decision.
NCDEX’s MF platform will play a pivotal role in moving rural and semi-urban savings into productive, regulated avenues and creating a strong pathway for deeper equity participation, he said.
With low-denomination SIPs and a secure exchange-led infrastructure, it brings the exchange one step closer to delivering a multi-asset platform for Bharat, he added.
In September, the exchange raised ₹770 crore through a preferential share issue for launching equity exchange and business expansion. It also plans to hit the primary market soon.
In August, NCDEX received initial approval to start selling equity and equity-linked products, including derivatives.