Several investors, including Share India Securities, SKI Capital Services, Groww, and Zerodha, are reportedly eyeing a stake in the National Commodity & Derivatives Exchange Ltd (NCDEX). These firms are among a group of approximately 20 investors interested in participating in NCDEX's ₹700 crore preferential offering.
Details of the Investment
Share India Securities has already declared its intention to invest ₹28 crore to acquire a 1.582% post-issue stake in NCDEX. This translates to purchasing 1,418,871 equity shares at ₹197.34 apiece. The acquisition is expected to be completed within 60 working days from August 19, 2025. SKI Capital Services' founder and managing director, Narinder Wadhwa, has also confirmed the firm's commitment to acquiring a stake in the agri-derivatives exchange. While representatives from Zerodha declined to comment, it's understood that they, along with Groww, have also committed to participating in the preferential offer.
NCDEX's Perspective
Arun Raste, the managing director and chief executive officer at NCDEX, acknowledged the strong response to the exchange's preferential allotment from brokers, high-net-worth individuals (HNIs), and high-frequency traders (HFTs). While he refrained from disclosing the names of prospective investors due to the ongoing offer process and pending board approvals, he confirmed the ₹700 crore size of the preferential allotment. Raste also noted that approximately half of the 20 interested investors have already made investment commitments.
Strategic Implications for Share India Securities
Share India Securities' investment in NCDEX is viewed as a strategic move to broaden its presence in India's financial services and commodity exchange ecosystem. The company aims to strengthen its financial services portfolio, gain a foothold in commodity trading, leverage NCDEX's technology-driven platform and pan-India reach, and enhance its long-term market positioning in securities and derivatives.
NCDEX: A Key Player in Commodity Derivatives
Founded in 2003, NCDEX has established itself as a leading commodity exchange in India, offering a transparent and professional trading environment. It facilitates the buying and selling of commodity derivatives across various sectors, serving farmers, traders, and institutional participants. NCDEX plays a crucial role in India's agri-commodity market by providing nationwide reach and market efficiency. The exchange offers commodity futures, options in goods, and index futures. NCDEX is also the first Indian exchange to operate from a Tier-IV data center. As of March 31, 2025, NCDEX had a paid-up share capital of ₹50.67 crore and a net worth of nearly ₹616 crore. In FY 2024-25, its turnover was ₹122.06 crore.
NCDEX's Expansion Plans
NCDEX is planning to launch equities and equity derivatives trading on its platform within the next year. The exchange has received in-principle approval from SEBI to launch equity and equity derivatives. The ₹700 crore fundraise is intended to fuel this next phase of growth. NCDEX has also signed an MOU with the India Meteorological Department to launch weather derivatives.
NCDEX Shareholding Pattern
Key shareholders of NCDEX include Life Insurance Corporation of India (LIC), National Bank for Agriculture and Rural Development (NABARD), National Stock Exchange of India Limited (NSE), Canara Bank, Punjab National Bank (PNB), and Indian Farmers Fertiliser Cooperative Limited (IFFCO). There has been a surge in retail investors in NCDEX unlisted shares. Venture capital funds have exited their holdings in NCDEX.
NCDEX Financials
NCDEX's market cap is ₹1764 crore. The company's revenue is ₹135 Cr+. NCDEX's unlisted share price is ₹348.
