TCS, Nasdaq eye NCDEX equity platform tech deal

India’s only agri derivatives exchange National Commodity and Derivatives Exchange Ltd (NCDEX) is evaluating technical proposals from reputed global vendors— including its existing vendor LSEG (London Stock Exchange Group), US-based Nasdaq, London-headquartered Aquis and India’s largest software exporter Tata Consultancy Services Ltd (TCS)— for its equity and equity derivatives platform slated for launch in the next fiscal year, according to a person aware of the development.

- Ram Sahgal [e-mail]

NCDEX MD & CEO Arun Raste

All the shortlisted vendors whose proposals are being evaluated have a track record in providing systems to stock exchanges, the person added. TCS, for instance, provides the exchange trading platform for commodity derivatives bourse MCX.

Asked to confirm the development, Arun Raste, managing director and chief executive officer of NCDEX, declined to comment, saying the matter was “confidential”.