₹770-crore fundraise attracts big investors

Secures funds from Groww and Zerodha

- ANANYA GROVER

THE NATIONAL COMMODITY & Derivatives Exchange (NCDEX) is preparing to launch its equities and equity derivatives segment after receiving in-principle approval from SEBI on July 29.

The exchange is upgrading its infrastructure, including new installations, and has already hired 60 personnel in technology roles along with several others across functions, a senior executive said.

"We have received encouraging responses from investors and companies," the executive added.

A group of investors, including Groww and Zerodha, participated in its ₹700-crore preferential issue to fund the new vertical.

In the grey market, NCDEX shares are trading at ₹345, after touching ₹355 in mid-August—a sharp rise from ₹210 at the end of May, according to Sharescart.

CA Aditya Sesh, founder of Basiz Fund Services, said the exchange has no legacy issues and could gain a competitive edge.

Independent brokerages, however, remain skeptical about NCDEX's new foray.