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Groww, Zerodha, Radhakishan Damani Back NCDEX’s New Equity Exchange
Stock Exchange: NCDEX will now enter into equity trading along with commodities. After getting in-principle approval from SEBI, the company has tied up with major investors to raise Rs 770 crore. The investors include Grow, Zerodha, Radhakishan Damani, Citadel, Tower Research and other prominent names.
National Commodity and Derivatives Exchange Limited (NCDEX) is planning to launch an equity exchange to diversify its business and bring the benefits of the market to more retail investors.
What other new changes are going to happen in NCDEX, which till now works only as a commodity exchange, NCDEX Managing Director and Chief Executive Officer Arun Raste discussed in detail with The Bonus. After getting in-principle approval from SEBI, NCDEX has signed an agreement to raise Rs 770 crore from major investors to start an equity exchange.
These include Grow, Zerodha, Radhakishan Damani, Ramesh Damani, Madhusudan Kela and Sunil Singhania. Citadel Securities led by Kenneth Griffin, Tower Research of America have also agreed to invest. Indian companies like Kotak Mahindra Life Insurance, JM Financial and Acacia Partners have also made their presence in the funding round.
