NCDEX gets SEBI’s conditional nod to enter equity markets

NCDEX gets SEBI’s conditional nod to enter equity markets


NCDEX, which commands a dominant share of India’s agri-commodity trade, must also ensure sufficient investment in technology, operations, and risk frameworks before the launch.

NCDEX, which commands a dominant share of India’s agri-commodity trade, must also ensure sufficient investment in technology, operations, and risk frameworks before the launch.

The National Commodity & Derivatives Exchange (NCDEX) has received an in-principle approval from SEBI to launch equity and equity derivatives trading, but the final go-ahead will depend on meeting a set of regulatory directions.

The market regulator has asked the agri-focused bourse to continue strengthening its commodity derivatives franchise as it diversifies into equities. NCDEX, which commands a dominant share of India’s agri-commodity trade, must also ensure sufficient investment in technology, operations and risk frameworks before the launch.

Further, SEBI has advised the exchange to first build a strong, stable cash equity segment before scaling into equity derivatives. “The move into equity is a natural extension of our founding ethos: enabling price discovery, empowering producers and unlocking financial inclusion. The approval outlines a few directional expectations — each of which aligns well with our vision for a broader, inclusive market framework,” NCDEX MD and CEO, Arun Raste, told businessline.

Equity products

As part of its product strategy, NCDEX plans to introduce sector-linked offerings such as FPO-basket exchange-traded funds, which would give retail investors exposure to aggregated farmer performance. Subject to regulatory approval, it also envisions launching Agri Infra REITs to attract long-term capital into warehouses, cold storage and logistics infrastructure, aimed at reducing losses and increasing producer incomes.

“We envision a capital market where rural and semi-urban savers are encouraged to route their savings into productive investments, so that they are not just price takers but active capital market participants and can generate wealth for themselves,” Raste said.

The exchange’s board has approved raising ₹500-600 crore through a primary equity issuance to fund platform development, compliance infrastructure, member onboarding and product innovation. “We are engaging agri value chain stakeholders, institutional investors aligned with long-term infrastructure plays and global ecosystem players in AgriTech, rural fintech and inclusive capital markets,” Raste said, adding that fundraising discussions are progressing well.

Rural inclusion

Alongside products, the exchange is building an accessibility framework that includes skilling programmes for rural investors and brokers through the NCDEX Institute, dedicated on-boarding support for farmer producer organisations and small enterprises, and API integrations with rural fintech platforms for easier market access.

With a network of over 650 farmer-producer organisations across 16 States and a reputation for trust in rural India, Raste expects the exchange to become “India’s first equity exchange truly built for Bharat,” serving as a listing and investment platform for agri-tech companies, rural-focused fintechs, cooperatives and small enterprises.

NCDEX is backed by institutions including the National Stock Exchange, LIC, Nabard, ICICI Bank and IFFCO. It currently offers contracts in cereals, pulses, oilseeds, fibres, spices, guar complex and metals, and will now seek to leverage this deep rural base to expand into the equity space.

Published on August 8, 2025



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SEBI allows MF to pay transaction charges to distributors

SEBI allows MF to pay transaction charges to distributors


SEBI allows transaction charges for distributors bringing minimum ₹10,000 subscription, effective immediately

SEBI allows transaction charges for distributors bringing minimum ₹10,000 subscription, effective immediately
| Photo Credit:
HEMANSHI KAMANI

Capital market regulator SEBI has allowed a transaction charges to distributors who bring in minimum subscription of ₹10,000.

The decision follows a public consultation on the subject matter carried out in May 2023 followed by an industry consultation in June, said SEBI in a circular on Friday.

Based on the feedback received from the industry and considering that distributors as an agents of AMCs are entitled to be remunerated by the AMCs, the charges or commission will be done away with, it said.

The circular will come into force with immediate effect, said SEBI.

Published on August 8, 2025



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SEBI allows MF to pay transaction charges to distributors

SEBI allows MF to pay transaction charges to distributors


SEBI allows transaction charges for distributors bringing minimum ₹10,000 subscription, effective immediately

SEBI allows transaction charges for distributors bringing minimum ₹10,000 subscription, effective immediately
| Photo Credit:
HEMANSHI KAMANI

Capital market regulator SEBI has allowed a transaction charges to distributors who bring in minimum subscription of ₹10,000.

The decision follows a public consultation on the subject matter carried out in May 2023 followed by an industry consultation in June, said SEBI in a circular on Friday.

Based on the feedback received from the industry and considering that distributors as an agents of AMCs are entitled to be remunerated by the AMCs, the charges or commission will be done away with, it said.

The circular will come into force with immediate effect, said SEBI.

Published on August 8, 2025



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One-time payments push up Equitas Small Finance Bank losses to ₹224 crore

One-time payments push up Equitas Small Finance Bank losses to ₹224 crore


Chennai-based Equitas Small Finance Bank reported a net loss of ₹224 crore in the quarter ended June 2025, as against a profit of ₹26 crore in the same quarter last year. 

The loss was attributed to an additional standard asset provision of ₹185 crore in microfinance and ₹145 crore for additional non-performing assets (NPA) provision due to a change in provisioning norms, according to a statement from the company. 

Overall deposits registered 18 per cent y-o-y growth. Interest income increased 9.8 per cent y-o-y to ₹1,649 crore in Q1 FY26, compared to ₹1,501 crore in the year-ago period. Net Interest Income for the quarter grew by 8 per cent y-o-y.  

In the June 2025 quarter, the private sector bank saw gross advances being muted with contraction in the microfinance loan books and a growth of 18 per cent in the non-microfinance book. 

Meanwhile, the retail banking segment saw a loss after tax of ₹432 crore, as against ₹2 crore in the year-ago period. The bank’s net NPA for the quarter stood at ₹342 crore (₹264 crore), the release said.

Published on August 8, 2025



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Gold ETFs see .2 billion inflows globally in July, WGC data shows

Gold ETFs see $3.2 billion inflows globally in July, WGC data shows


India and Japan lifted investments into gold ETFs (exchange-traded funds) in July, along with North America and Europe. Overall, global ETFs witnessed inflows to the tune of $3.2 billion in July, data from the World Gold Council (WGC) showed.

July witnessed inflows into gold ETFs in Asia at $93 million, despite an outflow in China. Its investors’ risk appetite improved as they shifted to equities, which saw their strongest performance since September 2004.  In India, investments into gold ETFs was $156 million and in Japan, $215 million. 

Global gold ETFs’ total assets under management increased to $386 billion in July, up 1 per cent from June to another high. Collective gold holdings increased by 23 tonnes to 3,639 tonnes, the highest month-end in 35 months, data showed. 

On track for 2nd best show

Inflows into gold ETFs in North America were $1.4 billion in July, taking total inflows in 2025 to $22 billion. The investments are on track for their second-strongest annual performance. 

“While flows remained positive, they did slow month-on-month. We attribute this to a short-term rebound in the dollar and a rise in rates, as expectations for future Fed cuts continue to be pushed further out,” said the WGC. 

Some investors most probably booked profits and diverted them into equities, especially as recent trade announcements from Japan and the EU lifted risk appetite. “However, we’re also seeing speculative stocks gain traction, which could point to frothy conditions remerging. Still, the trajectory of US-China trade negotiations will likely remain one of the dominant drivers of future market sentiment,” said the WGC, a body of gold-producing nations. 

It said continued inflows into gold-backed ETFs will likely be supported as signs that tariff effects trickle through more meaningfully to growth and/or inflation.

Outflow in Germany

European funds saw their third consecutive monthly investments rise in July. They attracted $1.8 billion. German funds saw investors logging out. “Gold’s outsized strength in British pounds attracted local investors,” the WGC said.

Inflows were witnessed in Switzerland and France too in July. The US tariffs uncertainty until July 27 supported investors’ interest growth concerns in the EU. “This was reflected in a pick-up in physical bar and coin demand, which saw the regional demand more than double year-on-year to 28 tonnes in Q2,” said the global gold organisation. In other regions, modest outflows from the gold ETFs were witnessed

Trading volumes in the gold market were $297 a day on average, higher by 2.3 per cent from June. Over-the-table-counter (OTC) volumes were 2 per cent higher than in June at $154 billion a day, but they were below the first half average of $165 billion. However, they were higher than the 2024 average of $128 billion. 

On the Commodity Exchange (Comex), US, trade volumes averaged $137 billion a day, though global ETF activities dropped 15 per cent from June to $4.9 billion a day. Net longs in Comex gold futures were up 12 per cent from June to 676 tonnes, while money managers increased their net longs by 4 per cent. 

Published on August 8, 2025



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Unquarantined imports blamed as new pest hits Kashmir’s apple orchards

Unquarantined imports blamed as new pest hits Kashmir’s apple orchards


A newly introduced pest, the apple blotch leaf miner, is damaging orchards across Kashmir, with farmers and experts blaming its spread on unquarantined high-density apple varieties imported from Italy and other countries.

The pest tunnels through leaf tissue, leaving pale trails that weaken foliage. Infested leaves curl, dry out and fall prematurely, reducing the tree’s ability to produce energy and, in severe cases, cutting yields.

“We first spotted the disease only six to seven years ago. We had never heard of it before,” said Tariq Ahmad, an apple cultivator from south Kashmir’s Shopian district.

The disease was first detected in 2019-20 in apple farms near the Advanced Centre for Horticulture Development in Zainapora, about 64 km south of Srinagar. The Centre, managed by the Department of Horticulture, has a 60-hectare high-density apple orchard. Farmers allege the disease spread from high-density rootstock imported from Italy and other countries to the centre.

“Conventional apple farms near the centre contracted the disease, which later spread to other villages in the area,” said Mubashir Ahmad, a local farmer. “It threatens the productivity and quality of our apples, putting the livelihood of growers on the line.”

Jammu and Kashmir produces 2.5-2.6 million tonnes of apples annually, accounting for more than 75 per cent of India’s total output. The industry provides employment, directly or indirectly, to 3-3.5 million people.

Waseem, Assistant Professor of Plant Pathology at Sher-e-Kashmir University of Agricultural Sciences and Technology (SKUAST-K), said the disease has engulfed the entire apple belt in south Kashmir, with sporadic outbreaks also reported in the north.

Farmers say the outbreak has already pushed up input costs, forcing them to spend more on pesticides and management practices, while harvest prospects remain uncertain. “The pest is a new addition to the list of existing diseases. Now we have to use additional pesticide sprays,” Ahmad said.

High-density cultivation

In recent years, thousands of farmers across the Valley, especially in the South, have switched to high-density apple varieties, uprooting traditional orchards. The Jammu and Kashmir government plans to expand high-density cultivation to 5,500 hectares by 2026 under the Modified High-Density Plantation Scheme, offering orchardists a 50 per cent subsidy to adopt the model.

Alongside the government’s efforts, several unregistered private players import plant material and distribute it without following quarantine protocols, raising fears of pest and disease outbreaks. “Distribution of plant material without proper quarantine is the main reason behind the spread of this pest,” Waseem said.

Published on August 8, 2025



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