NCDEX unlisted shares rocket 14% as Radhakishan Damani, Madhu Kela, Zerodha, Groww commit crores

Unlisted shares of National Commodity and Derivatives Exchange (NCDEX) jumped 14.5% on Wednesday to Rs 475 from Rs 415 a day earlier, fueled by a wave of investments from some of India’s top traders and brokers, including billionaire investor Radhakishan Damani, HNIs Ramesh Damani and Madhusudhan Kela, and platforms like Zerodha and Groww.

The rush comes as NCDEX raises Rs 770 crore ahead of its planned equity segment launch in 2026.

The Rs 770 crore capital infusion attracted a mix of institutional and high-net-worth investors. Groww acquired a 2.82% stake worth about Rs 50 crore, while Zerodha invested Rs 17 crore for a 0.96% stake. Radhakishan Damani picked up 1.41% for Rs 20.26 crore, and Ramesh Damani, Sunil Singhania, and Madhusudhan Kela invested Rs 15 crore each for a 0.85% stake.

Shares in the unlisted market have surged roughly 25% over the past month, trading at Rs 415 on the Unlisted Zone platform prior to Wednesday’s gains. In the preferential allotment, shares were priced at Rs 197.34 per unit.

Global players join the party

International investors also participated. Citadel Securities, founded by Kenneth Griffin, invested Rs 17 crore, while U.S.-based high-frequency trading firm Tower Research put in Rs 34 crore. Other participants included Kotak Mahindra Life Insurance, JM Financial, and Acacia Partners.

NCDEX’s equity ambitions

The fundraiser supports NCDEX’s expansion into equities after receiving in-principle approval from Sebi in July to launch equity and equity derivatives trading. Sources told The Economic Times that NCDEX will start with the cash segment before moving into derivatives, leveraging its deep rural footprint in agricultural commodities to attract smaller-town equity traders.“The technology and infrastructure development required for equity segment work is already underway,” said a source familiar with NCDEX’s plans. Sebi has directed the exchange to begin with equity cash trading as a first step.NCDEX is positioning itself against the Metropolitan Stock Exchange (MSE), which also plans to offer derivatives products, setting the stage for intensified competition in India’s equity trading landscape.

Also read | Radhakishan Damani, Ramesh Damani, Madhu Kela, Zerodha, Groww line up to invest crores in NCDEX

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