NCDEX starts index for agri futures

National Commodity and Derivatives Exchange on Wednesday launched a benchmark index for agricultural futures, its chief executive R. Ramaseshan said.

National Commodity and Derivatives Exchange (NCDEX) on Wednesday launched a benchmark index for agricultural futures, its chief executive R. Ramaseshan said.

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"This is an initiative to include all active agricultural contracts in an index format," Ramaseshan told reporters.

The index is named Dhaanya, meaning grains, and will consists of 10 most-liquid agri futures contracts, which contributes about 75 per cent of the total agri futures trade on the exchange's platform.

NCDEX is the second biggest bourse in the country in terms of turnover and focuses on agri-commodities.

The launch was done after the cabinet cleared the way for commodities exchanges to launch options on October 16.