MUMBAI, SEPTEMBER 12, 2019 (GPN): National Commodity Clearing Limited (NCCL), a wholly-owned subsidiary of National Commodity   & Derivatives Exchange Limited (NCDEX) has received renewal of recognition for a period of three years from SEBI.

National Commodity Clearing Limited (NCCL) was granted recognition to act as a Clearing Corporation for a period of one year commencing on September 10, 2018 and clearing corporation commenced its operation on September 27, 2018.  SEBI has now granted renewal of recognition for a further period of three years ending on September 09, 2022. NCCL will continue providing secure counter party risk management and will guarantee settlement of trades executed on NCDEX trading platform.

Speaking on the development, Mr. Rajiv Relhan, MD & CEO, NCCL said,“ NCCL is committed to ongoing enhancement of Risk Management and clearing & settlement processes which will augment market confidence and trust.  Our well defined operating standards along with robust technology enables us to provide efficient, compliant and customer centric clearing services which can cater to any segment in the financial market.”

Mr. Kapil Dev, EVP Business, NCDEX said, “We are delighted to have renewal of NCCL for a period of 3 years. NCCL has a long journey ahead and we see a very well placed ambition to grow the business of NCCL as a NCDEX group company. The combination of NCCL with NCDEX and National E Repository Limited (NERL) will transform the country’s agricultural markets and facilitate growth of the sector immensely.”

 This is as per SEBI mandate that all the commodity derivative exchanges had to transfer the functions of clearing and settlement of trade to a separate clearing corporation by September 28, 2018, NCDEX, the leading commodity exchange of the country with a wide spectrum of agricultural commodity derivatives in its bouquet had completed process of clearing corporation within stipulated period. NCCL has state of art technology systems, efficient risk management mechanism and the financial capability in terms of networth of more than Rs. 100 crore, which will go a long way to retain and enhance market trust.

About NCDEX Group:

NCDEX is a professionally managed on-line multi commodity exchange. The institutional promoters and shareholders of NCDEX are prominent players in their respective fields and bring with them institutional building experience, trust, nation-wide reach, technology and risk management skills.

The subsidiaries of NCDEX comprise of NCDEX e Markets Limited (NeML) – the online spot markets and services company, NCDEX Institute of Commodity Markets & Research (NICR) – the education and outreach arm, National Commodity Clearing Limited (NCCL) – offering clearing and settlement services and National E-Repository Limited (NERL) – the online warehousing repository regulated by WDRA.