The National Commodity & Derivatives Exchange (NCDEX) on Wednesday (November 12) has received approval from its board to launch an electronic mutual fund distribution platform. The exchange is now awaiting regulatory clearance to commence operations of the platform.

The move positions NCDEX to compete directly with the BSE StAR MF platform and NSE’s NMF platform in the mutual fund distribution space. In August, the exchange received preliminary approval to trade equity-related products, including derivatives.

Back in July this year, National Commodity and Derivatives Exchange Ltd had inked an agreement with the India Meteorological Department (IMD) that will lay critical groundwork for launching India's first weather derivatives.

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