The relaunch of black pepper futures is an effort to bring that benchmark home to create a transparent, credible and India-centric reference price for the trade

NCDEX has relaunched black pepper futures, reviving one of its most significant contracts and restoring a pricing mechanism that was missing in the commodity markets for over a decade. The contract will start trading from July 15 and four futures contracts will be available to trade.

As part of its expansion plans, the exchange also plans to launch equity trading in cash segment in the March quarter and to venture into mutual fund distribution.

The exchange had recently raised ₹770 crore to strengthen the exchange platform and venture into new business.

Dr Arun Raste, Managing Director and CEO of NCDEX, said that India was one of the world’s largest producers and consumers of black pepper but has gradually ceded its role in global price discovery for the commodity.

The relaunch of black pepper futures is an effort to bring that benchmark home to create a transparent, credible and India-centric reference price for the trade, he added.

A robust derivatives market will help farmers, processors, exporters and traders manage volatility more effectively, while strengthening India’s position in the global spice ecosystem, he said.

The exchange also plans to venture into facilitating trading in equities and to take up distribution of mutual funds as part of business diversification, said Raste.

Even as NCDEX grows into a multi-asset exchange, it will remain deeply committed to commodity segment, enhancing the product basket, he added.

Kedar Deshpande, Chief Business Officer of NCDEX said, with no active global derivatives benchmark currently available for black pepper, the relaunch fills a genuine and long-standing gap.

It gives the entire spice ecosystem, from growers to exporters, a transparent, regulated platform for pricing and risk management, while reinforcing India’s position in global spice trade, he added.

In 2010, NCDEX suspended the black pepper futures contract following severe quality disputes, including mineral oil adulteration in exchange-accredited warehouses. This resulted in litigation, frozen trading and legal hurdles that lasted over a decade. However, the exchange has received Sebi to relaunch the contract now.

Published on July 7, 2026