National Commodity & Derivatives Exchange Limited (NCDEX) is an online commodity exchange based in India. It has an independent Board of Directors and professional management, who both have vested interest in commodity markets. It provides a commodity exchange platform for market participants to trade in commodity derivatives. It is a public limited company, incorporated on 23 April 2003 under the Companies Act, 1956. It obtained its Certificate for Commencement of Business on 9 May 2003, and began operations on 15 December 2003. NCDEX is the only commodity exchange in the country promoted by national institutions. NCDEX is regulated by the Forward Markets Commission (FMC), and is subject to the Companies Act 2013, Stamp Act, Contracts Act, Forward Commission (Regulation) Act, and various other laws.