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.

NCDEX Ltd. announced the relaunch of Black Pepper Futures, reviving one of its most historically significant contracts and restoring a pricing mechanism that had been absent from India’s commodity markets for over a decade. India is among the world’s largest producers, consumers and processors of black pepper, yet no active derivatives benchmark for the commodity exists anywhere in the world today. The relaunch directly addresses that gap, positioning India as an influential centre for price discovery in one of the world’s most traded spices. 

Historically, Black Pepper Futures traded on NCDEX have recorded strong participation from farmers, traders, exporters and processors, and saw delivery percentages at expiry consistently at or near 100 per cent. The exchange believes that the relaunch comes at a moment of heightened need when global commodity markets have grown more volatile, supply chains more integrated, and the absence of a regulated derivatives benchmark more consequential for participants across the value chain. Pepper Futures marks a transparent and robust benchmark that reflects the realities of the Indian market.  

Speaking on the occasion, Dr Arun Raste, Managing Director and CEO, NCDEX, said, “India is one of the world’s largest producers and consumers of black pepper, yet we have gradually ceded our 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. 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. As NCDEX grows into a multi-asset exchange, we remain deeply committed to our commodity segment, enhancing our product basket.”   

Adding to it, Kedar Deshpande, Chief Business Officer said, “Pepper is among India’s most historically significant traded commodities, and Kochi has long anchored its price discovery. 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. It is also an important milestone in our strategy to deepen our presence in southern India and build a wider basket of commodities that are closely linked to regional value chains.” 

The Black Pepper Futures relaunch coincides with the arrival of NCDEX’s ‘Har Ghar Investor’ campaign in Kochi, the second chapter of a nationwide initiative launched in June 2026 from Guwahati under the exchange’s ‘Equity for Bharat’ vision. The campaign carries one clear, measurable goal, to ensure that every Indian household beyond the top 30 cities has at least one active investor in regulated financial markets. Marking Guwahati as its inaugural city, Kochi became natural extension to the campaign for being uniquely positioned as the ideal bridge between agriculture and investment with its deep financial literacy, entrepreneurial culture, centuries-old NCDEX is steadily evolving into a diversified, multi-asset market infrastructure institution.   

With SEBI’s in-principal approval to enter the equity and equity derivatives segments and following a successful fund raise of Rs 770 crore, the exchange is preparing to launch its first offering in the cash segment through a Mutual Fund Platform. The exchange has also been at the forefront of financial innovation with RAINMUMBAI, the world’s first exchange-traded rainfall futures contract, developed in collaboration with IMD and IIT Bombay and approved by SEBI. Recognised widely as a transformative risk management tool, RAINMUMBAI extends the exchange’s mandate to sectors and communities impacted by rainfall volatility.