 "NCDEX, IMD, weather, markets, indian markets, India Meteorological Department")
In a step towards the formal launch of India’s first weather derivatives, the country’s leading commodity exchange, the National Commodity & Derivatives Exchange (NCDEX), and premier state-run weather forecaster, the India Meteorological Department (IMD), on Thursday signed a memorandum of understanding (MoU) that will give the former access to IMD’s historical and real-time weather data.
This would help NCDEX develop statistically validated weather indices that form the foundation of weather-linked futures contracts.
The agreement is after weather derivatives were included in the Securities Contracts (Regulation) Act, 1956 (SCRA), in 2024, paving the way for commodity exchanges to offer them as
