India’s commodity market has undergone major structural shifts over the last decade, and at the center of this transformation stands the National Commodity & Derivatives Exchange (NCDEX). Once the dominant force in agri-commodity derivatives trading, NCDEX now finds itself in a position that appears contradictory: cash-rich but loss-making. With an evolving regulatory landscape, fierce competition, and shifting trading patterns, the exchange is preparing for a much-needed reinvention.