NCDEX to develop Indian commodity index

India's National Commodity and Derivatives Exchange (NCDEx) has revealed plans to launch its first commodity index. The 16-month-old exchange, which offers 35 commodity products, aims to use the index as the basis for a futures contract when regulatory approval is eventually given.At present, index based futures are not defined as "goods" under the Forward Contracts Regulation Act (FCRA) of 1952 and are...