NSDL is the depository of NSE and CDSL is the depository of BSE. But what about MCX or NCDEX ? Don’t they need depository ?
Most of the trading that happens on MCX/NCDEX is futures and options. There is no concept of depository for F&O trading. It is same with F&O on NSE/MCX.
For F&O what matters is the clearing corporation. NSE calls it clearing corporation as NSCCL. https://www.nscclindia.com/
Btw on MCX/NCDEX there are derivative contracts that are settled physically if held till expiry. In such a case, there is no electronic form of settlement, all delivery happens through physical underlying. Hence there are warehouses that hold these physical underlying, which acts similar to depositories for stocks.
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Is there any exchange in India which deals in instant delivery of commodity just like NSE deals in instant delivery of shares ?
On exchange, delivery of shares isn’t instant. It takes 2 days from when you buy shares to get it in your demat account. Until then what you see is a notional credit.
Check this link
The image shows all commodity contracts which have physical delivery option. These contracts you can take, and it converts to physical on delivery.
NSEL exchange was there but it was closed due to fraud.