This paper critically examines the performance of agricultural commodity futures trading in India in terms of growth in volume and value of selected agricultural commodities that traded at National Commodity Derivative Index (NCDEX) from 2005 to 2011. There has been a consensus that the rampant growth in futures trading is responsible for the increasing commodity prices during 2009, however the findings of this paper reveals that there is no significant growth of agricultural commodity trading that responsible for the rise in agricultural commodity prices. The compound annual growth rate shows that at the initial stage the growth in both volume and value of trading was double digit but after 2009 it becomes negative for all commodities except soybean. It is because of the government ban on futures trading for those commodities. Hence the performance of commodity futures market is always under scan of the government regulation, whether it is responsible for the increase in prices or not.