Commodity Exchanges in India and the Products Traded

A commodity exchange is an exchange where various commodities, agricultural and non-agricultural, tangible or intangible, including their derivate products and other raw materials are traded.

Most of the commodity markets across the world trade in products such as wheat, barley, sugar, maize, corn, cotton, coffee, milk products, pork, oil, metals, gold, silver etc.

Spot, futures, forwards and options are traded on commodity exchanges across the globe.

The commodity exchanges in India are regulated by the Securities and Exchange Board of India (SEBI) since 2015, which is also the regulatory authority for equity markets. Prior to this, the FMC or Forwards Market Commission, overseen by the Ministry of Consumer Affairs regulated the Indian commodity exchanges.

Below is a list of commodity exchanges in India and the products traded on these exchanges:

  1. MCX : Multi Commodity Exchange

This is the largest commodities exchange in India and it operates in over 40 countries. It is also the world’s largest exchange in silver and gold.

Established in November 2003

Headquartered in Mumbai

Promoters include the National Spot Exchange, IEX, Singapore Mercantile exchange, Global board of trade, IBS Forex, National Bulk Handling Corporation, Ticker Plant Ltd.

Traded Commodities:

Bullion, metals, fibre, energy, spices, plantations, pulses, petrochemicals, cereals among others

  1. ICEX : Indian Commodity Exchange

It is a screen-based online derivatives exchange for commodities.

Establishedin November 2009

Headquartered in Gurgaon

Promoters include Reliance Exchange Next Ltd – an anchor investor, MMCTC Ltd, Indiabulls Financial Services Ltd, Indian Potash Ltd, and KRIBHCO among others.

Traded Commodities:

Gold, silver, diamond, copper, lead, crude oil, natural gas, mustard, soya bean, jute, iron ore.

Note:Regulator SEBI has given an in-principal approval for the merger of NMCE with ICEX which is to result in the creation of the third largest commodity exchange in India.

  1. NCDEX : National Commodity and Derivatives Exchange

It specialises mainly in agricultural commodities trading.

Establishedin December 2003

Headquartered in Mumbai

Promoters include NSE, ICICI Bank, LIC, NABARD, Canara Bank, Intercontinental Exchange, and Crisil among others.

Traded Commodities:

Cereals, pulses, fibres, oils & oil seeds, spices, gold, silver, steel, copper, crude oil, and brent crude oil among others.

  1. NMCE : National Multi Commodity Exchange

Establishedin 2002

Headquartered in Ahmedabad

Promoters include National Institute of Agricultural Marketing, Punjab National Bank, Gujarat State Agricultural Marketing Board, Gujarat Agricultural Industries Corporation Limited.

Traded Commodities:

Castor seeds, rapeseed, mustard, soya bean, sesame, copra, black pepper, gram, gold, aluminium, rubber, copper, lead, zinc, jute, and coffee among others

Note:Regulator SEBI has given an in-principal approval for the merger of NMCE with ICEX which is to result in the creation of the third largest commodity exchange in India.

  1. ACE : ACE Commodities and Derivatives Exchange

Promoted by the Kotak Mahindra Group, this commodity exchange declared itself facing problems of capital availability and low trading volumes. In May 2015, the exchange expired all existing contracts and discontinued all trading operations since then. As per regulations, since there has been no trading since then on the exchange, it exited the commodity and derivatives exchange business altogether.

  1. UCX: Universal Commodity Exchange

This was India’s sixth national level commodity exchange which went live in 2012 but was shut down by the regulator in 2014 as a result of suspected fraud.

The NSE or National Stock Exchange has also filed papers with the SEBI seeking approval for launch of its commodity exchange on October 1, 2018. The exchange will initially focus on non-agricultural commodity derivatives contracts such as bullion, energy and base metals. The BSE, another stock exchange, is also set to debut its commodities trading from October 1.


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