India Invites Applications for New Mineral Exchanges by November 2

The Indian Bureau of Mines (IBM) has initiated the process for establishing new mineral exchanges in the country. Applications from eligible firms are being accepted until November 2. The exchanges will initially support trading in five minerals: iron, chromite, bauxite, limestone, and manganese, with the possibility of adding more later, subject to IBM approval.

The new rules prohibit the operation of unregistered mineral exchanges six months after the first exchange becomes operational. Existing commodity trading platforms must register within six months or face closure. The aim is to create technology-driven platforms that enhance transparency, efficiency, and price discovery in the mineral market.

Applications must be submitted in sealed envelopes to the Controller of Mines in Nagpur. The registration process involves a non-refundable application fee of Rs 3 lakh, a one-time registration fee of Rs 50 lakh, and an annual fee of Rs 30 lakh. Registration will be valid for 25 years, with a renewal fee of Rs 2 crore.

This move follows the notification of the Mineral Exchange Rules, 2026, on June 30, which outlines the regulatory framework for mineral exchanges, market participants, assaying agencies, and delivery-based contracts.