Reportedly, Multi Commodity Exchange of India Limited (MCX) plans to invest up to Rs 2 billion to establish trading platforms for coal and minerals. The proposed platforms aim to support price discovery and transparency in the domestic market.
The exchange has incorporated separate entities for the two trading businesses and is seeking the required licences. Moreover, the Securities and Exchange Board of India has approved an investment of about Rs 1 billion each in the two businesses. MCX will also require approvals from the Coal Controller Organisation and the Indian Bureau of Mines, the respective licensing authorities.