The Indian Bureau of Mines (IBM) has opened the process for establishing mineral exchanges in India by inviting applications from eligible companies. The notice was issued on October 1, published on the IBM website on October 3, and sets November 2 as the application deadline. Applicants must submit sealed applications to the Controller of Mines, Minerals Development and Regulation Division, IBM, Nagpur.

The process follows the government’s notification of the Mineral Exchange Rules, 2026, on June 30. The rules establish a regulatory framework covering mineral exchanges, market participants, assaying agencies and delivery-based contracts. Commodity trading platforms operating before the rules took effect will have six months from the operationalisation of the first mineral exchange to register, failing which they must cease operations.

A mineral exchange can initially facilitate trading in all or any of five minerals: iron, chromite, bauxite, limestone and manganese. Additional minerals may subsequently be added with IBM’s prior approval, subject to exclusions specified under the rules. Registration will remain valid for 25 years.

An applicant must be a company limited by shares and have a minimum net worth of Rs. 500 mn. The fee structure includes a non-refundable application fee of Rs. 300,000, a one-time registration fee of Rs. 5 mn and an annual fee of Rs. 3 mn. The renewal fee has been set at Rs. 20 mn.

The government plans to use the exchange as a technology-enabled platform for mineral transactions, with the objective of improving transparency, efficiency, price discovery and dissemination. The platform will also support the design of commodity supply contracts and help ensure timely delivery in line with contractual obligations. The Mines and Minerals (Development and Regulation) Act, 1957, provides for developing markets for minerals, concentrates and processed forms, including metals, through mineral exchanges.