Indian Commodity Exchange

What Indian Commodity Exchange does

Indian Commodity Exchange (ICEX) is a SEBI-regulated online commodity derivatives exchange headquartered in Navi Mumbai, India, with a registered office in Surat, Gujarat. Established in 2008 and recommencing trading operations in August 2017 after SEBI approval, ICEX operates a nationwide trading platform accessed through registered trading members, self-clearing members, trading cum clearing members, and professional clearing members. The exchange offers futures contracts across a broad commodity basket including the world's first Diamond derivative contracts (1 CARAT, 50 CENTS, and 30 CENTS), India's first Steel Long Futures, plus agricultural commodities such as black pepper, cardamom, castor seed, rapeseed/mustard seed, soya bean oil, rubber, raw jute, basmati paddy 1121, guar seed, and isabgul seed. In September 2018, ICEX merged with NMCE (National Multi Commodity Exchange), India's oldest commodity exchange, consolidating contracts and institutional shareholder base.

The underlying technology stack features a hi-tech trading platform with automated disaster recovery (HOT SITE) capable of zero-data-loss switchover between data center and DR site, and order processing latencies under 300 microseconds. Clearing and settlement operations are outsourced to MCCIL (Millennium Commodity Clearing Limited). ICEX is backed by a diverse institutional shareholder base including MMTC, NAFED, Central Warehousing Corporation, Punjab National Bank, Reliance Exchangenext, Bajaj Holdings & Investment, IDFC First Bank, Indian Potash, KRIBHCO, Indiabulls Housing Finance, and Gujarat state agricultural bodies. The exchange achieved an all-time high daily turnover of Rs 418 Crore in February 2019.

ICEX generates revenue through multiple streams: transaction fees on trades executed across commodity contracts, annual membership fees ranging Rs 767,000 to Rs 1,475,000 (inclusive of GST) across four member tiers, mutual fund distribution commissions via the ICEX MF platform, and clearing and settlement service charges. The primary customer segments are actual users/hedgers (farmers, processors, manufacturers, and traders seeking price risk hedging), trading members and brokers who facilitate execution on the platform, and investors seeking commodity exposure for portfolio diversification.

Name

Indian Commodity Exchange

Legal name

Indian Commodity Exchange Limited

Website

https://icexindia.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Indian Commodity Exchange (ICEX) is a SEBI-regulated online commodity derivatives exchange in India offering futures contracts across diamonds, steel, and agricultural commodities through registered trading members and a mutual fund distribution platform.

Ownership category

akta.pro rank

Product category

Commodity Derivatives Exchange

NAICS

Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (52316)

SIC

Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Commodity Electronic Trading Platforms (Energy/Metals/Agriculture) (FSAFANAF)

akta.pro secondary industry

Algorithmic Trading & Execution Platforms (FSAFANAN)

Keywords

• Commodity derivatives exchange
• Futures trading platform
• Agricultural commodities trading
• Diamond futures contracts
• Electronic trading system

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Transaction/Trading Fees: Exchange earns revenue from transaction fees charged on trades executed through its platform. Fees vary by commodity type and member category.
2. Membership Fees: Annual fees collected from Trading Members, Self-Clearing Members, Trading cum Clearing Members, and Professional Clearing Members. Fees range from Rs 767,000 to Rs 1,475,000 inclusive of GST.
3. Mutual Fund Distribution: Revenue from distribution of mutual funds through ICEX MF platform, offering subscription, redemption, and switch services.
4. Clearing & Settlement Services: Charges for clearing corporation services including CNS login, collateral management, and settlement guarantee services.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

ICEX is a SEBI-regulated online commodity derivatives exchange that provides an electronic trading platform for futures contracts across non-agricultural commodities (diamond and steel) and agricultural commodities (spices, oilseeds, rubber, jute, cereals, guar, isabgul). The exchange operates through a nationwide network of registered brokers and trading members and clears trades via MCCIL, delivering hedging and price discovery solutions for hedgers, traders, and investors.

Product overview

Indian Commodity Exchange (ICEX) is a SEBI-regulated online commodity derivative exchange offering futures trading across commodity and mutual fund segments. The exchange provides trading in non-agricultural commodities (Diamond futures - the world's first diamond derivatives, and Steel Long futures) and agricultural commodities organized into six categories: Spices (Black Pepper, Cardamom), Oil & Seeds (Castor Seed, Rape/Mustard Seed, Soya Bean Oil), Plantation (Rubber), Fiber (Raw Jute), Cereals (Paddy Basmati 1121), and Others (Guar Seed, Isabgul Seed). Additionally, ICEX operates the ICEX MF platform for mutual fund trading. The exchange serves as a nationwide trading platform through appointed brokers, providing price risk hedging solutions and operates a robust clearing and settlement infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Diamond Futures Contracts World's first diamond derivative contracts offering futures trading in 1 Carat, 50 Cents, and 30 Cents diamond categories for price discovery and hedging, targeted at diamond traders and manufacturers.
• Steel Long Futures Contracts India's first steel futures contract covering MS Ingots and Billets for hedging against steel price volatility in the construction and manufacturing sectors.
• Black Pepper Futures Contracts Agricultural commodity futures contract for black pepper, India's most important spice globally, for price discovery and hedging by spice traders and processors.
• Cardamom Futures Contracts Agricultural commodity futures contract for cardamom, a spice used in culinary and Ayurvedic applications, for price risk management.
• Castor Seed Futures Contracts Oil seed futures contract for castor seed, where India is the world's largest producer, for hedging against oil seed price volatility.
• Rape/Mustard Seed Futures Contracts Oil seed futures contract for rapeseed-mustard, an important rabi crop for edible oil production in India, for hedging against edible oil price volatility.
• Soya Bean Oil Futures Contracts Refined soy oil futures contract for hedging against vegetable oil price volatility for refiners, traders, and processors.
• Rubber Futures Contracts Natural rubber futures contract for rubber producers and consumers in India's fourth-largest rubber producing market, for price risk hedging.
• Raw Jute Futures Contracts Natural fiber futures contract for jute, the golden fiber used in packaging and textiles, for price discovery and hedging.
• Paddy Basmati Futures Contracts Basmati rice futures contract (PB 1121 variety) for India's premium aromatic rice market, for hedging and price discovery by rice millers, traders, and exporters.
• Guar Seed Futures Contracts Guar seed futures contract for the monsoon-dependent crop used in food, pharmaceuticals, and fracking industries, for hedging and price risk management.
• Isabgul Seed Futures Contracts Psyllium husk futures contract for Isabgul, a medicinal crop primarily grown in Gujarat and Rajasthan, for price risk management.
• ICEX MF Platform (Mutual Fund Distribution) Exchange-operated platform for trading mutual fund units, offering online accessibility, real-time transactions, and scalability for distributors with Full Membership and Limited Membership options.

Quantifiable outcome

• Daily turnover reached Rs.418 Crore (all-time high)

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• MCCIL (Millennium Clearing Corporation India Ltd)coreImplementation/ SI/ Consulting PartnerMCCIL provides clearing and settlement services for ICEX. In August 2018, ICEX tied up with MCCIL for clearing operations. MCCIL manages all clearing house activities including delivery, fund settlement, margining, and settlement guarantee funds.
• NMCE (National Multi Commodity Exchange)coreStrategic or Co-development PartnerIn September 2018, India's oldest Commodity Derivatives Exchange (NMCE) merged with ICEX, creating a larger commodity exchange platform. The merger was approved by NCLT with a 1:10 swap ratio for ICEX-NMCE consolidation.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Intercontinental Exchange (ICE): ICE is a global exchange operator with major commodity derivatives businesses (oil, soft commodities, coffee, sugar). Its diamond and precious metals contract offerings make it thematically comparable to ICEX's diamond futures franchise.
• CME Group: CME Group is the world's largest derivatives exchange complex, offering benchmark commodity futures (energy, metals, agriculture). It is a comparable global incumbent whose product design and contract innovation standards influence Indian commodity exchange capabilities like ICEX's steel and diamond contracts.
• National Stock Exchange of India (NSE): NSE is India's largest exchange by volume and has a commodity derivatives segment. While primarily an equities giant, NSE's commodity operations compete with ICEX for exchange membership and institutional hedging business in India.
• Bombay Stock Exchange (BSE): BSE is one of India's largest and oldest exchanges, with a SEBI-regulated commodity derivatives segment competing with ICEX in similar Indian commodity markets. It is a broader incumbent offering equities, debt, and commodities under a single venue, but its commodity segment competes for the same hedgers and brokers.

Others

• Multi Commodity Exchange of India (NMCE - merged): NMCE (National Multi Commodity Exchange of India) was India's oldest commodity exchange that merged with ICEX in September 2018. It is no longer a standalone peer but represents the legacy entity now consolidated into ICEX, illustrating the consolidation path ICEX has followed.

Direct peers

• Multi Commodity Exchange of India (MCX): MCX is India's largest commodity derivatives exchange, dominating non-agri commodity futures (gold, silver, crude oil, base metals). It is the most direct competitor to ICEX in the Indian commodity derivatives venue business, with overlapping regulatory status (SEBI), member structure, and target hedgers.
• National Commodity & Derivatives Exchange (NCDEX): NCDEX is India's leading agricultural commodity derivatives exchange, competing directly with ICEX in agri-commodities (spices, oilseeds, cereals, guar, rubber). Both are SEBI-regulated derivatives exchanges with similar member-based distribution models and product overlap in plantation and agri categories.

Regional players

• Dubai Gold & Commodities Exchange (DGCX): DGCX is a Middle Eastern commodity derivatives exchange based in Dubai, offering gold, silver, and other commodity contracts. It is a regional peer to ICEX in the broader South Asia / Middle East commodity exchange landscape, with comparable product categories and a developing market positioning.

Emerging players

• Universal Commodity Exchange (UCX): UCX was another SEBI-licensed Indian commodity exchange that struggled to gain traction before ceasing operations. It is comparable to ICEX as a small-cap Indian commodity exchange in the same regulatory category, illustrating the competitive fragmentation ICEX faced.
• ACE Derivatives Exchange: ACE is a newer Indian commodity derivatives exchange that, like ICEX, competes for non-top-tier hedging volume. It is comparable as an emerging challenger in India's commodity exchange landscape, targeting base metals and agri-commodities with similar SEBI-regulated infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ICEXofficial
• LinkedInlinkedin.com/company/icex-india

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indian Commodity Exchange