The Indian Bureau of Mines (IBM) has invited applications from eligible companies to establish mineral exchanges in India, with a submission deadline of 2 November 2025 up to 3 pm. The move follows the government's notification of the Mineral Exchange Rules, 2026, on 30 June 2026, which laid out the regulatory framework for these platforms.

What the New Mineral Exchanges Will Cover

A new mineral exchange can initially facilitate trading in all or any of five minerals — iron, chromite, bauxite, limestone, and manganese. Additional minerals may be included subsequently with the prior approval of IBM, subject to exclusions specified under the rules. The exchanges are designed to promote a structured market for trading minerals, concentrates, or processed forms including metals.

The Notice Inviting Applications (NIA) document, containing the application form, was made available for download from www.ibm.gov.in on 3 October. Sealed applications are to be submitted to the Controller of Mines, Minerals Development and Regulation Division, IBM, Nagpur.

Key Eligibility and Fee Requirements

An entity seeking registration as a mineral exchange must be a company limited by shares, with a minimum net worth of ₹50 crore. The fee structure is as follows: a non-refundable application fee of ₹3 lakh, a one-time registration fee of ₹50 lakh, and an annual fee of ₹30 lakh. The renewal fee has been fixed at ₹2 crore. Registration, once granted, will remain valid for 25 years.

Regulatory Guardrails for Existing Platforms

The new rules prohibit the operation of unregistered mineral exchanges after six months of the operationalisation of the first mineral exchange. Any commodity trading platform in operation prior to the notification of these rules must obtain registration within six months, failing which it will cease to operate, according to an IBM statement. This provision is aimed at consolidating the sector under a uniform, transparent regulatory umbrella.

Government's Objective and Broader Context

The government's stated objective is to provide technology-enabled platforms that facilitate transactions and create a transparent and efficient mechanism for price discovery and dissemination. The exchanges will also facilitate the design of commodity supply contracts and ensure timely supply in accordance with contractual obligations.

This comes amid India's broader push to deepen domestic mineral markets and reduce opacity in raw material pricing — a longstanding concern for downstream industries such as steel, aluminium, and cement, which are heavy consumers of the five initially listed minerals. Notably, India is among the world's top producers of iron ore, chromite, and limestone, yet price discovery in these segments has historically been fragmented and opaque. The mineral exchange framework mirrors the trajectory of commodity exchanges in agriculture and energy, which matured significantly after regulatory consolidation.

With applications due by 2 November, the first registered mineral exchange could potentially be operational within the current financial year, marking a structural shift in how India's mining sector transacts.