MCX gets SEBI nod to set up Mineral Spot Exchange
MCX · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
SEBI has approved MCX's investment in a proposed Mineral Spot Exchange Company. The new entity, to be named MCX Mineral Exchange of India Limited, is yet to be incorporated. MCX will initially hold 100% stake, investing up to Rs 100 Crore at Rs 10 per share par value. The platform will offer a transparent, technology-driven marketplace for buying and selling mined natural resources with physical delivery. MCX may later bring in other partners. A license application will be filed with the Indian Bureau of Mines.
Positive for long-term growth as MCX expands into mineral trading, but Rs 100 Cr capital deployment may pressure near-term returns.