Indian Commodity Exchange Limited (ICEX)
Company Profile
Indian Commodity Exchange Limited (ICEX), incorporated on August 18, 2008 (CIN: U67120GJ2008PLC099142), operates as a SEBI-regulated online commodity derivatives exchange headquartered in Mumbai. As India’s pioneering platform for innovative futures contracts, ICEX facilitates nationwide trading through appointed brokers, emphasizing price discovery, risk management, and efficient settlement. Although SEBI revoked its recognition in May 2022 due to net worth shortfalls, ICEX has pivoted to mutual fund distribution and related services while exploring new fintech avenues.
Key Areas of Focus
ICEX prioritizes innovation in commodity derivatives, digital infrastructure, and market accessibility. Specifically, it emphasizes:
- Pioneering unique contracts like the world’s first Diamond futures.
- Agri and non-agri commodity hedging for farmers, traders, and industries.
- Technology-driven trading with seamless disaster recovery and low-latency systems.
- Post-revocation, shifting to mutual fund platforms and advisory services.
Business Operations and Market Position
ICEX operates a digital trading ecosystem with automated failover between data centers, ensuring zero data loss and sub-300 microsecond latencies. Before the 2022 revocation, it held a niche position as India’s fifth-largest commodity exchange, with daily turnovers peaking at ₹418 crore. Today, it leverages its infrastructure for mutual fund distribution, serving over 7,000 clients across 329 cities via 138 members and 1,298 authorized persons. This positions ICEX as a resilient player adapting to regulatory changes in India’s evolving financial landscape.
Core Product Portfolio
- Commodity Futures: Diamond (1 carat), Steel Long, Paddy Basmati, and 13 other contracts spanning agri (spices, oils, fibers) and non-agri segments.
- Innovative Derivatives: Global-first offerings like structured diamond and steel contracts for hedging.
- Post-Revocation Services: Mutual fund distribution platform facilitating investments in equity, debt, and hybrid funds.
- Ancillary Tools: Risk management, settlement outsourcing via MCCIL, and educational resources for traders.
Operational Capabilities and Expansion Plans
ICEX boasts advanced tech infrastructure from Millennium IT (London Stock Exchange Group), enabling high-speed trading and robust disaster recovery. With warehouses for physical deliveries and a network spanning 329 locations, it previously handled ₹40,511 crore in FY20 turnover. Moving forward, ICEX plans to expand mutual fund services, launch fintech advisory, and potentially re-enter derivatives post-regulatory compliance. Investments in digital platforms aim to scale user base to 10,000+ by 2026.
Promoters or Management
| Name | Designation |
| Dr. H. K. Pradhan | Chairman |
| Mr. Ajit Kumar Mittal | Director |
| Mrs. Chitra Shringare | Public Interest Director |
| Mr. Vijay Kumar Sharma | Public Interest Director |
| Mr. Suresh Kumar Agarwal | Public Interest Director |
| Mr. Sanjit Prasad | Managing Director & CEO |
Shareholding Patterns
| Shareholder Category | Holding (%) |
| Reliance Exchangenext Limited (Promoter) | 16.33 |
| MMTC Limited (Promoter) | 6.00 |
| Indiabulls Housing Finance Limited (Promoter) | 5.62 |
| Central Warehousing Corporation | 11.05 |
| Indian Potash Limited | 5.00 |
| Deputy Director (PMLA), Enforcement Directorate | 9.04 |
| Other Public Shareholding | 44.65 |
Company Fundamentals
| Metric | Details |
| Outstanding Shares | 53,35,07,476 |
| Face Value | ₹5 per equity share |
| Authorized Share Capital | ₹3,000 crore |
| Paid-up Share Capital | ₹266.75 crore |
| ISIN | INE0OLN01029 |
| Lot Size | 100 shares |
| PAN Number | AAACI4798L |
| GST Number | 27AAACI4798L1ZK |
| Registered Office | 1st Floor, Office-109, Nodh No.-1158 to 63/65/9, Hat Faliyu, Mahidharpura, Surat-395003, Gujarat |
| Incorporation Date | August 18, 2008 |
| Category / Sub-Category | Public Company having share capital |
Financials
Income Statement (₹ in thousands)
| Particulars | FY 2022-23 | FY 2021-22 |
| Revenue from Operations | 2,462 | 12,260 |
| Other Income | 15,829 | 8,594 |
| Total Revenue | 18,291 | 20,854 |
| Employee Benefits Expense | 28,412 | 53,534 |
| Operating Cost | 17,869 | 108,138 |
| Finance Cost | 678 | 1,028 |
| Depreciation & Amortization | 100,434 | 37,742 |
| Impairment | 430,399 | 0 |
| Other Expenses | 23,225 | 37,781 |
| Total Expenses | 600,017 | 238,223 |
| Profit Before Tax | -581,726 | -217,369 |
| Tax Expense | 3,327 | 0 |
| Net Profit After Tax | -589,338 | -217,369 |
Balance Sheet (₹ in thousands)
| Particulars | Mar 31, 2023 | Mar 31, 2022 |
| Property, Plant & Equipment | 21,941 | 45,543 |
| Intangible Assets | 0 | 507,206 |
| Non-Current Investments | 100,000 | 0 |
| Other Non-Current Assets | 2,716 | 512,754 |
| Total Non-Current Assets | 124,657 | 1,065,503 |
| Current Investments | 117,281 | 143,181 |
| Trade Receivables | 0 | 10,722 |
| Cash & Cash Equivalents | 1,034 | 7,573 |
| Loans & Advances | 385,000 | 0 |
| Other Current Assets | 209,923 | 219,114 |
| Total Current Assets | 713,438 | 381,590 |
| Total Assets | 838,095 | 1,447,093 |
| Equity Share Capital | 2,667,537 | 2,667,537 |
| Other Equity | -2,433,385 | -1,844,047 |
| Total Equity | 234,152 | 823,490 |
| Settlement Guarantee Fund | 385,884 | 380,352 |
| Lease Liabilities (Non-Current) | 0 | 2,608 |
| Other Financial Liabilities | 0 | 52,275 |
| Provisions (Non-Current) | 678 | 2,468 |
| Total Non-Current Liabilities | 387,240 | 437,703 |
| Lease Liabilities (Current) | 3,285 | 5,834 |
| Trade Payables | 128,661 | 136,429 |
| Other Financial Liabilities | 69,061 | 22,072 |
| Other Current Liabilities | 25,830 | 21,724 |
| Other Current Provisions | 535 | 0 |
| Total Current Liabilities | 227,372 | 186,059 |
| Total Equity & Liabilities | 848,764 | 1,447,252 |
Cash Flow Statement (₹ in thousands)
| Particulars | FY 2022-23 | FY 2021-22 |
| Net Profit Before Tax | -582,725 | -217,370 |
| Adjustments for Depreciation, Amortization & Impairment | 530,833 | 37,742 |
| Finance Cost (Lease) | 678 | 1,028 |
| Interest Income | -9,036 | -83 |
| Provision for Doubtful Debts | 13 | 16,063 |
| (Gain)/Loss on Foreign Exchange | 6,059 | 82 |
| Excess Provisions Written Back | -2,540 | 0 |
| (Gain)/Loss on Mutual Funds | -3,058 | -8,191 |
| Cash Generated from Operations Before Working Capital Changes | -59,776 | -170,729 |
| Changes in Trade Receivables & Other Assets | 22,439 | -10,786 |
| Changes in Other Current Financial Assets | -13,668 | 0 |
| Changes in Other Non-Current Assets | 510,038 | -24,396 |
| Changes in Other Non-Current Liabilities | -1,790 | -6,323 |
| Changes in Trade Payables & Other Liabilities | -15,214 | 43,869 |
| Changes in Other Current Provisions | -2,751 | 0 |
| Adjustment for Settlement Guarantee Fund | 5,532 | 24,939 |
| Cash Generated from Operations | 444,810 | -143,426 |
| Net Income Tax Paid | -2,351 | -1,127 |
| Net Cash from Operating Activities | 442,459 | -144,553 |
| Purchase of PPE & Intangibles | -30 | -45 |
| Proceeds from Sale of PPE | 5 | 0 |
| Interest Received | 12,901 | 98 |
| Investment in Non-Corporate Debenture | -100,000 | 0 |
| Proceeds from Current Investments (Net) | 28,958 | 151,809 |
| Loans and Advances Given | -385,000 | 0 |
| Net Cash from Investing Activities | -443,166 | 151,862 |
| Lease Rent Payments | -5,834 | -6,280 |
| Net Cash from Financing Activities | -5,834 | -6,280 |
| Net Change in Cash & Equivalents | -6,541 | 1,029 |
| Cash & Cash Equivalents at Beginning | 7,573 | 6,544 |
| Cash & Cash Equivalents at End | 1,032 | 7,573 |
Annual Reports and Regulatory Compliance
ICEX adheres to SEBI guidelines, with audited annual reports filed up to FY 2022-23. Reports detail governance, risk management, and financial health, available upon request. Post-revocation, ICEX maintains MCA compliance for its pivot to mutual fund services.
IPO Preparations and Market Listing Plans
ICEX has no active IPO plans following SEBI’s 2022 revocation. However, its strategic shift to fintech and mutual funds could pave the way for future relisting or public offering, pending regulatory approvals and business stabilization.
FAQs – How to Buy or Sell Indian Commodity Exchange Limited Unlisted Shares
How can I buy Indian Commodity Exchange Limited Unlisted shares?
Register on UnlistedShareBrokers, complete KYC with PAN, Aadhaar, and demat details, search for Indian Commodity Exchange Limited, select your lot, and place a buy order securely.
What is the minimum lot size for Indian Commodity Exchange Limited Unlisted shares?
Typically 100 shares, adjustable based on market availability and broker policies.
What documents are required for Indian Commodity Exchange Limited Unlisted shares transactions?
PAN card, Aadhaar card, Client Master Report (CMR), canceled cheque, and an active NSDL/CDSL demat account.
What is the current lock-in period for Indian Commodity Exchange Limited Unlisted shares?
Six months from acquisition, as mandated by SEBI for unlisted pre-IPO shares.
How are Indian Commodity Exchange Limited Unlisted shares transferred between accounts?
Through Delivery Instruction Slip (DIS)—submit offline to your DP or execute online via e-DIS on your broker’s platform.
What are the current valuation metrics for Tata Capital?
Note: This query references Tata Capital; for Indian Commodity Exchange Limited, shares trade at ₹5–₹6, with negative P/E due to losses and book value around ₹2.42.
What makes Indian Commodity Exchange shares attractive for investment?
Pioneering contracts, pivot to mutual funds, strong shareholders like Reliance and MMTC, and potential recovery post-revocation offer long-term upside.
What are the tax implications of Indian Commodity Exchange Limited Unlisted shares transactions?
Short-term gains (≤24 months) taxed at slab rates; long-term gains (>24 months) at 20% with indexation benefits. Dividends taxed per your income bracket.
Can I pledge Indian Commodity Exchange Limited Unlisted shares for loans?
Yes, subject to lender evaluation; typically 50–70% loan-to-value for quality unlisted shares.
What is the outlook for Indian Commodity Exchange’s IPO and exit opportunities?
No immediate IPO; focus on business pivot may lead to relisting. Exits via secondary markets or strategic sales offer liquidity.