What commodities are traded on ICEX?

ICEX's flagship product is diamond futures — making it India's only diamond futures exchange. It also offers futures contracts in other commodities including rubber, steel (long products), and has explored offerings in other metals and agricultural products. The exchange is SEBI-regulated and operates as a national commodity derivatives exchange platform.

How is ICEX regulated?

ICEX is regulated by SEBI (Securities and Exchange Board of India) under the Securities Contracts (Regulation) Act, 1956, following SEBI's absorption of commodity derivatives market regulation from the Forward Markets Commission (FMC) in September 2015. All national commodity exchanges in India, including MCX, NCDEX, and ICEX, are now under SEBI's regulatory oversight.

How do I buy Indian Commodity Exchange (ICEX) unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Indian Commodity Exchange (ICEX)?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Indian Commodity Exchange (ICEX) shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Indian Commodity Exchange (ICEX) Unlisted Share Price | Buy Indian Commodity Exchange (ICEX) Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Indian Commodity Exchange (ICEX) Unlisted Share Price | Buy Indian Commodity Exchange (ICEX) Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

ICEX is a unique and strategically important institution for India's diamond and commodity markets, backed by credible institutional shareholders including BSE and MMTC. Its diamond futures concept is compelling given India's dominant global position in diamond processing, but translating this structural opportunity into liquid, commercially viable futures contracts has been challenging. The exchange remains a long-duration, development-stage investment story with high upside if diamond futures achieve critical mass, but meaningful near-term volume risk. The BSE stake and MMTC backing provide downside protection and strategic optionality.

Pros

India's only commodity exchange with exclusive focus on diamond futures trading — a unique and differentiated market position in a globally significant gem & jewellery industry
Strong institutional shareholding base including BSE Limited (India's premier stock exchange) and MMTC Limited (state-owned metal & minerals trading corporation) lending regulatory credibility
Regulatory recognition by SEBI as a national commodity derivatives exchange, providing exchange infrastructure and transactional legitimacy
India's diamond processing and cutting industry is the world's largest — Surat alone processes over 90% of the world's rough diamonds, creating an enormous natural captive user base for diamond futures
ICEX expanded to offer futures in other commodities including rubber, steel long, and metals, diversifying beyond diamonds and broadening its revenue base
Exchange infrastructure provides network effect benefits — higher participation drives better price discovery and liquidity, attracting further participation
Mumbai headquarters in India's financial capital provides proximity to SEBI, institutional participants, and commodity trading ecosystem

Cons

Diamond futures face significant liquidity challenges — diamonds are heterogeneous, non-standardised assets which makes futures contract design and physical delivery complex
Dominated by established larger exchanges MCX (Multi Commodity Exchange) and NCDEX (National Commodity & Derivatives Exchange) which have higher liquidity, larger member bases, and greater brand recognition
The commodities exchange business in India has faced headwinds — multiple smaller exchanges have struggled or become inactive due to low trading volumes
Revenue dependency on transaction fees means ICEX is heavily vulnerable to trading volume cycles and market sentiment shifts
Diamond industry participants (mainly Surat-based manufacturers and exporters) have historically preferred OTC physical market transactions over exchange-based futures — changing industry behaviour is a slow process
Regulatory costs of maintaining exchange infrastructure, clearing systems, and SEBI compliance are high for a smaller-scale exchange
Unlisted status limits capital-raising flexibility compared to listed exchange peers

Business Segments

Diamond Futures Trading

India's only exchange offering standardised diamond futures contracts — facilitating price discovery and hedging for India's ₹1,50,000+ Cr diamond processing and trading industry. Surat-based diamond manufacturers, exporters, and jewellers are the primary target participants. Revenue from transaction fees on each diamond futures contract traded.

Other Commodity Futures

Futures contracts on rubber, steel (long products/TMT bars), and other metals and agricultural commodities. Competes directly with MCX and NCDEX in these segments. Revenue from transaction/trading fees on contracts.

Membership and Connectivity

Annual membership fees from exchange members (brokers, trading firms, commodity dealers), connectivity fees for API-based trading access, and registration charges. Provides a stable recurring revenue base independent of trading volume fluctuations.

Revenue Model

ICEX operates as an exchange platform generating revenue primarily from transaction fees (per-contract trading charges), annual membership fees from registered trading members, regulatory/admission fees, and technology connectivity charges. The exchange's business model has high operating leverage — fixed infrastructure costs are largely covered by membership and connectivity revenue, while incremental trading volume drops predominantly to the bottom line. Revenue scale directly correlates with traded volume (open interest and daily turnover) across all commodity contracts, making diamond futures traction the single most important growth driver.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds14

Growth Plans

Significant growth in diamond futures volumes as India's Surat diamond industry adopts exchange-based hedging — unlocking the world's largest rough diamond processing market

SEBI policy support for deeper commodity derivatives markets including permitting institutional investors and mutual funds to participate in commodity futures

India's infrastructure spending boom driving steel futures participation from construction sector hedgers

Exchange consolidation scenario where ICEX merges with or is acquired by a larger exchange (MCX, BSE, NSE) seeking to expand commodity offerings

Recent Developments

Diamond Futures Participation Growth

ICEX continued outreach to Surat's diamond industry ecosystem to expand participation in diamond futures contracts. India processes over 90% of the world's rough diamonds, and increasing adoption of exchange-based hedging by diamond manufacturers represents the primary long-term volume growth opportunity for ICEX.

2023-09

SEBI Commodity Derivatives Market Reforms

SEBI issued several guidelines aimed at deepening India's commodity derivatives market, including measures to increase institutional participation, improve contract design, and expand eligible commodity categories. These systemic reforms benefit all national commodity exchanges including ICEX.

2023-06

Steel Futures Market Activity

India's steel sector, driven by infrastructure spending and construction activity, generated interest in steel futures on ICEX. The exchange's steel long (TMT bar) futures contract saw increased activity from traders and hedgers in the construction supply chain.

Comparable Companies

CompanyTypeTickerMkt Cap

Multi Commodity Exchange of India (MCX)ListedMCX.NSE~₹10,000 Cr

National Commodity & Derivatives Exchange (NCDEX)ListedUnlisted~₹500–800 Cr (estimated)

BSE LimitedListedBSE.NSE~₹25,000 Cr

National Stock Exchange of India (NSE)ListedUnlisted~₹2,10,000 Cr (estimated)

Frequently Asked Questions

ICEX is India's only commodity exchange offering diamond futures contracts. India is the world's largest diamond processing hub, cutting and polishing over 90% of the world's rough diamonds, primarily in Surat, Gujarat. ICEX was established to provide India's diamond industry with a transparent, exchange-based price discovery mechanism and hedging tools. This niche positioning differentiates ICEX from larger exchanges like MCX and NCDEX that focus on metals, agricultural commodities, and energy.

ICEX has a strong institutional shareholding base. BSE Limited (Bombay Stock Exchange) is a major anchor shareholder with approximately 40% stake. MMTC Limited, the government-owned minerals and metals trading company, holds approximately 26%. Other institutional shareholders include Indian Potash Limited, KRIBHCO (fertiliser cooperative), and Gujarat Agro Industries Corporation. This institutional backing provides ICEX with regulatory credibility and financial stability.

As an exchange business, ICEX benefits from a scalable, transaction fee-based revenue model where incremental volume growth has low marginal cost. The diamond futures market is significantly underdeveloped relative to India's diamond processing volumes, presenting a large long-term opportunity. However, near-term liquidity challenges in diamond futures and competition from established exchanges (MCX, NCDEX) are key risks. ICEX shares are traded in the unlisted market, and the primary investment thesis is long-term potential in diamond derivatives and exchange consolidation.

About Indian Commodity Exchange (ICEX)

Indian Commodity Exchange Limited (ICEX) is a SEBI-regulated national-level commodity derivatives exchange headquartered in Mumbai. Launched on 28 August 2017, ICEX provided an electronic platform for trading in commodity futures and options contracts spanning precious metals (gold, silver), industrial metals, energy products, agricultural commodities (spices, oil seeds), and fibre products. The exchange operated with a demutualized corporate structure, offering online trading, clearing, and settlement services with global best practices. At its peak, ICEX facilitated trading across multiple commodity segments, attracting hedgers, speculators, and arbitrageurs seeking price discovery and risk management tools. The company generated annual revenue of Rs.9.61 crore as of March 31, 2024, modest relative to larger peers like MCX (Multi Commodity Exchange) which dominates India's commodity derivatives landscape. ICEX's board of directors included professionals with expertise in finance, economics, and financial institutions. A significant development occurred when SEBI formally accepted the voluntary surrender of ICEX's commodity exchange recognition. Following this, the company transitioned and was renamed to Fusion Techstack Limited, pivoting its business away from commodity exchange operations. This represents a fundamental transformation of the company's business model. The FY2024-25 Annual Report is now issued under the Fusion Techstack Limited name, documenting the company's shift from exchange services to technology-oriented operations. Despite losing its commodity exchange status, ICEX's registered corporate entity and infrastructure provide a platform for the company's new strategic direction. Historically, ICEX competed with MCX, NCDEX, and BSE Commodity Segment for market share in India's commodity derivatives market — a market that saw average daily turnover of Rs.30,000-50,000 crore at its peak.

Key Milestones

2008 — Indian Commodity Exchange Limited incorporated in Mumbai, Maharashtra; established as a national commodity derivatives exchange

Common questions about unlisted shares

How do I buy Indian Commodity Exchange (ICEX) unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings8

Regulatory / LegalLow

SEBI accepted voluntary surrender of ICEX's commodity exchange recognition — company lost its primary operating license

Source: Media Reports / Public Records

Fraud / GovernanceLow

Company rebranded to Fusion Techstack Limited — fundamental business model change creates uncertainty for investors

Source: Media Reports / Public Records

Financial PerformanceLow

Revenue of Rs.9.61 Cr in FY2024 indicates minimal commercial scale even before exchange surrender

Source: Company Financial Filings

Liquidity Risk (Diamond Futures)

Diamond futures globally have struggled with standardisation challenges — diamonds are non-fungible assets graded across multiple quality parameters (4Cs: cut, colour, clarity, carat). Creating truly standardised, liquid futures contracts for a heterogeneous commodity remains a fundamental structural challenge.

Competition Risk

MCX (Multi Commodity Exchange) dominates India's commodity derivatives market with over 90% market share in non-agricultural commodities. NCDEX leads in agricultural commodities. ICEX competes for the same trading members, brokers, and institutional participants with far smaller volume base and brand recognition.

Regulatory Risk

As a SEBI-regulated exchange, ICEX must maintain ongoing compliance with SEBI's Exchange & Clearinghouse regulations including minimum net worth, technology systems, member monitoring, and surveillance requirements. Regulatory non-compliance could result in sanctions or recognition withdrawal.

Volume Dependency Risk

Exchange revenues are directly tied to trading volumes. A sustained period of low volumes — due to market downturns, participant disinterest, or lack of hedging demand — can rapidly deteriorate ICEX's revenue base given the high fixed cost of maintaining exchange infrastructure.

Technology Risk

Modern commodity exchanges require continuous investment in trading platform technology, cybersecurity, and real-time surveillance systems. Technology failures or security breaches can damage exchange credibility and result in regulatory action.

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