IEX said on 28 September that its subsidiary has applied for a licence to run a physical coal exchange, its first move into coal.

In simple terms, it will be a marketplace for coal. Buyers and sellers will meet on one platform, and the coal will actually be delivered at set delivery points once a trade is done.

IEX said in a statement that the platform will be transparent and run on technology. One neutral marketplace, it added, should help buyers and sellers agree on fair prices and reach a wider market.

The subsidiary is new. It was set up on 1 June with authorised share capital of Rs 100 crore. The timing follows fresh government rules.

The Ministry of Coal published the Coal Exchange Rules, 2026 on 4 June, and the platform will run under them. Once granted, a licence will be valid for 25 years.

Under these rules, miners who dig coal for their own use or for sale can sign delivery-based contracts with buyers on the exchange.

The government says this replaces the old model, where one seller deals with many buyers, with one where many sellers and many buyers trade together.

For IEX, coal is new ground. It already runs a nationwide platform for trading electricity, including renewable power, along with renewable energy certificates and energy-saving certificates.

Its group also includes the Indian Gas Exchange, and IEX helps issue I-RECs in India. IEX has traded on NSE and BSE since October 2017.

Its electricity exchange has been regulated by the Central Electricity Regulatory Commission since 27 June 2008, and the company says the coal platform will draw on 18 years of experience in building trading platforms.

The application is only the first step. No launch date has been shared so far.

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