New Delhi: National Stock Exchange (NSE) on Monday said it has received approval from the Ministry of Corporate Affairs (MCA) to reserve the name "National Coal Exchange of India Limited" for its proposed coal exchange.
The move follows NSE's board approval in February to set up a wholly-owned subsidiary for the initiative, with proposed names, including "National Coal Exchange", "Bharat Coal Exchange" and "India Coal Exchange". In a statement, NSE said it has committed an initial capital infusion of up to Rs 100 crore and will hold a 60 per cent stake in the venture; and the remaining 40 per cent will be offered to other shareholders.
"This is a key milestone achieved, and in due course we will be taking the necessary actions for applying for the requisite license with the Coal Controller Organisation in accordance with applicable regulatory requirements," said Ashishkumar Chauhan, MD & CEO at NSE.
The proposed coal exchange seeks to address these inefficiencies by creating a transparent, market-driven trading platform, potentially improving price signals and allocation efficiency across the sector.
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