The Ministry of Coal (MoC) on December 19, 2025, issued the revised Draft Coal Exchange Rules, 2025.
The following has been stated namely: -
• The rules propose establishing one or more Coal Exchanges — regulated electronic trading platforms for coal and lignite — under the authority of the Coal Controller Organisation (CCO) to enable transparent, fair, and efficient price discovery and transactions.
• Eligibility and governance norms are made stringent: only demutualised companies incorporated under the Companies Act can apply, with a minimum net worth of ₹100 crore, structured boards, independent directors and strict ownership caps to prevent concentration of control.
• Ownership limits include a 5 % cap on individual member shareholding, 49 % collective member cap, and 25 % cap for non-members after five years, along with timelines for existing electronic trading platforms to register or cease.
• The draft includes market infrastructure requirements such as Settlement Guarantee Funds, risk-management, clearing and settlement systems, automated audit trails, and grievance redressal mechanisms to ensure secure and stable operations.
• It also sharpens regulatory oversight with explicit provisions against market abuses such as insider trading, cartelisation, circular trading and manipulation, empowering the CCO to enforce compliance, levy penalties, suspend trading and cap or halt transactions if needed.
