The has received approval from the Ministry of Corporate Affairs (MCA) for the reservation of the name “National Coal Exchange of India Limited” for its proposed coal exchange venture.
The approval is restricted to the company name and does not amount to any operational or regulatory clearance, NSE said in a press release on Monday.
The move follows the exchange’s board approval in February to set up a wholly owned subsidiary for the initiative. NSE plans to infuse up to ₹100 crore as initial capital and hold a 60 per cent stake, with the balance 40 per cent to 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 Organization in accordance with applicable regulatory requirements,” said Ashishkumar Chauhan, MD & CEO at NSE.
The proposed exchange aims to create a transparent, market-driven platform for coal trading, with the objective of improving price discovery and allocation efficiency in the sector.